Milestone Pharmaceuticals Reports First Quarter 2024 Financial Results and Provides Regulatory and Corporate Update - NDA for etripamil in PSVT resubmitted in 1Q 2024 - Cash resources as of

Milestone Pharmaceuticals

Reports First Quarter 2024 Financial Results and Provides Regulatory and Corporate Update

- NDA for etripamil in

PSVT resubmitted in 1Q 2024

- Cash resources as of March 31, 2024

expected to fund operations into 2026

- Dialogue with FDA to finalize Phase 3 protocol

for etripamil in AFib-RVR is progressing

MONTREAL and CHARLOTTE, N.C., May 13,

2024 (GLOBE NEWSWIRE) -- Milestone Pharmaceuticals Inc. (Nasdaq: MIST) today reported financial results for the first quarter

ended March 31, 2024 and provided a regulatory and corporate update.

"We're currently on track for the

potential FDA approval of CARDAMYST (etripamil) nasal spray in the first half of 2025 to deliver a valuable treatment option to

patients suffering from PSVT," said Joseph Oliveto, President and Chief Executive Officer of Milestone Pharmaceuticals. "We

remain focused on working with FDA through the review process and preparing for commercialization and launch readiness. We expect that

our current cash position, together with a potential future synthetic royalty payment, provides the needed resources to launch CARDAMYST

in the U.S. market for patients suffering from PSVT."

First Quarter and Recent Program Updates

for Patients with paroxysmal supraventricular tachycardia (PSVT)

for Patients with atrial fibrillation with a rapid ventricular rate (AFib-RVR)

First Quarter 2024 Financial Results

on the Company's financials, refer to Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 13,

About Paroxysmal Supraventricular Tachycardia

An estimated two million people in the United

States are currently diagnosed with PSVT which is a type of arrhythmia or abnormal heart rhythm. PSVT is characterized by episodes of

sudden onset rapid heartbeats often exceeding 150 to 200 beats per minute. The heart rate spike is unpredictable and may last several

hours. The rapid heart rate often causes disabling severe palpitations, shortness of breath, chest discomfort, dizziness or lightheadedness,

and distress, forcing patients to limit their daily activities. The uncertainty of when an episode of PSVT will strike or how long it

will persist can provoke anxiety in patients and negatively impact their day-to-day life between episodes. The impact and morbidity from

an attack can be especially detrimental in patients with underlying cardiovascular or medical conditions, such as heart failure, obstructive

coronary disease, or dehydration. Many health care providers are dissatisfied with the lack of effective treatment options with patients

often requiring prolonged, burdensome, and costly trips to the emergency department or even invasive cardiac ablation procedures.

About Atrial Fibrillation

with Rapid Ventricular Rate

An estimated five million

Americans suffer from atrial fibrillation (AFib), a common arrhythmia marked by an irregular, disruptive and often rapid heartbeat. The

incidence of AFib is expected to grow to approximately 10 million by 2025 and up to about 12 million by 2030. A subset of patients with

AFib experience episodes of abnormally high heart rate most often accompanied by palpitations, shortness of breath, dizziness, and weakness.

While these episodes, known as AFib-RVR, may be treated by oral calcium channel blockers and/or beta blockers, patients frequently seek

acute care in the emergency department to address symptoms. In 2016, nearly 800,000 patients were admitted to the emergency department

due to AFib symptoms where treatment includes medically supervised intravenous administration of calcium channel blockers or beta blockers,

or electrical cardioversion. With little available data for AFib-RVR, Milestone's initial market research indicates that 30 to 40% of

patients with AFib experience one or more symptomatic episodes of RVR per year that require treatment, suggesting a target addressable

market of approximately three to four million patients in 2030 for etripamil in patients with AFib-RVR.

