|
|
|
Press Releases
MILESTONE SCIENTIFIC TO ESTABLISH JOINT VENTURE
TO DEVELOP MEDICAL DRUG DELIVERY INSTRUMENTS
Piscataway, N.J. – (PR NEWSWIRE) – December
3, 2009 – Milestone Scientific Inc. (OTCBB:MLSS),
the recognized leader in advanced injection technologies, today announced
that it had entered into a joint venture with China National Medicines
Corporation Ltd. (d/b/a “Sinopharm”) and Yichang Humanwell
Pharmaceutical Co. Ltd., both incorporated in the People’s
Republic of China (the “PRC”), to develop orthopedic
and epidural drug delivery instruments. Under an “Agreement
of Intent,” Milestone and its two PRC joint venture partners
will establish a new joint venture entity for this purpose in the
first quarter of 2010. The required initial funding for the
new entity, estimated by the parties at $1.4 million, will be provided
by the two PRC companies, although Milestone will determine the proposed
uses of their contribution. The joint venture entity will utilize
and adapt Milestone’s proprietary, patented CompuFlo® technology
for use in orthopedic and epidural drug delivery instruments. Milestone
will own 50% of the joint venture entity and the PRC parties will
together own the remaining 50%.
Leonard Osser, Chief Executive Officer of Milestone stated, “This
new joint venture with two leading PRC pharmaceutical companies marks
a significant step forward in Milestone’s efforts to have its innovative
computer-controlled drug delivery technology adapted for medical usage
worldwide. Preliminary studies have shown the effectiveness of using
our CompuFlo technology for the alleviation of the pain associated
with arthritic joint conditions and in providing accurate and more efficacious
epidural anesthetic injections. With the help of our PRC partners,
we believe that our CompuFlo technology can be developed and
marketed for these potentially large medical markets.”
Traded on the Shanghai Stock Exchange (SHA:600511), China National Medicines
Corporation, d/b/a Sinopharm, is China’s largest domestic manufacturer,
distributor and marketer of pharmaceuticals and importer of medical devices.
Yichang Humanwell Pharmaceutical Co. Ltd. is a major nationally designated
anesthetics manufacturer in the PRC. It maintains a major R&D
center with strong research and development capability and has established
relationships with a number of PRC universities, including China Pharmaceutical
University, Peking University Health Science Center, Huaxi Medical University,
and Hua Zhong University of Science and Technology Tongji Medical College.
Milestone’s patented CompuFlo is a computer-controlled
injection delivery technology that uses Dynamic Pressure Sensing® (DPS)
for painless delivery and aspiration of all medicaments. The DPS provides
visual and audible in-tissue pressure feedback, identifying tissue types
to the healthcare provider. This feedback allows the healthcare
provider to know when certain types of tissue have been penetrated, allowing
for the injection of medicaments at a precise location. This is
particularly beneficial when making subcutaneous and intramuscular injections.
About Milestone Scientific Inc.
Headquartered in Piscataway, New Jersey, Milestone Scientific is engaged
in pioneering proprietary, highly innovative technological solutions
for the medical and dental markets. Central to the Company’s
IP platform and product development strategy is its patented CompuFlo® technology
for the improved and painless delivery of local anesthetic. Specifically, CompuFlo is
a computer-controlled, pressure sensitive infusion, perfusion, suffusion
and aspiration technology, which provides real-time readouts of pressures,
fluid densities and flow rates, enabling the advanced delivery and
removal of a wide array of fluids. The STA Single
Tooth Anesthesia System™, a computer-controlled local anesthesia
delivery system, uses this technology to provide dentists with audible
and visual signals as to in-tissue pressure. Milestone’s
existing painless injection systems are currently sold in 25 countries. For
more information on these and other innovative Milestone products,
please visit the Company’s web site found at www.milestonescientific.com and www.STAis4U.com.
FOR MORE INFORMATION, PLEASE CONTACT:
Elite Financial Communications Group
Dodi Handy, President and CEO
For Media Inquiries: Tiffany Korkis or Kathy Addison, Directors, Elite
Media Group
407-585-1080 or via email at mlss@efcg.net
|
