Canada NewsWire
MONTREAL and CHARLOTTE, N.C., May 12, 2022
- RAPID topline data readout remains on track for mid-second half 2022
- Results from NODE-302 study highlights etripamil safety and reduced need for ED interventions
MONTREAL and CHARLOTTE, N.C., May 12, 2022 /CNW/ -- Milestone Pharmaceuticals Inc. (Nasdaq: MIST), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, today reported financial results for the first quarter ended March 31, 2022, and provided a clinical and corporate update.
"The beginning of 2022 has been a productive time for Milestone, marked by continued progress advancing our lead Phase 3 program, etripamil, for patients with PSVT," said Joseph Oliveto, President and Chief Executive Officer of Milestone Pharmaceuticals. "Of note, we were particularly excited by the recent presentation of NODE-302 at the Heart Rhythm Society's Heart Rhythm 2022 conference which highlighted data that continued to support the potential of etripamil as a self-treatment option for patients with PSVT, including those patients experiencing multiple episodes. We remain optimistic for the eventual safety profile of etripamil as clinical trial experience with the repeat dose regimen grows, and we look forward to reporting topline results from our Phase 3 RAPID trial in the middle of the second half of 2022."
Recent Updates
First Quarter 2022 Financial Results
About Paroxysmal Supraventricular Tachycardia
Paroxysmal supraventricular tachycardia (PSVT) is a condition characterized by intermittent episodes of rapid heartbeat that starts and stops suddenly and without warning that affects approximately two million Americans. Episodes of supraventricular tachycardia (SVT) are often associated with symptoms including palpitations, sweating, chest pressure or pain, shortness of breath, sudden onset of fatigue, lightheadedness or dizziness, fainting, and anxiety. Certain intravenous medications, including adenosine, beta-blockers and calcium channel blockers, have long been used for the acute treatment of PSVT. However, these medications must be administered under medical supervision, usually in an emergency department or other acute care setting.
About Atrial Fibrillation with Rapid Ventricular Rate
Atrial fibrillation (AFib) is a common arrhythmia marked by an irregular and often rapid heartbeat. AFib is estimated to affect five million patients in the United States, a prevalence projected by the Centers for Disease Control to increase to twelve million patients within the next 10 years. Atrial fibrillation with rapid ventricular rate (AFib-RVR) is a condition that some patients with AFib experience and includes episodes of abnormally high heart rate, often with symptoms such as palpitations, shortness of breath, dizziness and weakness. Oral calcium channel blockers and/or beta blockers are commonly used to manage the heart rate in this condition. When AFib-RVR episodes occur, symptoms often cause patients to seek acute care in settings such as the emergency department, where standard of care procedures include intravenous administration of calcium channel blockers or beta blockers under medical supervision. Milestone's market research indicates that 30-40% of patients with AFib experience one or more symptomatic episodes of RVR per year that require treatment, suggesting a target addressable market in 2030 for etripamil in patients with AFib of approximately three to four million patients.
About Etripamil
Etripamil, Milestone's lead investigational product, is a novel calcium channel blocker designed to be a rapid-response therapy for episodic cardiovascular conditions. As a nasal spray that is self-administered by the patient, etripamil has the potential to shift the current treatment experience for many patients from the emergency department to a medically-unsupervised setting. Milestone is conducting a comprehensive development program for etripamil, with Phase 3 trials ongoing in paroxysmal supraventricular tachycardia (PSVT) and a Phase 2 proof-of-concept trial underway in patients with atrial fibrillation with rapid ventricular rate (AFib-RVR).
