Despite protests, Milestone Pharma gets clobbered by a PhIII crash in the clinic

Milestone Pharma had all the earmarks of a classic biotech IPO story when it went public last year.

The little 12-year-old biotech had positive mid-stage data to tout to investors that underscored the potential of a nasal spray treatment to halt paroxysmal supraventricular tachycardia — or PSVT — events. A big syndicate put up $80 million to help them lay a commercial foundation. And the stock peaked soon after the company debuted on Nasdaq as they raised another $82 million.