Milestone Scientific Inc (NYSEAMERICAN:MLSS) announced Thursday an underwritten public offering of common stock and warrants to raise about $4.5 million.
The medical device company said it intends to use the net proceeds from the offering for manufacturing, marketing, sales and distribution of its CompluFlo Epidural System and development of new products and new product uses, working capital and general corporate purposes.
The CompluFlo Epidural System is a computer-controlled, real-time pressure-sensing technology designed to reduce failure rates and accidental punctures.
Milestone, based in Livingston, New Jersey, said it is offering 4,750,000 shares of its common stock and warrants to purchase up to an aggregate of 2,375,000 shares of its common stock.
Each share of common stock is being sold together with a warrant to purchase 0.50 of one share of common stock at a combined price to the public of $0.95.
Milestone said the warrants will be immediately exercisable at a price of $1.20 per share of common stock and will expire three years from the date of issuance.
The shares of common stock and the accompanying warrants can only be purchased together in the offering but will be issued separately and will be immediately separable upon issuance. The offering is expected to close on or about April 14.
Maxim Group LLC is acting as sole book-running manager for the offering.
- Updates with pricing details -
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