Milestone Scientific Inc. Announces Agreement with Bitmedical AG to Distribute the CompuFlo® Epidural Instrument Across Aust...
January 11 2021 - 9:00AM
Milestone Scientific Inc. (NYSE American:MLSS), a
leading developer of computerized drug delivery instruments that
provides virtually painless and precise injections, today announced
that it has entered into an agreement with Bitmedical AG
(“Bitmedical”) to distribute the CompuFlo® Epidural Instrument and
CathCheck™ System, as well as related disposables in Switzerland
and Austria. Bitmedical is a premier distributor of medical devices
and equipment within Switzerland and Austria, supporting many of
the leading global manufacturers in these markets.
Hansruedi Muehlegg, CEO Bitmedical stated: “We
are impressed with Milestone Scientific’s CompuFlo® Epidural System
following extensive due diligence and positive feedback from end
users prior to entering this agreement. Our analysis found
CompuFlo’s objective, quantifiable and real-time pressure detection
provides a measure of safety not currently available in epidural
anesthesia. In addition to the inclusion of this extraordinary
precision instrument to our product portfolio, we look forward to
working closely with Milestone to introduce the CompuFlo and
CathCheck System across Austria and Switzerland.”
Arjan Haverhals, President of Milestone
Scientific, further noted, “We are pleased to enter into this
distribution agreement with Bitmedical in such a short period of
time since our first contact in November of 2020, which we believe
illustrates their confidence in the market potential for our
instruments. Bitmedical is an ideal distribution partner as its
principals have extensive expertise and proven track records
launching new medical devices in Austria and Switzerland. We
believe that the deep reach of Bitmedical into Austrian and Swiss
hospitals, as well as their specific expertise in Intensive Care,
Cardiac Surgery and Anesthesiology will further expand our European
and international market presence. Besides his current role as CEO
of Bitmedical, Hansruedi has a direct anesthesia background as a
Clinical Registered Nurse Anesthetist, and thus is very familiar
with the challenges associated with epidural procedures. We believe
that Switzerland and Austria are important markets for us based on
the growing number of epidural procedures in both childbirth and
pain management.”
Leonard Osser, Interim Chief Executive
Officer of Milestone Scientific, commented, “We are pleased to
welcome Bitmedical as our exclusive distribution partner in the
region. We have a shared vision of applying advanced technological
solutions to enhance the patient experience. We look forward to
working closely with Bitmedical in order to educate medical
professionals in the region on the benefits of our system, which
provides objective, quantifiable and real-time confirmation when
accessing the epidural space. Penetrating the sizeable Austrian and
Swiss markets is an important step forward in our commercial launch
of the CompuFlo Epidural System in Europe. We look forward to
adding new distributors, hospitals and key opinion leaders across
Europe and worldwide.”
The clinical and safety benefits of the CompuFlo
Epidural and CathCheck Systems are backed by extensive published
clinical data demonstrating significant reductions in epidural
punctures, as well as complication rates, and contribute to a
significant savings of time on the part of anesthesiologists.
Moreover, the CompuFlo Epidural Instrument has the potential to
significantly reduce costs associated with morbidity, providing a
direct economic benefit to healthcare institutions. Similarly, the
CathCheck technology has the potential to transform the monitoring
of catheter placement following an epidural procedure by confirming
the placement of a catheter within 2 minutes, versus 20-40 minutes
using conventional methods.
About Bitmedical AG
Bitmedical AG is a distribution company for
leading international manufacturers in Switzerland and Austria for
over ten years. They represent a number of companies in the field
of ICU, Anesthesiology, Cardiac Surgery, Orthopedics, and
Laboratories. The companies represented include Medtronic, Rivanna
and Thermacor and Tahat. The company is active in Switzerland and
Austria with own direct sales organization, technical support,
warehousing, logistics and administration. The company works
together with all University Hospitals in Austria and Swizerland
and has offices in Kaiseraugst Switzerland and Vienna, Austria. For
more information please visit our website:
https://www.bitmedical.com/
About Milestone Scientific
Inc.
Milestone Scientific Inc. (MLSS) is a biomedical
technology research and development company that patents, designs
and develops 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, 2019. 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.
Contact: David Waldman or
Natalya Rudman Crescendo Communications, LLC Email:
mlss@crescendo-ir.com Tel: 212-671-1020
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