Etripamil is Milestone's

lead investigational product. It is a novel calcium channel blocker nasal spray under clinical development for frequent and often highly

symptomatic episodes of PSVT and AFib-RVR. It is designed as a self-administered rapid response therapy for patients thereby bypassing

the need for immediate medical oversight. If approved, etripamil is intended to provide health care providers with a new treatment option

to enable on-demand care and patient self-management. This portable, self-administered treatment may provide patients with active management

and a greater sense of control over their condition. CARDAMYST (etripamil) nasal spray, the conditionally approved brand name for

etripamil nasal spray, is well studied with a robust clinical trial program that includes a completed Phase 3 clinical-stage program for

the treatment of PSVT and Phase 2 trial for the treatment of patients with AFib-RVR.

Milestone Pharmaceuticals Inc. (Nasdaq: MIST)

is a biopharmaceutical company developing and commercializing innovative cardiovascular solutions to improve the lives of people living

with complex and life-altering heart conditions. The Company's focus on understanding unmet patient needs and improving the patient

experience has led us to develop new treatment approaches that provide patients with an active role in self-managing their care. Milestone's

lead investigational product is etripamil, a novel calcium channel blocker nasal spray that is being studied for patients to self-administer

without medical supervision to treat symptomatic episodic attacks associated with PSVT and AFib-RVR.

release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as

"believe," "continue," "could," "demonstrate," "designed," "develop,"

"estimate," "expect," "may," "pending," "plan," "potential," "progress,"

"will", "intend" and similar expressions (as well as other words or expressions referencing future events, conditions,

or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Milestone's

expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties.

Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release

include statements regarding: our expected cash runway into 2026; the timing and outcomes of future interactions with U.S. and

foreign regulatory bodies, including the FDA, including the timing of the FDA's review

of the NDA; the timing of the receipt of the future synthetic royalty payment, if at all; our use of proceeds from the March 2024

private placement financing; the potential of etripamil to help patients living with these serious heart arrythmias; the continued ability

of etripamil to achieve statistically superior ventricular rate reduction and improved symptom-relief when compared to placebo; the timing

of the launch of etripamil; and the timing and outcomes of our clinical trials. Important factors that could cause actual results to differ

materially from those in the forward-looking statements include, but are not limited to, whether our future interactions with the FDA

will have satisfactory outcomes; whether and when, if at all, our NDA for etripamil will be approved by the FDA; whether the FDA will

require additional trials or data which may significantly delay and put at risk our efforts to obtain approval and may not be successful,

the risks inherent in biopharmaceutical product development and clinical trials, including the lengthy and uncertain regulatory approval

process; uncertainties related to the timing of initiation, enrollment, completion, evaluation and results of our clinical trials; risks

and uncertainty related to the complexity inherent in cleaning, verifying and analyzing trial data; and whether the clinical trials will

validate the safety and efficacy of etripamil for PSVT or other indications, among others, general economic, political, and market conditions,

including deteriorating market conditions due to investor concerns regarding inflation, Russian hostilities in Ukraine and

ongoing disputes in Israel and Gaza and

overall fluctuations in the financial markets in the United States and abroad,

risks related to pandemics and public health emergencies, and risks related the sufficiency of Milestone's capital resources and

its ability to raise additional capital in the current economic climate. These and other risks are set forth in Milestone's filings

with the U.S. Securities and Exchange Commission (SEC), including in its annual report

on Form 10-K for the year ended March 31, 2023, under the caption "Risk

Factors," as such discussion may be updated from time to time by subsequent filings Milestone may make with the SEC.

Except as required by law, Milestone assumes no obligation to update any forward-looking statements contained herein to reflect any change

in expectations, even as new information becomes available.

Milestone Pharmaceuticals Inc.

Condensed Consolidated Statements of Loss (Unaudited)

(in thousands of US dollars, except share

Milestone Pharmaceuticals Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands of US dollars, except share

Kim Fox, Vice President, Communications, kfox@milestonepharma.com

Chris Calabrese, ccalabrese@lifesciadvisors.com

Kevin Gardner, kgardner@lifesciadvisors.com