By Stephen Nakrosis
Shares of Milestone Pharmaceuticals were down in after-hours trading following news the company commenced an underwritten public offering of its common shares and warrants.
After the bell on Wednesday, Milestone shares were trading 21.1% lower at $1.68 each. The stock closed the day’s regular session with a 3.1% loss at $2.13 each.
Year to date, the stock is up over 27%.
Milestone said it will sell all the securities in the offering, and plans to use proceeds “to continue the development of etripamil in its lead indication of paroxysmal supraventricular tachycardia and its subsequent indication of atrial fibrillation with rapid ventricular rate, as well as for working capital and other general corporate purposes.”
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