Milestone Scientific Inc. Announces Entrée into the Nationally Recognized University of Texas Medical Branch at Galveston wi...
January 04 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 as per a purchase order the Company received in late 2020, it
has begun selling CompuFlo® disposables to the University of Texas
Medical Branch at Galveston (UTMB), an institution of the
University of Texas System and agency of the State of Texas. UTMB
is a major academic health sciences center of global influence,
with medical, nursing, health professions and graduate biomedical
schools; a world-renowned research enterprise; and a growing,
comprehensive health system with hospitals on four campuses.
The clinical and safety benefits of the CompuFlo Epidural /
CathCheck Systems are backed by extensive published clinical data
demonstrating significant reductions in epidural punctures, as well
as complication rates, and contributes to a significant savings of
time on the part of anesthesiologists. Moreover, the CompuFlo
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.
Leonard Osser, Interim CEO of Milestone Scientific stated “We
are encouraged to announce this decision by UTMB, a leading
regional hospital and medical teaching institute. We believe this
will be the first of many such hospitals to come, and we commend
UTMB on their commitment to the health and safety of their
patients. We believe the use of the CompuFlo provides a level of
safety and efficiency not otherwise available for patients.
Furthermore, as a major teaching institute, we believe UTMB will
have the opportunity to shorten the training time and increase
efficiencies for residents performing epidural procedures through
the use of our instrument and disposables. Additionally, the use of
CathCheck provides physicians the opportunity to monitor catheter
placement after a procedure. Moreover, the use of our instruments
and disposables provide a significant economic benefit to the
institution. We believe this is just the start of what we believe
can be a steady commercial rollout in the weeks and months to come.
Overall, the response from both hospitals and physicians has been
very positive and we are in a number of similar trials across the
country that we believe and expect will convert to commercial
orders.”
Arjan Haverhals, President of Milestone Scientific, further
noted, “Our team has been working closely with Dr. Rovnat Babazade,
MD and Assistant Professor University of Texas Medical Branch,
Galveston, and we are grateful for his support. Dr. Babazade
previously conducted a study with the aim of evaluating the
cost-effectiveness of the CompuFlo® Epidural System with DPS
Dynamic Pressure Sensing technology® versus the traditional
loss of resistance technique within the labor and delivery setting
in medical centers. The results of the study suggest that when
compared to the traditional LOR technique, real-time pressure
sensing technology costs about 504 dollars less per hospital stay
on average. We appreciate the decision of Dr. Babazade and his team
to purchase our consumables following approval by the Value
Analysis Team at UTMB. This decision by a leading U.S. medical
center further reinforces our confidence in the outlook for both
CathCheck and CompuFlo, as well as the significant market
opportunity as we strive to become the new standard of care in
epidural procedures.”
About the UTMB Health
For more than 125 years, UTMB has stood with Texas—training the
health care workforce; helping make the state a leader in advancing
the understanding and treatment of illness and injury; serving as a
major provider of health care for Texans and their families; and
innovating the future of how care is delivered.
UTMB opened in 1891 as the nation’s first public medical school
and hospital under unified leadership—already a pioneer. What began
as one hospital and medical school building in Galveston is now a
major academic health sciences center of global influence, with
medical, nursing, health professions and graduate biomedical
schools; a world-renowned research enterprise; and a growing,
comprehensive health system with hospitals on four
campuses and a network of clinics. Today, UTMB has a $3.3
billion annual statewide economic impact, in terms of business
volume, personal income and durable goods purchases. More than
46,000 jobs in Texas are directly or indirectly attributed to
UTMB.
UTMB includes schools
of Medicine, Nursing, Health
Professions and Graduate Biomedical Sciences; four
institutes for advanced study; a major medical library; a
network of hospitals and clinics that provide a full range of
primary and specialized medical care; and
numerous research facilities. UTMB is a part of The
University of Texas System and a member of the Texas
Medical Center.
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 RudmanCrescendo Communications, LLCEmail:
mlss@crescendo-ir.comTel: 212-671-1020
Milestone Scientific (AMEX:MLSS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Milestone Scientific (AMEX:MLSS)
Historical Stock Chart
From Apr 2023 to Apr 2024