Milestone Scientific CEO Provides Letter to Shareholders; Provides Positive Reimbursement Update

Reports initial reimbursements of CompuFlo by commercial payors and Medicare

ROSELAND, N.J., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today provided the following letter to shareholders from the Company’s CEO, Arjan Haverhals, including updates regarding commercialization of the CompuFlo technology and initial reimbursements of CompuFlo by commercial payors and Medicare:

To our valued shareholders,

While we recognize commercializing a new medical device takes time, we believe we are gaining positive traction and have developed a truly transformative technology that has the potential to become the standard of care, given the patient safety and economic benefits of the CompuFlo Epidural System. As with any new medical technology, we have had to navigate a number of significant hurdles to position the technology for market adoption. These include the successful completion of clinical studies, FDA regulatory market clearance, and the AMA assignment of a new CompuFlo procedure CPT code for use by providers and payors.

I am proud to report we are making steady progress in advancing commercialization of the CompuFlo technology. Highlights for 2023 include receipt of FDA clearance for expanded use of the CompuFlo technology to now include the thoracic and cervical thoracic junction of the spine, launching a reimbursement plan to educate and support pain management providers in the use of the new CPT code (0777T) for accurate and timely claims submissions, as well as executing a plan to gain real-world feedback from clinicians on their experience using CompuFlo.

Several advisory sites were established across the US that implemented the CompuFlo technology in their practice. These providers deemed the CompuFlo technology clinically appropriate and medically necessary for many of their patients by including the use of CompuFlo in their epidural steroid injection procedures. The medical decision by physicians to use CompuFlo demonstrates the clinical utility and benefit of the technology in patient care.

Since launch, we have been working closely with the advisory sites that have been submitting CompuFlo claims. I am pleased to report they have now submitted claims for over 100 patient procedures and additional cases are continuing as we head into 2024. This is a noteworthy achievement for a company of our size, and the pace continues to accelerate. All claims submitted to date, using CPT 0777T, have been successfully accepted by payor systems for processing.