Fonds de solidarité FTQ Invests $8.8 Million in Milestone Pharmaceuticals IPO
Montréal, May 15, 2019 – As an investment partner of Montréal-based Milestone Pharmaceuticals since 2011, the Fonds de solidarité FTQ is proud to contribute to a new milestone in the development of this late-stage biopharmaceutical company developing therapies for the treatment of episodic cardiovascular conditions. By investing $8.8 million in Milestone's initial public offering (IPO), the Fonds is reaffirming its confidence in the company and its team and highlighting the outstanding work of Dr. Philippe Douville, a visionary entrepreneur who has identified a promising market for which no drug has been authorized for nearly 25 years.
The Fonds, a partner in Milestone’s success since its creation
Milestone was founded in 2005 by a group of seasoned entrepreneurs led by Dr. Douville and investors for the development of a drug against paroxysmal supraventricular tachycardia (PSVT), a common and recurring disorder of the heart. These initial investors included MSBi Valorisation, MSBi Capital (iNovia Capital) and Fonds Bio-Innovation which were all supported by the Fonds. In 2011, the Fonds bought back the stake held by Fonds Bio-Innovation and invested in the company during a financing round with BDC, GO Capital and Pappas Capital, the latter two being Fonds parteners. Since then, the company has held other rounds with prominent investors such as Domain Associates, Novo Holding A/S, Tekla Capital Management, Forbion Capital Partners, RTW Investments LP, Venrock Healthcare Capital Partners and Boxer Capital of Tavistock Group. The Fonds’ investments in Milestone, prior to the IPO, was thus $17.3 million.
With this IPO, Milestone intends to continue Phase 3, which is evaluating its product’s potential to treat TPSV outside a hospital setting, and to initiate Phase 2 work for the treatment of atrial fibrillation, another cardiovascular indication.
“We have had the privilege of accompanying Milestone during the various phases of its development and are delighted to see it reach this crucial stage by opening its capital to the public. The Fonds would like to congratulate Dr. Douville for his vision, the entire Milestone team led by President and CEO Joseph Oliveto, as well as all the private investors who have believed in Milestone and its ability to make a major difference for patients suffering from cardiovascular disease,” said Didier Leconte, Vice President of Investments - Life Sciences, at the Fonds de solidarité FTQ.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. As at November 30, 2018, the organization had $14.8 billion in net assets, and through its current portfolio of investments has helped create and protect over 194,000 jobs. The Fonds has more than 2,800 partner companies and 667,000 shareholder-savers.
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