Termination of Negotiation with Carticept for Commercialization and
Distribution of Products for the Professional Medical Market
LIVINGSTON, N.J., Sept. 4 /PRNewswire-FirstCall/ -- Milestone Scientific, Inc. (OTC Bulletin Board: MLSS) today announced that it has successfully concluded its Collaboration Agreement with Carticept Medical Inc. for the development of an injection system based on Milestone's CompuFlo(TM) technology for the treatment of arthritic joints. Work under the Collaboration Agreement, including animal studies, demonstrated to Carticept's satisfaction that the prototype could meet its predetermined performance benchmarks, leading the parties to commence negotiations for the development of a commercial product and for a Distribution Agreement between Milestone and Carticept. However, the parties have been unable to reach agreement on required minimum purchases by Carticept, the territories to be covered by the Distribution Agreement, development time tables for foreign territories and other matters and have, therefore, terminated negotiations.
"We are pleased that work under the Collaboration Agreement, particularly the animal studies, provided further evidence of the benefits of our CompuFlo(TM) technology to inject hyaluronic acid and other medicaments into the interarticular joint space for the treatment of arthritic conditions," said Joe Martin, Chief Executive Officer of Milestone Medical. Martin added, "We are a bit disappointed that we were unable to reach a commercialization agreement with Carticept. However, this is a large market, estimated at more than $21 billion, and we intend to explore new opportunities for our CompuFlo(TM) technology in this area." With the conclusion of negotiations with Carticept, Milestone is now free to explore other opportunities in this market with larger entities holding established positions in the field.
About Milestone Scientific, Inc.
Headquartered in Livingston, N
|SOURCE Milestone Scientific, Inc.|
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