Montréal, June 17, 2015 – After an initial investment in Milestone Pharmaceuticals in 2011, the Fonds de solidarité FTQ (the “Fonds”) today announced a second investment in the Montréal-based biotech. The Fonds will participate in the firm’s US$17 million Series B financing, the proceeds of which will be used to complete Phase 2 clinical studies for MSP-2017, a novel and potent short-acting calcium channel antagonist for the treatment of Paroxysmal Supraventricular Tachycardia (PSVT), a potentially debilitating cardiac arrhythmia.
“The Fonds de solidarité FTQ is a major player in the Québec life sciences ecosystem. Now that MSP-2017 clinical trials are well underway and Milestone has found a new investor in Domain Associates, this reinvestment by the Fonds once again shows our commitment to supporting Québec biotechs and to attracting other seasoned investors to Québec,” commented Alain Denis, Senior Vice-President, New Economy, Fonds de solidarité FTQ.
Over the past 15 years, the Fonds has invested close to $750 million in the life sciences sector to promote the emergence and growth of biotechs. In so doing, the Fonds is actively supporting an industry where Québec’s leadership is recognized the world over while simultaneously furthering the development of better health solutions.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $10.5 billion as of November 30, 2014, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds is a partner, either directly or through its network members, in more than 2,450 companies. With more than 600,000 shareholder-savers, the Fonds helps create, maintain and protect more than 172,000 jobs. For more information, visit www.FondsFTQ.com.
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