Milestone Pharmaceuticals has raised $55 million in a Series C financing round led by Novo Holdings A/S, the company said. The company plans to use the money to fund Phase 3 clinical development of etripamil, an intranasal calcium channel antagonist for the treatment of paroxysmal supraventricular tachycardia (PSVT).
Earlier this year, Milestone announced positive results from the Phase 2 NODE-1 study of etripamil in PSVT patients.
Milestone President and CEO Joseph Oliveto commented, “Following our successful Phase 2 study results, we have been actively planning for the progression of etripamil into the next phase of development to further evaluate its potential as the only patient-administered treatment for the acute termination of paroxysmal supraventricular tachycardia. With financing in place by such seasoned and well-respected healthcare investors, Milestone is well positioned to advance and optimize this cutting-edge, novel approach for treating PSVT and potentially reduce the associated frequency of expensive emergency room visits and patient burden it causes each year.”
Read the Milestone Pharmaceuticals press release.