Milestone Pharmaceuticals Reports Second Quarter 2024 Financial Results and Provides Regulatory and Corporate Update - NDA for CARDAMYST in PSVT accepted by FDA in 2Q 2024; PDUFA in March 2025 - Cash of $83.3 million as

Pharmaceuticals Reports Second Quarter 2024 Financial Results and Provides Regulatory and Corporate Update

- NDA for CARDAMYST in PSVT accepted by FDA in 2Q 2024; PDUFA in March 2025

- Cash of $83.3 million as of June 30, 2024 expected to fund operations into 2026

- Stuart Duty and Andrew Saik Appointed as Independent Board Directors

and CHARLOTTE, N.C., August 8, 2024 (GLOBE NEWSWIRE) -- Milestone Pharmaceuticals Inc. (Nasdaq: MIST) today reported financial results

for the second quarter ended June 30, 2024 and provided a regulatory and corporate update.

FDA acceptance of our New Drug Application (NDA) for CARDAMYST (etripamil) nasal spray (an investigational new drug), has

enabled our commercial team to advance preparations for potential approval and launch in 2025," said Joseph Oliveto, President

and Chief Executive Officer of Milestone Pharmaceuticals. "Further, we are encouraged by the interest and input from

cardiology experts in our Phase 3 AFib-RVR study that we plan to commence in the first half of 2025."

and Recent Program Updates

for patients with paroxysmal supraventricular tachycardia (PSVT)

Etripamil for patients with

atrial fibrillation with rapid ventricular rate (AFib-RVR)

Quarter 2024 Financial Results

details on the Company's financials, refer to the quarterly report on Form 10-Q for the quarter ended June 30, 2024, filed with

the SEC on August 8, 2024.

Paroxysmal Supraventricular Tachycardia

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

Atrial Fibrillation with Rapid Ventricular Rate

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

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.

press 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 potential of etripamil to help patients

living with these serious heart arrythmias and to reduce ED visits for patients who are able to self-treat their PSVT episodes; the timing

of the launch of etripamil; and the timing, design and outcomes of our clinical trials, including our Phase 3 study in AFib-RVR. 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 December

31, 2023 and its quarterly report on Form 10-Q for the quarter ended June 30, 2024, 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

President, Communications, kfox@milestonepharma.com

Milestone Pharmaceuticals

Condensed Consolidated

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of US dollars, except share and per share data)

Milestone Pharmaceuticals

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Balance Sheets (Unaudited)

of US dollars, except share data)