RTW announces second deal of the day – RTW Venture Fund confirms that it participated in a private placement of shares in Milestone Pharmaceuticals (committing $25m).
Milestone is a publicly-traded, clinical stage biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines. Milestone is advancing Etripamil, its lead investigational product, through Phase 3 clinical trials for paroxysmal supraventricular tachycardia (“PSVT”). Etripamil is a novel calcium channel blocker designed as a self-administered nasal spray for a rapid response therapy in episodic cardiovascular conditions, which may shift the current treatment paradigm for many patients with PSVT from the emergency department to the at-home setting.
Milestone is conducting a comprehensive development program for etripamil, with Phase 3 studies underway in PSVT, and plans to commence a Phase 2 proof-of-concept trial in atrial fibrillation patients with rapid ventricular rate, with subsequent trials expected in other conditions where calcium channel blockers are used.
Prior to the private placement, the investment manager led an $80 million Series D cross-over financing round in Milestone in October 2018 and has continued to support Milestone as it IPOed in May 2019, remaining the largest shareholder and owning 17.5% of the shares outstanding.