On November 9, 2023, Alta Advisers announced that it has engaged, and intends to continue to engage, in communications with Milestone Pharmaceuticals Inc?s Board of Directors and management team regarding opportunities to unlock shareholder value. Alta Advisers delivered a letter to the Board and expressed its concern that, given the Company?s lack of existing resources, the Company will continue to pursue non-value maximizing options including raising funds through highly dilutive equity issuances and/or exceedingly expensive debt financings to pay for the Company?s plans to commercialize its lead product candidate, Etripamil. Alta Advisers believes that this risky and expensive approach to commercializing Etripamil would negatively impact existing shareholders and threaten to undermine the work the Company has done in developing Etripamil.

Alta Advisers is convinced that the Company should explore a sale of the Company or a strategic partnership as the best means to maximize shareholder value and ensure that Etripamil will be able to make a meaningful difference in the lives of patients.