Milestone Scientific Inc. closed an underwritten public offering, raising $3 million in gross proceeds.

The company issued 2 million shares at $1.50 apiece bundled with warrants to purchase another 1.5 million shares of the company. Underwriters also exercised an option to purchase an additional 92,775 warrants of the company.

The warrants are exercisable at $2.55 apiece for 0.75 of a company stock and will mature three years from the date of issue.

Maxim Group LLC acted as the sole book-running manager for the offering.