Capital Raise

Milestone Pharmaceuticals announced an underwritten public offering of common shares with Series A and Series B warrants, plus pre-funded warrants for certain investors. Proceeds will primarily fund the clinical development and U.S. commercial launch of its PSVT treatment candidate, etripamil, while covering working capital. TD Cowen, Piper Sandler, and Wells Fargo Securities are joint bookrunners, with H.C. Wainwright as lead manager. This financing supports Milestone’s transition toward commercialization, though it may dilute existing shareholders.

Civista Bancshares (NASDAQ: CIVB) priced an offering of 3.29 million common shares at $21.25 each, aiming to raise ~$70 million. With an underwriters’ option, proceeds could reach $80.5 million. The capital, expected to close July 14, will fund organic growth and potential acquisitions in Midwest markets. Piper Sandler leads the transaction under Civista’s existing SEC shelf registration.

SeaStar Medical raised $4M through a registered direct offering of 5.24 million shares priced at $0.763 each, with five-year warrants exercisable at $0.638. The capital infusion supports commercialization of its FDA-approved pediatric AKI device and adult trials, but triggers 33% equity dilution. Analysts note the structure creates potential stock price pressure, as warrants priced 16% below offering prices might constrain valuations. While addressing immediate liquidity needs, the conventional equity approach suggests urgency in funding operations rather than strategic growth initiatives, with funds allocated vaguely for corporate purposes.

Aris Mining (TSX: ARIS; NYSE-A: ARMN) reminds holders that its TSX warrants (ARIS.WT.A) expire July 29, 2025. These “in-the-money” warrants (C$5.50 exercise vs. C$9.46 share price) offer immediate value. Approximately 48.2% (28M warrants) have been exercised, generating C$77M. Exercising the remaining 30.2M warrants by the deadline could provide the company an additional C$83M. CEO Neil Woodyer stated this expiry completes capital structure simplification efforts. Warrant holders must act promptly and confirm their broker’s deadlines.

Patriot National Bancorp (PNBK) completed a registered direct offering, raising $10.65 million through the issuance of common stock. This follows a previous $50 million private placement, bolstering investor confidence in Patriot Bank’s growth. The offering strengthens the bank’s capital base, enabling it to execute its strategic vision. Performance Trust Capital Partners, LLC, Blank Rome LLP, and Robinson & Cole LLP advised on the offering.

Senseonics Holdings raised $77.8 million via a public offering (115M shares at $0.50) and a $20.3M private placement from Abbott Laboratories, which acquired a 4.99% stake. The funds will accelerate U.S. commercialization of its Eversense 365, a 12-month implantable glucose monitor, and support innovation. While the capital extends operations through 2026, significant share dilution and low pricing reflect market skepticism. Abbott’s investment signals strategic interest in implantable CGM tech, despite maintaining dominance with its FreeStyle Libre system. Key challenges include securing Medicare coverage and expanding beyond niche medical markets.