MONTREAL and CHARLOTTE, N.C. - Milestone Pharmaceuticals Inc . (NASDAQ:MIST), a biopharmaceutical company specializing in cardiovascular treatments, today announced the immediate appointment of two new independent directors, Stuart Duty and Andrew Saik, to its Board of Directors. The appointments come as part of the company's board refreshment strategy, with a third independent director expected to join in the near term.
Stuart Duty, with over three decades of experience in investment banking and operations, primarily in the biotechnology and specialty pharmaceuticals sectors, has held a Senior Managing Director role at Guggenheim Securities, LLC. Andrew Saik brings over a quarter-century of accounting and finance expertise, having served as Chief Financial Officer for multiple biopharmaceutical companies, including Arvinas, Inc., Intercept Pharmaceuticals, and Vyne Therapeutics Inc.
The new board members will stand for election at Milestone's 2024 Annual Meeting of Shareholders. This announcement coincides with the news that current board members Debra K. Liebert and Richard C. Pasternak, MD, will not seek re-election at the upcoming Annual Meeting.
The company has also entered into a Cooperation Agreement with Alta Fundamental Advisers LLC, one of its shareholders, which includes standard standstill, voting, and other provisions.
Robert J. Wills, PhD, Chairman of the Milestone Board of Directors, expressed confidence that Duty and Saik would provide valuable insights and contribute to the company's growth, especially during what he described as an "exciting time for Milestone."
Milestone Pharmaceuticals is actively developing etripamil, a nasal spray calcium channel blocker designed for self-administration to treat episodic attacks associated with conditions like paroxysmal supraventricular tachycardia and atrial fibrillation.
The information for this article is based on a press release statement from Milestone Pharmaceuticals Inc.
InvestingPro Insights
Milestone Pharmaceuticals Inc. (NASDAQ:MIST) has been making strategic moves to strengthen its position in the biopharmaceutical industry, most notably with the appointment of two new independent directors with significant experience in the sector. As the company looks to the future, particularly with the development of its etripamil nasal spray, investors may find the following insights from InvestingPro particularly relevant.
InvestingPro Data shows a market capitalization of $102.54M for Milestone Pharmaceuticals, highlighting its status as a small-cap company within the biopharmaceutical industry. The company's P/E ratio stands at -1.26, indicating that it is not currently profitable. This is further underscored by an adjusted P/E ratio over the last twelve months as of Q1 2024 at -1.86. Additionally, the company has experienced a significant return over the last week with a 14.71% price total return, which may catch the eye of investors looking for short-term gains.
InvestingPro Tips suggest that while Milestone Pharmaceuticals holds more cash than debt on its balance sheet, which is a positive sign for financial stability, analysts have concerns about the company's ability to become profitable this year. Moreover, two analysts have revised their earnings upwards for the upcoming period, indicating a potential shift in the company's financial trajectory.
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