SOURCE: Milestone Scientific, Inc.

Milestone Scientific, Inc.

August 18, 2016 09:00 ET

Milestone Scientific Announces Distribution Agreement With MILA International to Market and Distribute a Novel Instrument for Equine Maxillary Nerve Blocks

Distribution Agreement Includes Minimums

LIVINGSTON, NJ--(Marketwired - August 18, 2016) - Milestone Scientific Inc. (NYSE MKT: MLSS), a medical R&D company that designs, patents, incubates and commercializes a growing portfolio of innovative injection technologies, today announced that it has entered into a distribution agreement with Kentucky-based MILA International, Inc. (MILA) to market and distribute the Company's anesthetic delivery instrument for maxillary nerve block procedures in horses. MILA is a leading global designer, manufacturer, marketer and distributor of veterinary products.

Milestone's patented technology regulates and controls the flow rate of fluid, minimizing tissue damage and allowing for painless injections. The Dynamic Pressure Sensing® (DPS) capability provides in-tissue pressure feedback. DPS provides medical practitioners with the ability to identify pressure signatures for the different tissue types and inject drugs at precisely the right location, eliminating guesswork. Additionally, the disposable injection handpiece allows for precise tactile control during an injection.

There are more than 4,000 equine practitioners in North America. General anesthesia carries very high risk for equine patients with documented mortality rates of 1%. Milestone's technology can improve safety and efficacy by allowing these procedures to now be performed without pain and under standing sedation.

Leonard Osser, Chief Executive Officer of Milestone Scientific, commented, "This is our first commercial foray into the $24 billion global animal health industry. Not only is MILA an ideal partner given its established presence in the marketplace and its quality reputation, but the fact the agreement includes minimums, underscores their confidence in the market potential for our instruments."

As recently announced, Cornell University College of Veterinary Medicine recently completed its pilot study and final report on the Company's computer-controlled injection and drug delivery technology in July. The pilot study confirmed that Milestone's CompuFlo® instrument can identify a target with a high level of accuracy using the instrument's Dynamic Pressure Sensing® (DPS) capability. In this study, the target was properly identified in all subjects on the first attempt. The study was conducted in conjunction with a letter of intent between Milestone Medical, Inc. and MILA International, Inc.

This was a controlled pilot study of 10 animals to determine the efficacy of using the CompuFlo® technology to identify a specific target when performing a maxillary foramen block in a horse. The study was conducted by Dr. Luis Campoy, Associate Clinical Professor in Anesthesiology and Analgesia and follows an earlier preliminary study conducted in 2015.

About MILA International, Inc.

MILA is a leading provider of critical care and surgical veterinary products exclusively focused on meeting the needs of the veterinary market. For over 25 years, MILA International, Inc. has worked with veterinary institutions, veterinarians, and technicians around the world to develop and commercialize high quality customized and affordable products designed to enhance care. This collaboration will allow MILA to broaden its product offering in the area of veterinary pain management. For more information, please visit www.milaint.com.

About Milestone Scientific Inc.

Milestone Scientific Inc. is a leading medical research and development company that designs and patents innovative injection technology. Milestone's computer-controlled systems make injections precise, efficient, and virtually painless. For more information, please visit our website: www.milestonescientific.com.

Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of Milestone's ability to implement its business plan, expected revenues and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report for the year ended December 31, 2015. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Contact Information

  • Contact:
    David Waldman or Natalya Rudman
    Crescendo Communications, LLC
    Email: mlss@crescendo-ir.com
    Tel: 212-671-1020