ROSELAND, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) — Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced a strategic partnership with Axial Biologics, a premier medical device company with a vast distribution network. Under the agreement, Axial Biologics will serve as the distributor of Milestone Scientific’s CompuFlo® Epidural System in New Jersey, Texas, and Florida.
This partnership immediately follows the recent announcements that the Company has been granted a Medicare Part B Physician payment rate for the CompuFlo® Epidural System under the American Medical Association’s (AMA) technology-specific Category III CPT® code CPT0777T (real-time pressure-sensing epidural guidance system when used in conjunction with a primary ESI procedure) by Novitas Solutions, Inc. (Novitas) and First Coast Service Options Inc. (FCSO), the Jurisdictional Medicare Administrative Contractors (JMAC) in New Jersey, Texas and Florida. The Medicare Price Assignment marks a significant milestone for the CompuFlo® technology, enabling broader access and adoption within the pain management community, particularly for Medicare patients.
Arjan Haverhals, CEO and President of Milestone Scientific, commented, “We are excited to partner with Axial Biologics, whose extensive experience and deep relationships within the pain management sector make them an ideal collaborator. This partnership represents a strategic, laser-focused approach to expanding our reach, leveraging Axial’s established clinician relationships in key states like New Jersey, Texas, and Florida. By aligning with a specialized partner instead of a broad distributor or building our own sales force, we can accelerate the penetration and adoption of the CompuFlo® Epidural System more effectively. This collaboration marks the next phase of our sales strategy, and we are confident that it will drive growth and enhance patient outcomes.”
Ryan Paul, CEO of Axial Biologics, further noted, “We are honored to partner with Milestone Scientific and bring the CompuFlo® Epidural System to pain management professionals across New Jersey, Texas, and Florida. The recent Medicare Price Assignment is a potential game-changer, positioning CompuFlo® to disrupt the market with its unparalleled safety and economic benefits. We look forward to working closely with Milestone to ensure that more physicians and patients have access to this innovative technology.”
The CompuFlo® Epidural System is a revolutionary instrument designed to provide precise and objective identification of the epidural space, significantly reducing the risk of complications associated with traditional methods. The system’s recent Medicare Price Assignment is expected to facilitate its broader adoption across the United States.
About Axial Biologics:
Axial Biologics is an advance biologics and life sciences company specializing in research and development of innovative regenerative medicine solutions. Our core focus is on delivering novel autologous and orthobiologic solutions to enhance patient healing and improve quality of life. For more information visit www.axialbiologics.com.
About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a technology-focused medical research and development company that patents, designs and develops innovative injection technologies and instruments for medical and dental applications. Milestone Scientific’s computer-controlled systems are designed to make injections precise and efficient, as well as increase overall patient comfort and safety. The Company’s proprietary DPS Dynamic Pressure Sensing Technology® provides a platform to advance the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions involving subcutaneous drug delivery of 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, 2022. 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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