ROSELAND, N.J., Jan. 04, 2021 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug delivery instruments that provides virtually painless and precise injections, today announced that as per a purchase order the Company received in late 2020, it has begun selling CompuFlo® disposables to the University of Texas Medical Branch at Galveston (UTMB), an institution of the University of Texas System and agency of the State of Texas. UTMB is a major academic health sciences center of global influence, with medical, nursing, health professions and graduate biomedical schools; a world-renowned research enterprise; and a growing, comprehensive health system with hospitals on four campuses .
The clinical and safety benefits of the CompuFlo Epidural / CathCheck Systems are backed by extensive published clinical data demonstrating significant reductions in epidural punctures, as well as complication rates, and contributes to a significant savings of time on the part of anesthesiologists. Moreover, the CompuFlo instrument has the potential to significantly reduce costs associated with morbidity, providing a direct economic benefit to healthcare institutions. Similarly, the CathCheck technology has the potential to transform the monitoring of catheter placement following an epidural procedure by confirming the placement of a catheter within 2 minutes, versus 20-40 minutes using conventional methods.
Leonard Osser, Interim CEO of Milestone Scientific stated “We are encouraged to announce this decision by UTMB, a leading regional hospital and medical teaching institute. We believe this will be the first of many such hospitals to come, and we commend UTMB on their commitment to the health and safety of their patients. We believe the use of the CompuFlo provides a level of safety and efficiency not otherwise available for patients. Furthermore, as a major teaching institute, we believe UTMB will have the opportunity to shorten the training time and increase efficiencies for residents performing epidural procedures through the use of our instrument and disposables. Additionally, the use of CathCheck provides physicians the opportunity to monitor catheter placement after a procedure. Moreover, the use of our instruments and disposables provide a significant economic benefit to the institution. We believe this is just the start of what we believe can be a steady commercial rollout in the weeks and months to come. Overall, the response from both hospitals and physicians has been very positive and we are in a number of similar trials across the country that we believe and expect will convert to commercial orders.”
Arjan Haverhals, President of Milestone Scientific, further noted, “Our team has been working closely with Dr. Rovnat Babazade, MD and Assistant Professor University of Texas Medical Branch, Galveston, and we are grateful for his support. Dr. Babazade previously conducted a study with the aim of evaluating the cost-effectiveness of the CompuFlo ® Epidural System with DPS Dynamic Pressure Sensing technology ® versus the traditional loss of resistance technique within the labor and delivery setting in medical centers. The results of the study suggest that when compared to the traditional LOR technique, real-time pressure sensing technology costs about 504 dollars less per hospital stay on average. We appreciate the decision of Dr. Babazade and his team to purchase our consumables following approval by the Value Analysis Team at UTMB. This decision by a leading U.S. medical center further reinforces our confidence in the outlook for both CathCheck and CompuFlo, as well as the significant market opportunity as we strive to become the new standard of care in epidural procedures.”
About the UTMB Health
For more than 125 years, UTMB has stood with Texas—training the health care workforce; helping make the state a leader in advancing the understanding and treatment of illness and injury; serving as a major provider of health care for Texans and their families; and innovating the future of how care is delivered.
UTMB opened in 1891 as the nation’s first public medical school and hospital under unified leadership—already a pioneer. What began as one hospital and medical school building in Galveston is now a major academic health sciences center of global influence, with medical, nursing, health professions and graduate biomedical schools; a world-renowned research enterprise; and a growing, comprehensive health system with hospitals on four campuses and a network of clinics . Today, UTMB has a $3.3 billion annual statewide economic impact, in terms of business volume, personal income and durable goods purchases. More than 46,000 jobs in Texas are directly or indirectly attributed to UTMB.
UTMB includes schools of Medicine , Nursing , Health Professions and Graduate Biomedical Sciences ; four institutes for advanced study; a major medical library ; a network of hospitals and clinics that provide a full range of primary and specialized medical care ; and numerous research facilities . UTMB is a part of The University of Texas System and a member of the Texas Medical Center .
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone’s proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.milestonescientific.com .
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, timing of regulatory approvals 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, future business decisions and regulatory developments, 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, 2019. 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.
Contact:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: mlss@crescendo-ir.com
Tel: 212-671-1020
