MMD Closing of above market $4.7 million offering of common stock and warrants by Milestone Scientic Inc., the majority shareholder of the Issuer

The Board of Directors of Milestone Medical Inc. (WAR: MMD, “the Company”, “the Issuer”) today announced that on April 14, 2020 Milestone Scientific, Inc. (NYSE:MLSS, „Milestone Scientific”), the licensor of the Company’s computer-controlled injection and drug delivery technology as well as the majority shareholder of the Issuer closed its previously announced underwritten offering of 4,750,000 shares of its common stock and warrants to purchase up to an aggregate of 2,375,000 shares of the its common stock. Each share of common stock was 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. Gross proceeds before underwriting discounts and commissions and estimated offering expenses, were approximately $4.5 million. In addition, Milestone Scientific granted to Maxim Group LLC a 45-day option to purchase up to an additional 712,500 shares of common stock and/or warrants to purchase up to 356,250 shares of common stock for the purposes of covering any over-allotments, at the public offering price less discounts and commissions, of which Maxim Group LLC partially exercised its option to purchase 200,000 shares of common stock and warrants to purchase up to 335,000 shares of common stock. The over-allotment exercise transaction also closed on April 14, 2020, bringing the total gross proceeds of the offering, before underwriting discounts and commissions and estimated offering expenses, to approximately $4.7 million. Milestone Scientific intends to advance some of the proceeds from this offering to the Issuer 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 warrants are immediately exercisable at a price of $1.20 per share of common stock and expire three years from the date of issuance. The shares of common stock and the accompanying warrants were purchased together in the offering but were issued separately and were immediately separable upon issuance. Maxim Group LLC acted as sole book-running manager for the offering. The securities described above are being offered by Milestone Scientific pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). The securities are being offered by means of a prospectus supplement and accompanying prospectus, forming part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to this offering have been filed with the SEC. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Maxim Group LLC. Electronic copies of the preliminary prospectus supplement and accompanying prospectus are also available on the website of the SEC.