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Marks Significant Step Forward in Expanding Use of Milestone's Technology in the Medical Field
Milestone Scientific Inc. (MLSS 1.01, +0.01, +1.00%), the recognized leader in advanced, computer-controlled drug delivery technologies, and Ordway Research Institute, a leading research and drug development organization, have agreed to develop drug formulations for precise targeted delivery of drugs to affected body parts, organs and cancerous tissue through Milestone's patented CompuFlo(R) injection technology. Collaboration of the two organizations will facilitate the development by Ordway of nanoparticulate and other drug reformulations suitable for dispensing through specialized CompuFlo instruments which Milestone will develop. Drugs being developed by Ordway include those for treatment of arthritic joints, healing of wounds and destruction of tumeric and multisite cancers. Precise and targeted delivery of Ordway's drug reformulations through Milestone's instruments is believed by the parties to offer enhanced therapeutic benefits unavailable through systemic delivery and may lead to new patents being granted for reformulations of drugs in the public domain by Ordway and others. Under the agreement, Milestone will provide Ordway with prototype CompuFlo instruments to assist Ordway in its continuing development of its drug reformulations.
Paul J. Davis, M.D., Director of Ordway Research Institute and Senior Associate Dean for Clinical Research and Professor of Medicine at Albany Medical College said, "We are extremely excited about this collaborative agreement with Milestone Scientific, as Ordway believes the CompuFlo system for drug delivery will enhance our therapies, and contribute to their improved pharmacokinetics. We also believe the CompuFlo system will enable the precise, targeted delivery of drugs and drug formulations that we develop. Finally, we believe we can shorten the drug commercialization process and bring these improved drugs to market in an expedited manner since the CompuFlo technology already has FDA 510-K clearance from the United States Food and Drug Administration."
Leonard Osser, Chief Executive Officer of Milestone Scientific said, "We are pleased to have been selected by Ordway to partner with it in its drug development process. We expect CompuFlo technology to play an integral role in the development of Ordway's proprietary therapies, including those that have been made possible by important advances in nanotechnology. This agreement represents a significant step forward for us, and is expected to contribute significantly to our growth. It is in line with our objective of identifying and pursuing strategic collaborations with third parties to jointly develop new products utilizing our patented CompuFlo Dynamic Pressure Sensing(R) technology for novel new medical applications which may enable us to become a participant in large and growing medical markets. I look forward to a productive and lucrative relationship with Ordway."
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 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 for the year ended December 31, 2009. 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.
About Milestone Scientific
Milestone Scientific is engaged in pioneering advanced computer-controlled drug delivery technologies for the medical and dental markets; and currently sells its award-winning products through a global distribution network serving North America, Central and South America, Asia, Africa and Europe. For more information on the STA Single Tooth Anesthesia System(R) unit and other innovative Milestone products, please visit the Company's web site found at www.milestonescientific.com or follow the Company on Twitter @painlessdental or become a fan on Facebook at Painless Dentistry.
About CompuFlo Technology
Milestone Scientific's CompuFlo system is a patented computer-controlled drug delivery injection system that incorporates Dynamic Pressure Sensing(R) technology for safer and painless delivery (and fluid aspiration) of all medicaments. Dynamic Pressure Sensing technology provides visual and audible in-tissue continuous real-time pressure feedback, differentiating and indentifying tissue types to the healthcare provider. This safe, effective feedback guides the healthcare provider to identify a specific anatomic location with greater accuracy, while simultaneously providing optimal comfort for the patient during an injection. Dynamic Pressure Sensing technology empowers healthcare providers to accurately identify tissues of the body, allowing for the injection of medication at an intended, precise location. Moreover, the CompuFlo system is capable of documenting injection events, thereby providing verification and an important record for future reference by both the patient and healthcare provider. The CompuFlo system's benefits can be realized for subcutaneous injections with a variety of medications used in the practice of Medicine today -- and in the future.
About Ordway Research Institute (www.ordwayresearch.org)
The Ordway Research Institute was formed in 2002 to facilitate inter-institutional and interdisciplinary collaborations in basic and translational biomedical research. Research is focused on drug development in cancer, emerging infections and signal transduction/endocrinology. An asset valuable to the pharmaceutical industry is Ordway's mathematical modeling capability in pharmacokinetics and pharmacodynamics. Ordway is based in the Center for Medical Sciences a new 150,000 square-foot research facility located at University Heights in Albany. Its mission statement is to translate basic science observations into therapeutics with specific research themes focused on drug development in cancer, emerging infections and single transduction/endocrinology. Ordway's scientific teams are supported by awards from the National Institutes of Health, Department of Defense, National Science Foundation, Bill and Melinda Gates Foundation, American Heart Association and 15 biotechnology and major pharmaceutical companies.
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