Milestone Scientific looks to add $2m in follow-on round

Milestone Scientific (OTC:MLSS) said today it approved a follow-on round of financing, expecting to bring in between $1.7 and $2 million.

Funds in the follow-on round will come from the private placement of unregistered common stock at $2 per share from investors who participated in the company’s 2014 financing round, the Livingston, N.J.-based company said.

“We appreciate the continued support from Gian Domenico Trombetta, CEO of Wand Dental, and the other investors that plan to participate in this financing at terms we believe are quite favorable for the Company. This investment is a strong personal endorsement of the business, given Mr. Trombetta’s active involvement in day-to-day activities of the Company. We remain extremely confident in the outlook for the business, and look forward to providing additional updates as we near completion of our clinical trials for the epidural instrument,” CEO Leonard Osser said in a press release.

Last August, Milestone’s epidural & intra-articular subsidiary said the investigative device exemption trial of its CompuFlo epidural computer controlled system has returned successful interim results.

The Compass trial is designed to asses the safety and effectiveness of the epidural space verification of CompuFlow, which identifies and confirms epidural space locations, Milestone Scientific said.

The company said the pivotal IDE study has enrolled 200 patients to date.

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