Link 1
[ Printer-friendly page Printer-friendly page ]

Milestone Scientific Inc. Announces Results of Annual Meeting

LIVINGSTON, New Jersey – Milestone Scientific Inc. (“Milestone” or “the Company”) (AMEX:MS) today announced that all nominees for the Board of Directors were elected and that the appointment of Eisner, LLP as independent auditors for 2004 was ratified, at the Company's Annual Meeting of Shareholders on July 22, 2004. While the vote on the approval of the 2004 Stock Option Plan was overwhelmingly in favor of the plan, an insufficient number of votes were received to allow the plan's immediate adoption. Accordingly, Milestone adjourned the Annual Meeting sine die (without a date certain as of adjournment) to allow sufficient votes to be received. The meeting will initially be reconvened on Monday, August 9, 2004, to determine whether sufficient votes have been received as of that date. Stockholders who have not yet voted on the option plan are urged to do so while the polls remain open on this matter.

In a presentation to shareholders entitled “A Step Ahead of A Changing World”, Chairman/CEO Leonard Osser and other executives outlined the unique positioning of Milestone Scientifics' proprietary injection technologies in both the dental and medical fields, as well as the sales and marketing programs that have been launched since the Company raised $9.4 million in equity capital via a public offering in February 2004.

The Company's President, Stuart Wildhorn, discussed Milestone's strategic focus for the Dental market during 2004, which revolves around (1) the execution of an aggressive sales and marketing plan for CompuDent™; (2) the successful launch of SafetyWand™, the first patented safety engineered injection device that conforms to federal and state OSHA standards for accidental needlestick prevention while also meeting the clinical needs of dentists; and (3) the development of a Single Tooth Anesthesia Device that improves dental office productivity and eliminates numbness in cheeks, lips and tongue for patients. In the Consumer area, the Company anticipates the launch of its CoolBlue™ teeth whitening product, which targets the $1.3 billion professional dental office and consumer whitening market, in time for the Christmas holiday selling season.

In the Medical field, Dr. Mark Hochman, Milestones' Director of Clinical Affairs and a worldwide authority on computer controlled injection technologies, is optimistic that the completion of clinical trials involving epidural anesthetic injections at a major university medical center should set the stage for the Company to seek FDA 510(k) marketing approval during the first half of next year. Approximately 22 million epidural injections are administered each year for childbirth and pain control, and Milestone's CompuFlo™ technology dramatically reduces the unacceptably high morbidity rates associated with current epidural injection techniques. The worldwide annual market for disposables used in epidural injections approximates $350 million.

Mr. Wildhorn discussed the significant progress that has already been made in building an independent field sales force for the CompuDent and SafetyWand product lines in the United States. The presentation closed with an outlook for the balance of 2004: while the second and third quarter of 2004 will be impacted by increased spending related to new sales and marketing initiatives, the Company is ahead of schedule in its sales/marketing initiatives and management expects revenue growth to accelerate significantly by the fourth quarter of 2004.

About Milestone Scientific Inc.

Milestone Scientific 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 The Wand® handpieces, single-patient use products that are held in a pen-like manner for injections. In 2001, Milestone Scientific received broad United States patent protection on an enabling technology for computer controlled, pressure sensitive infusion, perfusion, suffusion and aspiration, which provides real time displays of pressures, fluid densities and flow rates, thus advancing the delivery and removal of a wide array of fluids. In 2002, Milestone Scientific received United States patent protection on a safety engineered sharps technology, which allows for fully automated true single-handed activation with needle anti-deflection and force-reduction capability. In 2003, Milestone received FDA Clearance to market the SafetyWand™, which incorporates safety engineered sharps injury protection features to aid in the prevention of accidental needlesticks.

The Company is headquartered in Livingston, New Jersey, and its common stock trades on the American Stock Exchange under the symbol “MS”.

SOURCE: Milestone Scientific Inc.

[ Printer-friendly page Printer-friendly page ]
This site is intended for your general information only. Is not a substitute for medical advice or treatment.
Use of this site is subject to our Terms of Use.
Page created in 0.338628053665 seconds.