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Milestone Scientific and Milestone China Form New Dermatological Joint Venture
LIVINGSTON, NJ--(Marketwired - September 16, 2014) - Milestone Scientific Inc. (OTCQB: MLSS), a medical R&D company that designs, patents, incubates and commercializes a growing portfolio of innovative injection technologies, today announced it has formed a dermatological joint venture with Milestone China. The new joint venture entity, Milestone Advanced Cosmetic Systems, Inc., will be 50% owned by Milestone Scientific and 50% owned by Milestone China. Milestone China will contribute $900,000 and Milestone Scientific will contribute a limited license to use its technology to the joint venture for the development of a botox injection system, consisting of a computer controlled injection device and a related disposable. As previously announced, Milestone China is a joint venture distribution company between Milestone Scientific and a team headed by a senior healthcare executive from China. The focus of Milestone China is to supply and distribute medical and dental instruments, and disposables to China and other Asian markets.
The joint venture will have exclusive world-wide rights to the botox drug delivery system, which will be based on the patented, painless, computer-controlled injection and drug delivery technology originally developed by Milestone Scientific. Milestone Scientific will be responsible for sales and distribution of the instrument in the USA and Europe, while Milestone China will oversee sales and distribution of the instrument in China and other parts of Asia. The joint venture plans to commence development of the device and disposable within the next ninety days.
Leonard Osser, Chief Executive Officer of Milestone Scientific, stated, "Our new joint venture represents the next step of expanding our intellectual property and proven technology into new markets. Botox injections represent a growing multi-billion dollar worldwide market. However, the procedure can be painful and can result in complications due to improper drug delivery. We believe our system will help address these challenges and should be well received by the market as a painless and effective means of drug delivery. Milestone China is an ideal strategic partner, as the principals have extensive expertise and proven track records launching new medical devices in China. This latest agreement reinforces our strategy of leveraging our core technology, and strategically entering new markets while minimizing dilution for shareholders."
Lidong Zhang, Chief Executive Officer of Milestone China, added, "With over 50 million injections delivered to date, Milestone Scientific's painless, computer controlled injection and drug delivery technology is ideally suited to address the botox market. We look forward to working with Milestone Scientific to develop the Botox delivery system and help launch the product in China and Asia. We believe this technology has the potential to become the standard of care, as medical practitioners realize the safety and medical benefits of this system."
About Milestone Scientific Inc.
Milestone Scientific Inc. is a leading medical research and development company that designs and patents innovative injection technology. Milestone's computer-controlled systems make injections precise, efficient, and virtually painless. For more information please visit our website: www.milestonescientific.com.
