Milestone Scientific (OTC:MLSS) said its subsidiary, Milestone Medical, sold $1.5 million of stock to European investors, bringing its total European fundraising efforts to $3 million.
The Livingston, N.J.-based company did not disclose the name of its new investor, but called it one of the largest mutual fund management companies in Poland. The stock will be listed on the Warsaw Stock Exchange upon completion of the deal.
"The $3.0 million to be raised on completion of this financing will help accelerate the launch of our 1st 1 medical instruments, epidural and intra-articular, which are based on our patented Dynamic Pressure Sensing system," CEO Leonard Osser said in prepared remarks. "This financing further validates our strategy of bringing our precision injection technology to the medical marketplace, while minimizing dilution to shareholders."
Milestone also released its 3rd quarter earning, where it posted strong income growth alongside a solid revenue increase.
Milestone Scientific posted profits of $218,523, or 1¢ per share, on sales of $2.4 million for the 3 months ended Sept. 30. That’s a big bump from profits of $15,150 on sales growth of 14.8% reported for the same period last year.
The news sent MLSS shares up 6.7% to $1.60 a piece as of close on Nov. 12, the day the results were reported. The numbers took a drop the next day, to $1.59 per share, the next day. Milestone did gain from there, closing the week at 1.75, up 9.4%.
