Milestone Scientific prices $3m round

Milestone Scientific‘s (OTC:MLSS) today priced an upcoming offering, looking to raise approximately $3 million.

The Livingston, N.J.-based company said it plans to offer 2 million shares of common stock at $1.50. Each share sold will include warrants for the purchase of an additional 0.75 common shares of stock, offering an additional total 1.5 million shares.

Warrants offered in the round will have a 3-year term and an exercise price of $2.55 per share, according to a press release.

The offering will also include a 45-day underwriters over-allotment option for the purchase of an additional 300,000 shares of stock, and 225,000 warrants. Milestone Scientific said it expects the round to close December 21. Maxim Group is acting as the sole book-running manager for the offering.

The company did not state how it plans to use funds raised in the round.

Yesterday, Milestone Scientific said that the FDA denied the 510(k) application for its Compu-Flo intra-articular computer controlled injection system due to inadequate documentation showing that the device met required equivalency standards.

The company said that after meeting with the FDA’s Office of Device Evaluation, it plans to provide additional data, including a new human factor validation study to support a new 510(k) application for the device.

Milestone Scientific said the HFV study, which aims to demonstrate ease-of-use, will cost approximately $100,000.

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