PISCATAWAY, N.J., Dec. 3 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. (OTC Bulletin Board: 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 advanced computer-controlled injection technologies for the medical and dental markets; and currently sells its award-winning products through a global distribution network serving North America, Asia, Africa and Europe. For more information on the STA System and other innovative Milestone products, please visit the Company's web sites found at www.milestonescientific.com and www.STAis4U.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, 2008. 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.
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SOURCE Milestone Scientific Inc.
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