LIVINGSTON, N.J., March 19 /PRNewswire-FirstCall/ -- Milestone Scientific, Inc. , the recognized leader in advanced injection technologies used by medical and dental professionals worldwide, today announced that it has signed a Collaboration Agreement with Carticept Medical, Inc., an Atlanta-based company developing and commercializing advanced medical device technology for the minimally-invasive treatment of cartilage damage and osteoarthritis. The Companies have agreed to collaborate, at Carticept's cost, on the development of a specialized Injection System for the treatment of arthritic joints. The Injection System will use Milestone's patented CompuFlo(TM) technology to painlessly inject Carticept's proprietary products into the intra-articular joint space. Once Carticept is satisfied that the prototype meets predetermined performance benchmarks, then Carticept and Milestone will develop a professional version of the System suitable for commercialization and distribution to the professional medical markets.
Backed by leading venture capital firms Domain Associates, with approximately $2.1 billion in assets under management, and New Enterprise Associates, with approximately $8.5 billion in assets under management, Carticept's efforts are focused on the development and commercialization of proprietary technology to repair, relieve pain and improve functions for the more than 20 million Americans who suffer from cartilage deficits, such as osteoarthritis, due to wear and tear or disease. Osteoarthritis is by far the most common type of arthritis, accounting for more than 90 percent of all arthritis cases. It occurs most in the elderly, when cartilage -- the soft, cushioning material between bones in joints -- begins to degenerate, causing pain as the bones in the joint grind against each other. Eventually, movement of a joint can become so painful that the victim of the disease may become immobile.
Leading market research firm Datamonitor reports that efforts to find a cure for osteoarthritis will increase, driven by the globally aging population, and result in the arthritis market reaching nearly $21 billion by 2010.
Timothy Patrick, President and CEO of Carticept, noted, "We are very excited to be teaming with Milestone to develop and produce what we believe will be a very novel and effective device for painlessly injecting patients for the treatment of arthritic conditions. The CompuFlo Joint Injection System holds great promise for readily differentiating our Company in the growing field of arthritic pain relief, while providing compelling growth opportunities for both Milestone and Carticept in the long term."
Milestone's patented and novel CompuFlo technology is a computer- controlled, controlled pressure infusion, perfusion, and aspiration technology capable of delivering critically important information, in visual and audible forms, that allows physicians, dentists and other health care specialists to determine the characteristics of human and other tissue into which fluids are being delivered (or extracted). The Company believes that it has the potential to greatly increase the safety, efficacy and comfort of many injection procedures that currently rely upon 150-year-old hypodermic syringe technology and the tactile senses and delivery expertise of the administrator.
"Given that there are more than 700 identified market applications in the medical and extra-medical fields for our patented CompuFlo technology, Milestone has been carefully assessing only those applications and associated strategic collaborations that address prevailing high growth markets with extraordinary revenue potential, and provide for solutions that can be brought to market quickly and cost effectively. This partnership with Carticept ideally meets all of these mission-critical requirements," added Leonard Osser, Chairman and CEO of Milestone Scientific.
About Milestone Scientific, Inc.
Headquartered in Livingston, New Jersey, Milestone Scientific is engaged in pioneering proprietary, highly innovative technological solutions for the medical and dental markets. Central to the Company's IP platform and product development strategy is its patented CompuFlo(TM) technology for the improved and painless delivery of local anesthetic. Specifically, CompuFlo is a computer-controlled, pressure sensitive infusion, perfusion, suffusion and aspiration technology, which provides real-time readouts of pressures, fluid densities and flow rates, enabling the advanced delivery and removal of a wide array of fluids. The Single Tooth Anesthesia (STA(TM)) computer-controlled local anesthesia delivery system which uses this technology provides dentists with audible and visual signals as to in-tissue pressure. Milestone's existing painless injection systems are currently sold in 25 countries. For more information on these and other innovative Milestone products, please visit the Company's web site found at www.milesci.com.
Safe Harbor Statement
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, 2006. 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.
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