New distribution agreement follows adoption of CompuFlo® Epidural System at key hospitals, healthcare systems and pain management clinics
ROSELAND, N.J., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery instruments, that provide painless and precise injections, today announced that it has re-engaged Clinical Technology, Inc. (CTI), a leading specialty distributor of medical products in the mid-west and east coast regions of the United States, as a domestic distributor for the CompuFlo® Epidural System.
Kent Krafft, Vice President of Clinical Technology Inc., stated, “When we were initially introduced to Milestone’s CompuFlo Epidural System in 2018, we immediately recognized the tremendous clinical and safety benefits. However, we mutually agreed to delay the launch based on a pending economic benefit analysis and initial adoption by key referenceable hospitals. Since that time, not only has Milestone commenced sales with leading hospitals, healthcare systems and pain management clinics, but the published economic benefit analysis further reinforces the value proposition. Moreover, the recent issuance of a new technology-specific Category III Current Procedural Terminology (CPT®) code by the American Medical Association (AMA) is a major milestone that reinforces our confidence in the potential for reimbursement. Our collaboration with Milestone Scientific to advance the commercial rollout of the CompuFlo Epidural System is a critical step towards providing a modern and safer solution to pain management for both hospitals, and now, private pain clinics.”
Arjan Haverhals, president of Milestone Scientific commented, “I am very pleased to re-engage our partnership with CTI, which illustrates the significant progress we have achieved over the past years. CTI is an ideal partner, bringing a sizable mid-west and east coast sales force, extensive relationships with physicians, pain clinics and hospitals, as well as a proven track record of introducing new medical devices.”
The clinical and safety benefits of the CompuFlo Epidural and CathCheck Verification System are backed by numerous published clinical studies demonstrating reductions in epidural punctures and complication rates, and can contribute to time savings on the part of anesthesiologists. A recent study demonstrated that the CompuFlo Epidural instrument has the potential to significantly reduce costs associated with morbidity, providing a direct economic benefit to healthcare institutions. Compared to traditional LOR technique, real-time pressure sensing technology costs about 504 dollars less per hospital stay.
About Clinical Technology, Inc. Clinical Technology Inc. (CTI), headquartered in Brecksville, Ohio, is a leading specialty distributor of medical products in the mid-western region of the United States. CTI operates directly in thirteen states, is part of a national distribution alliance, and serves as master distributor capable of providing sales and distribution throughout the country. In addition, CTI maintains the infrastructure to facilitate a product from concept through the FDA approval process and into manufacturing and distribution.
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, 2021. 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: Crescendo Communications, LLC Email: mlss@crescendo-ir.com Tel: 212-671-1020
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