Milestone Scientific Provides Update on Planned Partnership with RedOne Medical
LIVINGSTON, NJ / ACCESSWIRE / February 25, 2020 / Milestone Scientific Inc. (NYSE:MLSS), a developer of computerized drug delivery instruments that provide painless and precise injections, today provided an update on its planned partnership with RedOne Medical, a leading medical device distributor and wholesaler serving the Department of Veterans Affairs (VA) medical centers and the Department of Defense (DoD) hospitals, to distribute the CompuFlo Epidural System. As previously announced on December 11, 2019, Milestone Scientific announced that it was partnering with RedOne Medical. The Company fully intends to move forward with this relationship; however, the formal initiation of the partnership has been delayed due to specific government requirements with respect to components originated from, but purchased outside, the People's Republic of China. Milestone Scientific expects to be in a position to comply with such requirements in the near future.
Leonard Osser, Interim Chief Executive Officer of Milestone Scientific, stated, "Although the rollout of our CompuFlo Epidural System with RedOne was delayed due to factors outside our control, we remain excited about the collaboration and opportunity to deploy the CompuFlo Epidural System within Department of Veterans Affairs medical centers and Department of Defense hospitals, both of which represent a significant market opportunity for the Company. We look forward to providing further updates as developments unfold."
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs, develops and commercializes innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone's proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. 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, timing of regulatory approvals 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, future business decisions and regulatory developments, 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, 2017. 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.
David Waldman or Natalya Rudman
Crescendo Communications, LLC
SOURCE: Milestone Scientific, Inc.
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Released February 25, 2020