Milestone Scientific Completes $10 Million Financing With a European Investing Group Specializing in High Potential Opportuni...
Milestone Scientific Completes $10 Million Financing With a European Investing Group Specializing in High Potential Opportunities
Financing Consists of Two Million Shares of Common Stock and $7 Million of Preferred Stock Initially Convertible Into Common Stock at $2.545 per Share
LIVINGSTON, NJ--(Marketwired - May 15, 2014) - Milestone Scientific Inc. (OTCQB: MLSS), a leading medical research and development company that designs and patents innovative injection technology, today announced that it has completed a $10 million private placement financing with an affiliate of the Milan-based private equity investor Innovest S.p.A., with a group of qualified partners participating in said affiliate. In the offering Milestone Scientific sold 2,000,000 shares of common stock at $1.50 per share and 7,000 shares of Preferred Stock at $1,000 per share. The Preferred Stock is initially convertible into common stock at $2.545 per share and, if not earlier converted, is mandatorily convertible into common stock at the end of five years at $2.545 per share, or $1.50 per share if certain conditions have not been met, both subject to anti-dilution adjustments. The Preferred Stock participates in dividends on an as converted basis only when, as and if declared on the underlying Common Stock. As part of the deal, the purchaser will appoint a director to serve on Milestone Scientific's board and will contribute management to the dental business. Adviser to Milestone Scientific was London-based financial services boutique Cornhill & Harvest.
Leonard Osser, CEO of Milestone Scientific, stated, "This financing enables us to accelerate the development of additional medical and dental instruments based on our patented CompuFlo and Dynamic Pressure Sensing technologies, to more aggressively market and sell our dental instruments and handpieces in the United States and worldwide and to more fully support the organic growth of our dental business. Innovest's support will allow us to broaden and more quickly take advantage of the inroads we have already made in the medical and dental markets. Future medical applications of our technologies which will benefit from this investment could include colorectal surgery, podiatry, dermatology, orthopedics, nasal and sinus surgery, cosmetic surgery."
Giandomenico Trombetta, CEO of Innovest S.p.A., commented, "We are excited about Milestone's innovative precision injection technology and are pleased to proactively support Milestone Scientific in their efforts to further increase their portfolio of injection technology contributing to the Company's further growth and profitability."
About Milestone Scientific Inc.
Milestone Scientific is a leading medical research and development company that designs and patents innovative injection technology. Milestone's computer-controlled systems make injections precise, efficient, and virtually painless. For more information please visit our website: www.milestonescientific.com.
