Milestone Scientific Inc. (OTC Bulletin Board: MLSS), the recognized leader in advanced injection technologies, today announced that it had entered into a joint venture with China National Medicines Corporation Ltd. (d/b/a "Sinopharm") and Yichang Humanwell Pharmaceutical Co. Ltd., both incorporated in the People's Republic of China (the "PRC"), to develop orthopedic and epidural drug delivery instruments. Under an "agreement of Intent," Milestone and its two PRC joint venture partners will establish a new joint venture entity for this purpose in the first quarter of 2010. The required initial funding for the new entity, estimated by the parties at $1.4 million, will be provided by the two PRC companies, although Milestone will determine the proposed uses of their contribution. The joint venture entity will utilize and adapt Milestone's proprietary, patented CompuFlo® technology for use in orthopedic and epidural drug delivery instruments. Milestone will own 50% of the joint venture entity and the PRC parties will together own the remaining 50%.
Leonard Osser, Chief Executive Officer of Milestone stated, "This new joint venture with two leading PRC pharmaceutical companies marks a significant step forward in Milestone's efforts to have its innovative computer-controlled drug delivery technology adapted for medical usage worldwide. Preliminary studies have shown the effectiveness of using our CompuFlo technology for the alleviation of the pain associated with arthritic joint conditions and in providing accurate and more efficacious epidural anesthetic injections. With the help of our PRC partners, we believe that our CompuFlo technology can be developed and marketed for these potentially large medical markets."
SOURCE Milestone Scientific Inc.