New York, December 27, 2023 – Milestone Scientific Inc. (NYSE:MLSS) has established itself in the field of biomedical technology with its focus on advanced injection technologies for medical and dental applications. The company holds over 19 US patents and 133 foreign patents. Its dental product, the Single Tooth Anesthesia System (STA), has received FDA and CE marketing clearance in more than 50 countries. The STA system utilizes computer-assisted technology for precise and consistent delivery of anesthesia, aiming to address common risks associated with dental anesthesia.
Arjan Haverhals, CEO and President of Milestone Scientific, said, “We achieved solid revenues of $2.1 million for the third quarter of 2023. Most notably, domestic dental sales increased 45%, due in part to the success of our direct sales model through the new portal for selling and shipping the STA Single Tooth Anesthesia System® (STA) and handpieces. This strategy has provided us a closer and more direct relationship with our customers, which has exceeded our expectations thus far. The new direct selling model has also resulted in an increase in gross profit for the third quarter of 2023.”
Turning to its medical division, Milestone has developed the CompuFlo® Instrument, designed to improve the accuracy of epidural procedures. CompuFlo® is engineered to provide objective detection of the epidural space, potentially reducing the rate of incorrect needle placement in these procedures.
Recently, Milestone Scientific announced a public offering of 4.77 million shares at $0.63 per share, with the goal of raising approximately $3.0 million. Additionally, the company has started commercial sales of CompuFlo® disposables for neurostimulation procedures at the University of Texas Medical Branch Health Clear Lake Campus Hospital, expanding the usage of CompuFlo® beyond its initial applications in labor and delivery departments. This expansion is also geared towards enhancing the training of medical residents in epidural needle placement and verification.
Milestone Scientific is featured in the PRISM Emerging MedDevices Index. Shares are trading up 10% on Wednesday.
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology company recognized for its patenting, designing, development, and commercialization of innovative diagnostic and therapeutic injection technologies and devices for both medical and dental applications. Since its inception, Milestone Scientific has been at the forefront of developing proprietary, state-of-the-art, computer-controlled injection technologies tailored for the medical and dental markets.
One of its key developments is the proprietary DPS Dynamic Pressure Sensing Technology® System. This revolutionary computer-controlled anesthetic delivery device is designed to cater to a range of subcutaneous drug delivery injections and fluid aspirations. The DPS Dynamic Pressure Sensing technology is instrumental in allowing healthcare practitioners to achieve benefits that are unattainable with traditional 160-year-old manual syringes. This technology platform is pivotal in advancing the development of next-generation devices, as it meticulously regulates flow rate and monitors pressure from the needle’s tip. The technology finds its application across various dental and medical injections and is particularly significant in identifying the epidural space in regional anesthesia procedures.
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