LIVINGSTON, NJ--(Marketwired - November 30, 2016) - Milestone Scientific Inc . (NYSE MKT: MLSS), a medical R&D and dental products company that designs, patents, incubates and commercializes a growing portfolio of innovative therapeutic injection technologies, today announced it has entered into a distribution agreement with Al-Hayat, in the United Arab Emirates (UAE). Milestone and Al-Hayat introduced the epidural instrument and disposable kit to approximately 30 anesthesiologists from the UAE, at the Pan Arab Congress of Anesthesia, at two product launch meetings in Dubai and Al Ain.
Milestone Scientific also announced it has launched the epidural instrument and disposable kit in Lebanon with its distributor, Sterimed, and is now proceeding with product evaluations at five hospitals in Lebanon.
Milestone has also received the required Authorized Representative (AR) license approval by the Saudi Food and Drug Authority, which is required for device registration in order to allow Milestone's distributor to import and commercialize the epidural instrument in Saudi Arabia. Incrementally, Milestone has signed distribution agreements in Egypt and Kuwait, as part of its Middle East product launch strategy. Milestone also announced that it will be replacing its Polish distributor and that its new marketing and sales team is undertaking an evaluation of potential new distributors.
Milestone will be exhibiting its epidural instrument and disposable kit at the Arab Health Exhibition & Congress in Dubai from January 30 to February 2, 2017, the largest healthcare exhibition and medical congress in the Middle East and the second largest healthcare exhibition and congress in the world. The exhibition is an important venue for meeting with Middle Eastern distributors and key opinion leaders.
Leonard Osser, Chief Executive Officer of Milestone Scientific, stated, "We are pleased with the progress we have made developing distribution partnerships in the Middle East and have received positive feedback from key opinion leaders in the region. Placing the epidural instrument and disposable kits with distributors and key opinion leaders is central to our strategy, now that we have completed our clinical trials in the United States. We are awaiting US FDA approval of the epidural instrument and disposable kits, which will provide further validation for medical practitioners around the world."
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a medical R&D company that designs, patents, incubates and commercializes a growing portfolio of innovative injection technologies. 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.