Milestone Scientific Inc. Announces Closing of $3.0 Million Public Offering of Common Stock
December 13, 2023 5:00 pm
ROSELAND, N.J., Dec. 13, 2023 (GLOBE NEWSWIRE) — Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced the closing of its previously announced underwritten public offering of 4,765,000 shares of its common stock at a public offering price of $0.63 per share (the “Offering”). Gross proceeds before deducting underwriting discounts, commissions and other Offering expenses were approximately $3.0 million.
Maxim Group LLC acted as sole book-running manager for the Offering.
The Company has granted the underwriter a 45-day option to purchase up to an additional 714,750 shares of common stock, on the same terms and conditions.
The shares of common stock were offered pursuant to a registration statement on Form S-3 (File No. 333-275088), which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 30, 2023. The final terms of the Offering were disclosed in a final prospectus supplement on December 12, 2023 which has been filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the Offering may also be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by email at telephone at (212) 895-3745.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS), a biomedical technology company that patents, designs, develops and commercializes innovative diagnostic and therapeutic injection technologies and devices for medical and dental use. Since inception, Milestone Scientific has engaged in pioneering proprietary, innovative, computer-controlled injection technologies, and solutions for the medical and dental markets.
Milestone Scientific has developed a proprietary, revolutionary, computer-controlled anesthetic delivery device, our DPS Dynamic Pressure Sensing Technology® System, to meet the needs of various subcutaneous drug delivery injections and fluid aspiration – enabling healthcare practitioners to achieve multiple unique benefits that cannot currently be accomplished with the 160-year-old manual syringe. Our proprietary DPS Dynamic Pressure Sensing technology is our technology platform that advances the development of next-generation devices. It regulates flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, used in various dental and medical injections. It has specific medical applications for epidural space identification in regional anesthesia procedures.
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