Milestone Scientific Inc. said Maxim Group LLC, the sole book-running manager in its underwritten public offering, partially exercised its overallotment option and purchased an additional 123,700 common shares for $1.50 apiece.

The sale of the additional shares resulted in gross proceeds of $186,000, before deducting underwriting discounts and commissions and other offering expenses.

The total number of shares sold in the public offering increased to 2,123,700, and total gross proceeds to date were about $3.2 million.