About Milestone Pharmaceuticals
Milestone Pharmaceuticals Inc. (Nasdaq: MIST), is a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines. Milestone's lead product candidate etripamil is currently in a Phase 3 clinical-stage program for the treatment of paroxysmal supraventricular tachycardia (PSVT) and in a Phase 2 proof-of-concept trial for the treatment of patients with atrial fibrillation with rapid ventricular rate (AFib-RVR). Milestone Pharmaceuticals operates in Canada and the United States. For more information, visit www.milestonepharma.com and follow Milestone on Twitter at @MilestonePharma.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "will," "expect," "continue," "estimate," "potential," "progress" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Milestone's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include statements regarding the potential of etripamil to serve as a promising therapy for PSVT patients, the design, progress, timing, scope and results of the RAPID and ReVeRA trials; Milestone's ability to execute on the remainder of the PSVT program, Milestone's ongoing plans to study etripamil in atrial fibrillation patients, the sufficiency of Milestone's current cash resources to support its operations, and estimates about the addressable market and commercial potential for treatments of atrial fibrillation with rapid ventricular rate. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the risks inherent in biopharmaceutical product development and clinical trials, including the lengthy and uncertain regulatory approval process, uncertainties related to the timing of initiation, enrollment, completion and evaluation of clinical trials, and whether the clinical trials will validate the safety and efficacy of etripamil for PSVT or other indications, among others, as well as risks related to pandemics and public health emergencies, including those related to the ongoing COVID-19 pandemic, and risks related the sufficiency of Milestone's capital resources and its ability to raise additional capital. These and other risks are set forth in Milestone's filings with the U.S. Securities and Exchange Commission, including in its annual report on Form 10-K for the year ended December 31, 2021, under the caption "Risk Factors," as such discussion may be updated from time to time by subsequent filings we may make with the U.S. Securities & Exchange Commission. Except as required by law, Milestone assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
CONSOLIDATED STATEMENTS OF LOSS | |||||||
(Unaudited, in thousands of US dollars, except share and per share data) | |||||||
Three months ended March 31, | |||||||
2022 | 2021 | ||||||
Operating expenses | |||||||
Research and development, net of tax credits | $ | 8,768 | $ | 8,595 | |||
General and administrative | 3,643 | 2,633 | |||||
Commercial | 1,636 | 1,366 | |||||
Loss from operations | (14,047) | (12,594) | |||||
Interest income, net | 40 | 80 | |||||
Net loss | $ | (14,007) | $ | (12,514) | |||
Weighted average number of shares and pre-funded warrants outstanding, basic & diluted | 42,243,021 | 41,256,248 | |||||
Net loss per share, basic and diluted | $ | (0.33) | $ | (0.30) | |||
CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited, in thousands of US dollars, except share data) | |||||||
March 31, 2022 | December 31, 2021 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 92,241 | $ | 114,141 | |||
Short-term investment | 8,000 | — | |||||
Research and development tax credits receivable | 412 | 356 | |||||
Prepaid expenses | 4,068 | 4,299 | |||||
Other receivables | 245 | 127 | |||||
Total current assets | 104,966 | 118,923 | |||||
Operating lease assets | 641 | 711 | |||||
Property and equipment | 192 | 215 | |||||
Total assets | $ | 105,799 | $ | 119,849 | |||
Liabilities, and Shareholders' Equity | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 4,412 | $ | 6,551 | |||
Operating lease liabilities | 198 | 224 | |||||
Total current liabilities | 4,610 | 6,775 | |||||
Operating lease liabilities (net of current portion) | 433 | 474 | |||||
Total liabilities | $ | 5,043 | $ | 7,249 | |||
Shareholders' Equity | |||||||
Common shares, no par value, unlimited shares authorized 29,917,326 shares issued and outstanding as of March 31, 2022, 29,897,559 shares issued and outstanding as of December 31, 2021 | 251,990 | 251,901 | |||||
Pre-funded warrants - 12,327,780 issued and outstanding as of March 31, 2022 and 12,327,780 as of December 31, 2021 | 52,941 | 52,941 | |||||
Additional paid-in capital | 17,785 | 15,711 | |||||
Cumulative translation adjustment | (1,634) | (1,634) | |||||
Accumulated deficit | (220,326) | (206,319) | |||||
Total shareholders' equity | 100,756 | 112,600 | |||||
Total liabilities and shareholders' equity | $ | 105,799 | $ | 119,849 | |||
Contact:
David Pitts
Argot Partners
212-600-1902
[email protected]
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SOURCE Milestone Pharmaceuticals, Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/12/c6239.html
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