Press Releases
Stuart J. Wildhorn - President
Milestone Scientific Inc.
(973) 535-2717; (973) 535-2829 (Fax)
Web site: www.milesci.com
Milestone Scientific Inc. Announces Termination of Marketing Arrangement Negotiations
June 16, 2004
LIVINGSTON, N.J.--(BUSINESS WIRE)—June 16, 2004--Milestone Scientific Inc. (AMEX:MS), which develops, manufactures and markets computer controlled local anesthetic delivery systems, today announced the termination of negotiations with Kavo, a German manufacturer of dental equipment, for the development and marketing of a PDL Injector Device. Milestone believes the termination primarily resulted from Kavo’s assessment that the likely cost of this device to ultimate users, after reflecting Milestone’s proposed price to Kavo and necessary mark-ups at each layer of Kavo’s multi-layer distribution system, would unduly limit potential sales.
“Based on Milestone’s market analysis, we plan to continue our efforts to develop and commercialize the PDL Injector Device with the monies allocated for this purpose in accordance with the Use of Proceeds section in our February 2004 public offering,” stated Stuart Wildhorn, President of Milestone Scientific, Inc. “We continue to believe that there is a significant market opportunity for a PDL Injector Device that will enable these injections to be given as a primary injection without collateral paralysis of the cheek, tongue and lips. Existing high pressure PDL injector devices cause, in many instances, soft tissue and nerve damage as shown in a recent clinical histological study. Further, these existing PDL devices cause significant pre- and post-operative pain. Finally, our patented pressure-feed back technology, which we intend to incorporate in our new device, will enable the dentist to more consistently hit his periodontal ligament target.”
About Milestone Scientific, Inc.
Milestone Scientific is the developer, manufacturer and marketer of CompuMed® and CompuDent® computer controlled local anesthetic delivery systems. These systems comprise a microprocessor controlled drive unit as well The Wand® handpieces, single-patient use products that are held in a pen-like manner for injections. In 2001, Milestone Scientific received broad United States patent protection on an enabling technology for computer controlled, pressure sensitive infusion, perfusion, suffusion and aspiration, which provides real time displays of pressures, fluid densities and flow rates, thus advancing the delivery and removal of a wide array of fluids. In 2002, Milestone Scientific received United States patent protection on a safety engineered sharps technology, which allows for fully automated true single-handed activation with needle anti-deflection and force-reduction capability. In 2003, Milestone received FDA Clearance to market the SafetyWand™, which incorporates safety engineered sharps injury protection features to aid in the prevention of accidental needlesticks.
The Company is headquartered in Livingston, New Jersey, and its common stock trades on the American Stock Exchange under the symbol “MS”.
This press release contains forward-looking statements regarding the timing and financial impact of the 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 on Form 10-KSB for the year ended December 31, 2003. 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.