Livingston-based Milestone Medical Inc., a subsidiary of Milestone Scientific Inc., announced today it has raised $1.5 million of common stock in a private placement to European institutional and other investors.
According to the announcement, closing of the transaction is subject to listing of the shares on the New Connect Market of the Warsaw Stock Exchange. WDM acted as offering agent and leading financial advisor on the transaction. Milestone Medical Inc. was formed two years ago as a joint venture between Milestone Scientific Inc. and Beijing 3H Scientific Technology Co. Ltd. for the development, commercialization, manufacturing and marketing of Milestone's epidural and intra-articular injection instruments.
Net proceeds from the financing will be used for growth capital, including hiring personnel, signing additional international distributors, and supporting regulatory requirements, the company said in a statement.