Milestone Pharmaceuticals secures new financing

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By Ted Liu

Milestone Pharmaceuticals Inc., a clinical stage drug development company focused on developing etripamil, a calcium channel blocker intended to provide fast-acting and short-acting treatment of PSVT episodes, has raised US $6.88 million from five US investors.

The financing is likely part of much larger Series C financing led by two European investors, Novo Ventures and Forbion Capital Partners. The company has yet to make an announcement on new funding.

Dr. Marco Boorsma, Partner at Forbion Capital Partners, and Nilesh Kumar, Partner at Novo Ventures, have joined Milestone Pharmaceuticals board of directors.

Milestone Pharmaceuticals Inc previously raised US $17 million Series B financing in June 2015. The Series B was led by Domain Associates and included participation from all of Milestone’s existing investors including Fonds de solidarité FTQ, Pappas Ventures, BDC Capital, GO Capital, and iNovia Capital.