Milestone Scientific Secures Federal Supply Schedule (FSS) Approval on Contract for CompuFlo® Epidural System
ROSELAND, N.J., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced its approval on contract for the Federal Supply Schedule (FSS), also known as the GSA Schedule, for the CompuFlo® Epidural System. This significant milestone follows the Company's earlier registration with the U.S. Government’s System for Award Management (SAM) in March 2023.
The FSS designation positions Milestone Scientific as a pre-vetted contractor with pre-negotiated pricing for its CompuFlo® Epidural System and related consumable products. FSS contracts are initially awarded to sell products and services to the government for a five-year base period and can be extended through three additional five-year option periods, allowing for a potential total contract duration of up to 20 years. This streamlined procurement process allows federal agencies to save time and money while securing Milestone Scientific’s innovative technologies.
The CompuFlo® Epidural System utilizes Milestone Scientific’s patented Dynamic Pressure Sensing Technology®, offering real-time feedback to ensure accurate needle placement during epidural procedures. This innovation enhances patient safety and comfort, reducing the risk of complications associated with traditional techniques.
The inclusion of Milestone Scientific on the FSS opens significant opportunities within federal healthcare systems, including the Department of Defense (DoD), the Department of Veterans Affairs (VA), and the Indian Health Service (IHS):
- Veterans Health Administration (VHA): The VHA is the largest integrated healthcare system in the United States, providing care at 1,380 facilities, including 170 VA Medical Centers and 1,193 outpatient sites. About one-third of the 9.1 million veterans enrolled in the VHA experience chronic pain, a higher prevalence than in the general population.
- Department of Defense (DoD): The Military Health System (MHS) serves approximately 9.5 million beneficiaries, including active-duty service members, retirees, and their families, through 45 hospitals, 572 clinics, and 115 dental clinics. According to a RAND study, between 31% and 44% of active-duty U.S. service members experience chronic pain, highlighting a significant burden within the DoD population. Chronic pain is considered a leading cause of disability and reduced readiness among service members, making effective pain management solutions a critical need for the DoD.
- Indian Health Service (IHS): The IHS provides healthcare to 2.8 million American Indians and Alaska Natives across the United States through over 687 facilities, including hospitals, health centers, health stations, and school health centers. Approximately 19.3% of individuals utilizing IHS facilities experience chronic pain, with prevalence rates notably higher among women and older adults.
Arjan Haverhals, Chief Executive Officer of Milestone Scientific, stated, "Securing approval on the Federal Supply Schedule, allowing us to sell our products and services to the government, is a pivotal achievement in our mission to revolutionize epidural procedures. This contract not only validates the clinical efficacy and safety of the CompuFlo® technology but also positions us as a trusted partner for federal healthcare systems, enabling easier access to our innovative solutions.
"We have been preparing for this approval by laying the groundwork and cultivating a robust pipeline of opportunities across the VA, DoD, and IHS. Our team is now poised to move quickly, working closely with key stakeholders to drive adoption of the CompuFlo® Epidural System and improve patient outcomes across these critical healthcare systems. We are also deeply grateful to Kandu Supplies and Services LLC and Shamrock Medical LLC, who were instrumental in helping us achieve this significant milestone."
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 and dental 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, 2023. 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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