Milestone Pharma slides after equity offering launch

Milestone Pharmaceuticals' MIST.O shares down 24.2% to $1.94 premarket as co seeks equity raise

Canada-based co commences stock-and-warrants offering

It intends to use net offering proceeds to help fund clinical development and commercial launch of etripamil, its nasal spray to treat a type of heart condition called paroxysmal supraventricular tachycardia, among other purposes

Co also announces U.S. FDA accepted for review its response to issues raised in Complete Response Letter for Cardamyst (etripamil)

The health regulator has assigned a new Prescription Drug User Fee Act (PDUFA) target action date of Dec 13, 2025, co says

On Mar 28, MIST shares plummeted 61% to close at 88 cents after FDA declined to approve Cardamyst and had called for an inspection of the facility that performs testing of the drug

TD Cowen, Piper Sandler and Wells Fargo are jt bookrunners for the offering

Co has ~53.46 mln shares outstanding and ~51 mln shares of public float, per LSEG data

MIST shares on Thurs rose for 6th straight session, ending up nearly 7% at $2.56

2 analysts rate stock "buy", the other 2 rate "hold" and median PT is $4, according to latest LSEG data