Milestone Pharma tumbles on deep-discounted $52.5 mln equity raise

Milestone Pharmaceuticals' MIST.O shares tumble 38.1% to $1.59, a six-week low, early Fri after $52.5 mln equity raise

Canada-based firm sells 35 mln shares, including ~3.5 mln pre-funded warrants, and accompanying Series A and B warrants at $1.50, 41.4% discount to stock's last close

It intends to use net 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 early Fri announced 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 Fri snapping a 6-session winning streak in which they had racked up a 36% gain

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