Milestone Pharmaceuticals (MIST) H.C. Wainwright 28th Annual Global Investment Conference summary

Key achievements and recent progress

• Achieved FDA approval for a new drug in December and launched it aggressively by mid-February, establishing a field force and promotional materials quickly.

• Initiated a phase III study for a second indication, atrial fibrillation with rapid ventricular rate, with the first patient enrolled last month.

• Focused on execution for both the ongoing drug launch and the AFib program, with a two-year timeline to data for the latter.

• Early market feedback from healthcare providers has been very positive, especially regarding the drug's rapid action and safety profile.

• Patient feedback is emerging, with momentum expected to build as awareness increases.

Market adoption and prescriber behavior

• Initial prescriptions are primarily for newly diagnosed or highly engaged patients, especially those with recent emergency department visits.

• Promotional response among doctors has exceeded expectations, with engagement accelerating as awareness grows.

• Most patients have tried other treatments before, and broader adoption requires breaking established habits through repeat detailing and patient activation.

• Refills are trending up, with refill rates currently between 15% and 20%, expected to rise significantly as patients gain experience.

• Deeper prescriber adoption and increased refills are anticipated to accelerate in the coming year.

Electrophysiologist engagement and influence

• Electrophysiologists have adopted the drug faster than expected, driven by their role as thought leaders and their affinity for new technology.

• The drug is seen as complementary to ablation procedures, providing a bridge for patients awaiting ablation or those not opting for it.

• Promotional response is higher among electrophysiologists than clinical cardiologists, aiding institutional adoption and potential guideline updates.

• Early adoption by electrophysiologists is valuable for broader market acceptance and influence on practice patterns.