Press Releases
Leonard Osser, CEO
Stu Wildhorn - President
Milestone Scientific Inc
(973) 535-2717; (973) 535-2829 (Fax)
Web site: www.milesci.com
MILESTONE SCIENTIFIC INC. ANNOUNCES $3 MILLION PRIVATE PLACEMENT
March 30, 2005
LIVINGSTON, New Jersey, March 30, 2005 -- Milestone Scientific Inc. (AMEX: MS) today announced that it has entered into binding Subscription Agreements for an approximately $3 million private placement of 101,044 Units to institutional accredited investors. Each Unit consisted of 10 shares of Common Stock and two Warrants and was priced at 10 times the average closing price of a share of Common Stock on the American Stock Exchange during the first 10 of the 12 trading days immediately preceding the execution of the Subscription Agreements. Each Warrant entitles the holder to purchase a share of Common Stock at $4.89 per share through the close of business on February 16, 2009. Milestone’s escrow agent has received approximately $1.5 million and expects to receive the balance in the next few days. I-Bankers Securities, Inc. acted as Placement Agent for Milestone in this transaction.
“We are gratified by the receptivity of investors to a new investment in our Common Stock and the speed with which our investment bankers responded to our need for capital,” said Leonard Osser, Chairman and Chief Executive Officer of Milestone. “The additional capital will help accelerate the development of commercial products using our revolutionary new “CompuFlo” technology for safely administering injections of local anesthetics and other medications and aspirating bodily fluids. Importantly, the funds will expedite the filing of FDA applications for our epidural anesthetic injection device and the commercialization of our single tooth anesthetic injection device, both of which use our CompuFlo technology. In addition, the equity raise goes a long way toward resolving continued listing questions for our securities on the American Stock Exchange.”
Milestone Scientific is the developer, manufacturer and marketer of CompuMed® and CompuDent® computer controlled local anesthetic delivery systems for medical and dental applications. These systems are comprised of a microprocessor controlled drive unit and single patient use disposable handpieces. The Company recently announced its entry into the tooth whitening market through a third party mass-marketing organization. The consumer product is being marketed under the distributor’s trademarks Ionic WhiteÔ and Stay WhiteÔ. Milestone has also developed and patented its CompuFlo™ technology, which advances the delivery and removal of a wide array of fluids from the human body by providing real time displays of pressures, fluid densities and flow rates. In 2002, Milestone Scientific received United States patent protection on a safety engineered sharps technology that allows for fully automated true single-handed activation with needle anti-deflection and force-reduction capability. In 2003, Milestone received FDA Clearance to market SafetyWand®, which incorporates engineered sharps injury protection features to aid in the prevention of accidental needlesticks.