Milestone Scientific Inc. (OTC Bulletin Board: MLSS), the recognized leader in advanced injection technologies, today issued a formal corporate update relating to the Company's new business opportunities in China. Specifically, Milestone is currently working in concert with its Chinese distribution partner, China National Medicines Corporation (d/b/a "Sinopharm") to advance the STA System™ through the required regulatory review and approval process at the State Food and Drug Administration (SFDA) for the People's Republic of China. Upon receiving SFDA clearance, which Sinopharm expects within the next 90 to 120 days, Milestone expects to commence shipments of the STA System to China, pursuant to the terms and conditions defined in the three-year blanket purchase order issued to the Company by Sinopharm late last year.
In addition, Milestone today reported that it is working towards a definitive agreement for the proposed joint venture with China National Medicines Corporation and Yichang Humanwell Pharmaceutical Co. Ltd. As announced on December 3, 2009, the joint venture will provide the framework for the development and commercialization of two new computer-controlled injection instruments utilizing Milestone's patented CompuFlo® technology. These new instruments will focus exclusively on the administration of epidural and intra-articular injections. At this time, the PRC partners are in discussions with each other regarding their respective ownership interests in the proposed joint venture.