Healthcare Industry News: CoolBlue
News Release - August 22, 2006
Milestone Scientific Receives Market Research Supportive of Applications for CompuFlo(TM) Computer Controlled Infusion Pump TechnologyOutside Consultants Envision Over 700 Potential Medical and Extra-Medical Applications for Patented Pressure Sensing Technology
LIVINGSTON, N.J., Aug. 22 (HSMN NewsFeed) -- Milestone Scientific Inc. (Amex: MSS ), which develops, manufactures, and markets computer controlled local anesthetic delivery systems, today announced that it has received a report from an outside research firm regarding potential market applications for the Company's patented CompuFlo(TM) Computer Controlled Infusion Pump technology. The research report, which was commissioned by Milestone, was issued by the Biotech Marketing Alliance, an independent market research firm.
The Biotech Marketing Alliance, based in Greensboro, NC, provides business development and marketing services to the life-science industries.
Among other conclusions, the researchers estimated the number of potential market applications for CompuFlo at more than 700, including both medical and extra-medical uses. Refinement of the applications list is now underway, in order for the Company to identify those applications that are the most promising and viable and have the greatest potential for strategic alliances and revenue contribution.
"We commissioned this study to explore the business opportunities that are available to Milestone as a result of our successful development of CompuFlo, which was recently cleared for marketing and sale by the FDA in response to our 510(k) Premarket Notification application," stated Leonard Osser, Chief Executive Officer of Milestone Scientific Inc. "While we have previously identified certain applications where the safety of currently available anesthetic injection procedures is a recognized problem, including the $200 million-plus annual U.S. market for epidural injections that are administered to women during childbirth, the Biotech Marketing Alliance report confirms that the market potential for CompuFlo is much broader than we initially envisioned. While the majority of potential applications identified in the report were in the medical field, extra-medical applications in the food, animal health, agriscience, bioremediation, and other industries were listed, as well."
"We believe that CompuFlo's pressure feedback capabilities have the potential to revolutionize standard injection techniques in many medical applications, and it will serve as the foundation for our new Single Tooth Anesthesia (STA) device in the dental industry. As announced earlier this month, we recently received FDA 510(k) Premarket Notification acceptance for the marketing and sale of our STA device, and the Company is currently in discussions with a number of major dental product distributors in anticipation of a market launch in the first quarter of 2007."
"Utilizing pressure feedback technology, CompuFlo provides a 'real time' readout of pressures and flow rates in the delivery to patients of a wide variety of anesthesia, drugs and other medicines," continued Osser. "This technology delivers critically important information, in visual and audible forms, that allows doctors, dentists and others to determine the characteristics of human and other tissue into which fluids are being delivered (or extracted). It has the potential to greatly increase the safety and efficacy of many injection procedures that currently rely upon 150-year-old hypodermic syringe technology and the tactile senses of the administrator. We are very pleased with the conclusions of the Biotech Marketing Alliance study," concluded Osser.
About Milestone Scientific Inc.
Milestone Scientific Inc. is the developer, manufacturer and marketer of CompuMed® and CompuDent® computer controlled local anesthetic delivery systems. These systems comprise a microprocessor controlled drive unit as well as The Wand® handpiece, a single patient use product that is held in a pen-like manner for injections. The Company also sells the SafetyWand®, which incorporates engineered sharps injury protection features to aid in the prevention of accidental needlesticks. Milestone has also developed proprietary consumer (Ionic White) and professional (CoolBlue) teeth whitening systems that were introduced to the market in early 2005.
Milestone has also received broad United States patent protection on CompuFlo(TM), an enabling technology for computer controlled, pressure sensitive infusion, perfusion, suffusion and aspiration that provides real time displays of pressures, fluid densities and flow rates. CompuFlo advances the delivery to and/or removal from patients of local anesthesia, medications and other fluids, and the Company is pursuing market opportunities in a variety of medical and dental applications.
The Company is headquartered in Livingston, New Jersey, and its common stock trades on the American Stock Exchange under the symbol "MSS".
This press release contains forward-looking statements regarding the timing and financial impact of the 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 on Form 10-KSB for the year ended December 31, 2005. 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.
Source: Milestone Scientific
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