Marks important step in planned expansion of the CompuFlo Epidural instrument into the pain management market
ROSELAND, N.J., Dec. 01, 2021 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery instruments, that provide painless and precise injections, today announced that Dr. Miguel de la Garza has begun incorporating the CompuFlo® Epidural instrument into his practice for pain management, following approval by Surgery Partners, one of the largest and growing surgical services business in the country. Dr. de la Garza plans to utilize the CompuFlo Epidural instrument for both surgical cases and office based procedures to safely and quickly access the epidural space.
Dr. de la Garza, a recognized expert in pain management, is the current president of the Florida Society of Interventional Pain Physicians, which is one of the largest pain societies in the United States, representing 400 interventional pain management specialists in the state of Florida. Dr. de la Garza trained at the prestigious Cleveland Clinic for his fellowship and has published numerous articles and lectured internationally. He is a partner at Comprehensive Pain Management Partners in Tampa, Florida, and performs his clinical pain management procedures at Surgery Partners. Founded in 2004, Surgery Partners has over 4,000 affiliated physicians, and more than 180 locations in 31 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities.
Dr. de la Garza commented, “Milestone’s CompuFlo® Epidural instrument represents the future of anesthesiology and pain management. The instrument is easy to use, and I wanted to secure this product to decrease the chance of intrathecal punctures, as I believe it will increase safety for a number of procedures. I strongly recommend this instrument to other practitioners in the pain management field.”
Arjan Haverhals, CEO and President of Milestone Scientific, stated, “We appreciate the support of Dr. Miguel de la Garza who is a leader in the field of pain management. We’re also pleased to announce that Surgery Partners has approved the CompuFlo Epidural instrument for use across their network in pain management. Our initial focus has been on the labor and delivery market with 2.4 million annual epidural analgesia procedures in the U.S. alone, where our sales pipeline is solid and growing, and we are in advanced discussions with hospitals and larger health care institutions. Nevertheless, this latest agreement marks a major step in our goal of expanding the addressable market for our instruments beyond labor and delivery. The overall addressable market for epidural anesthesia is estimated to be approximately $5 billion, with 11 million epidural procedures performed in the U.S. on an annual basis. The pain management market is at least twice the size of the labor and delivery market segment, and we believe the CompuFlo® Epidural instrument has the potential to capture a significant share of this market given its unparalleled safety, reduced risk of complications and cost savings.”
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS), a technology focused medical research and development company that patents, designs and develops innovative injection technologies and instruments for medical, dental and cosmetic applications. Milestone Scientific’s computer-controlled systems are designed to make injections precise, efficient and increase the overall patient comfort and safety. Their proprietary DPS Dynamic Pressure Sensing Technology® instruments is the platform to advance the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions of subcutaneous drug delivery, including local anesthetic. To learn more, view the MLSS brand video or visit 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, 2020. 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
