Milestone Pharmaceuticals Montreal, Canada, Inc., a Montreal, Canada-based clinical stage cardiovascular company, completed a US$55m Series C financing.
The round was led by Novo Holdings A/S, with participation from new investors Forbion Capital Partners and funds managed by Tekla Capital Management, and existing investors Domain Associates, Fonds de solidarité FTQ, BDC Capital, Pappas Capital, and GO Capital. In conjunction with this financing, Nilesh Kumar, PhD, of Novo Ventures US Inc., which provides consulting services to Novo Holdings A/S, and Marco Boorsma, PhD, of Forbion Capital Partners, will be joining Milestone’s Board of Directors while Daniel Omstead of Tekla Capital Management will be an observer to the Board of Directors.
The company intends to use the funds to advance etripamil, its lead product, into Phase 3 development including the execution of pivotal and supportive clinical trials, the production of clinical and commercial supplies and pre-launch commercialization activities, to expand its resources including select additional headcount and advisory support in strategic areas including Marketing and Medical Affairs.
Led by Joseph Oliveto, President and Chief Executive Officer, Milestone is advancing Etripamil, a novel, potent, short-acting calcium channel blocker developed as a fast-acting nasal spray that can be administered by the patient to terminate paroxysmal supraventricular tachycardia (PSVT) episodes wherever and whenever they occur.
The company also has a US subsidiary in Charlotte, NC.