Mile­stone Phar­ma preps a leap in­to PhI­II car­dio study with $55M round backed by No­vo

A lit­tle more than two months af­ter scor­ing the proof-of-con­cept da­ta that he was look­ing for, Joe Olive­to is steer­ing Mile­stone Phar­ma­ceu­ti­cals in­to a Phase III ef­fi­ca­cy study that will put their one and on­ly drug to a piv­otal test. And he has a $55 mil­lion round led by No­vo to pay for it.

Mile­stone, based out of Que­bec with a satel­lite of­fice in North Car­oli­na, where the CEO lives, has kept the crew small and fo­cused. The drug is etri­pamil, which is de­signed to treat a tricky, hard-to-track dis­ease called parox­ys­mal supraven­tric­u­lar tachy­car­dia, or PSVT.

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