--- title: "Milestone Pharmaceuticals lifts Jefferies at-the-market program to up" url: "https://aibio.space/news/milestone-pharmaceuticals-lifts-jefferies-market-program-up-77-800-000/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-03-18" section: "Financings" tickers: "NASDAQ:MIST" source: "https://www.sec.gov/Archives/edgar/data/1408443/000110465925025055/tm259429d2_8k.htm" summary: "Milestone amended its Jefferies sales agreement to allow up to $75,000,000 of new common shares, within a $77,800,000 total that includes about $2.8 millio" --- By the aibio.space news desk. Sources - [Milestone Pharmaceuticals Inc. 8-K (2025-03-18)](https://www.sec.gov/Archives/edgar/data/1408443/000110465925025055/tm259429d2_8k.htm) - [Milestone Pharmaceuticals Inc. 424B5 (2025-03-18)](https://www.sec.gov/Archives/edgar/data/1408443/000110465925025114/tm259429-1_424b5.htm) [MIST](https://aibio.space/companies/milestone-pharmaceuticals/) 2025-03-18 # Milestone Pharmaceuticals lifts Jefferies at-the-market program to up to $77,800,000 Tickers [MIST](https://aibio.space/companies/milestone-pharmaceuticals/) Milestone amended its Jefferies sales agreement to allow up to $75,000,000 of new common shares, within a $77,800,000 total that includes about $2.8 million already sold. Jefferies can earn up to 3.0% commission, and the shares closed at $2.41 on March 17, 2025. ## Key facts - **Company**: Milestone Pharmaceuticals Inc. (NASDAQ: MIST) - **News type**: Financings - **Primary source**: [Milestone Pharmaceuticals Inc. 8-K (2025-03-18)](https://www.sec.gov/Archives/edgar/data/1408443/000110465925025055/tm259429d2_8k.htm) *Office towers against a dusk sky. CC0, via rawpixel. The picture shows the field, not the companies named.* Milestone Pharmaceuticals Inc. has amended and restated its at-the-market sales agreement with Jefferies LLC, raising the total it can sell under the program. The amended agreement, dated March 18, 2025, replaces an Open Market Sale Agreement dated July 29, 2020, which covered up to $50,000,000 of common shares. Under the new agreement, the company may sell shares with an aggregate offering price of up to $77,800,000. That figure includes about $2.8 million of sales already made under the original agreement, so the new prospectus supplement covers up to $75,000,000 of new sales. ## The terms Jefferies acts as sales agent and will use commercially reasonable efforts to sell shares on Milestone's instructions, including on the Nasdaq Global Select Market. The company is not obligated to sell any shares, and Jefferies is not required to sell any specific number or dollar amount. The program ends when all the shares are sold or the agreement is terminated. The prospectus supplement says there is no escrow or trust arrangement for the proceeds. Jefferies earns a commission of up to 3.0% of the gross sales price of each share it sells. The prospectus supplement says Jefferies will be deemed an underwriter under the Securities Act, and that its compensation will be treated as underwriting commissions or discounts. Milestone has agreed to indemnify Jefferies and to provide contribution for certain liabilities, including under the Securities Act. Milestone will also reimburse Jefferies' legal fees and disbursements: up to $75,000 when the agreement was signed, and further amounts of up to $25,000 and $15,000 tied to specified company filings with the SEC. The prospectus supplement estimates total offering expenses, apart from Jefferies' commission and reimbursement, at about $250,000. Sales will be made under the company's Form S-3 shelf registration, File No. 333-283162, and the prospectus supplement is dated March 18, 2025. ## Who is named Jefferies LLC is the only sales agent named. Cooley LLP is U.S. counsel to Milestone. Osler, Hoskin & Harcourt LLP, of Montréal, will pass on the validity of the shares and has provided a legal opinion filed with the 8-K. Wilmer Cutler Pickering Hale and Dorr LLP of New York advises the sales agent on U.S. law, and McCarthy Tétrault LLP of Toronto advises it on the other matters the prospectus supplement describes. The filings name no placement agent or bank beyond Jefferies. ## Dilution and the share count The prospectus supplement warns that investors "may experience immediate and substantial dilution." It works through an example: if 31,120,331 shares were sold at $2.41, the last reported price on March 17, 2025, for aggregate gross proceeds of $75.0 million, purchasers would face immediate dilution of $1.42 per share, measured against adjusted net tangible book value as of December 31, 2024. The example is large against the 53,353,984 common shares outstanding at that date. Options for 6,802,328 shares, at a weighted-average exercise price of $5.14, would add further dilution. The company says it intends to use the net proceeds primarily for working capital and general corporate purposes. ## The company and its lead product Milestone is a Québec company based in Montréal, listed on Nasdaq under MIST. Its main product is CARDAMYST, the brand name for etripamil, a fast-acting nasal spray for attacks of paroxysmal supraventricular tachycardia, or PSVT. The annual report for 2024, filed March 13, 2025, says the FDA was expected to reach a final decision by March 27, 2025, under its review goal date. The company also plans a Phase 3 study of etripamil for atrial fibrillation with rapid ventricular rate. It points to a Phase 2 study presented in November 2023, which it says showed statistically superior ventricular rate reduction compared with placebo. That is a Phase 2 result, not a Phase 3 one. The annual report says the company believes PSVT affects more than two million Americans, and it estimates an immediate target market of about 60% of patients managed by cardiologists and electrophysiologists. Those are the company's own estimates. ## What the filings leave open The prospectus supplement gives no cash balance, so the sales program cannot be set against the company's cash on hand. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MIST Milestone Pharmaceuticals Inc. NASDAQ · Canada Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/milestone-pharmaceuticals-lifts-jefferies-market-program-up-77-800-000/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Milestone Pharmaceuticals lifts Jefferies at-the-market program to up", 2025-03-18, https://aibio.space/news/milestone-pharmaceuticals-lifts-jefferies-market-program-up-77-800-000/