Milestone Scientific Inc. (OTC BB: MLSS), the recognized leader in advanced, computer-controlled drug delivery technologies, and Ordway Research Institute, a leading research and drug development organization, have agreed to develop drug formulations for precise targeted delivery of drugs to affected body parts, organs and cancerous tissue through Milestone's patented CompuFlo® injection technology. Collaboration of the two organizations will facilitate the development by Ordway of nanoparticulate and other drug reformulations suitable for dispensing through specialized CompuFlo instruments which Milestone will develop. Drugs being developed by Ordway include those for treatment of arthritic joints, healing of wounds and destruction of tumeric and multisite cancers. Precise and targeted delivery of Ordway's drug reformulations through Milestone's instruments is believed by the parties to offer enhanced therapeutic benefits unavailable through systemic delivery and may lead to new patents being granted for reformulations of drugs in the public domain by Ordway and others. Under the agreement, Milestone will provide Ordway with prototype CompuFlo instruments to assist Ordway in its continuing development of its drug reformulations.
Paul J. Davis, M.D., Director of Ordway Research Institute and Senior Associate Dean for Clinical Research and Professor of Medicine at Albany Medical College said, "We are extremely excited about this collaborative agreement with Milestone Scientific, as Ordway believes the CompuFlo system for drug delivery will enhance our therapies, and contribute to their improved pharmacokinetics. We also believe the CompuFlo system will enable the precise, targeted delivery of drugs and drug formulations that we develop. Finally, we believe we can shorten the drug commercialization process and bring these improved drugs to market in an expedited manner since the CompuFlo technology already has FDA 510-K clearance from the United States Food and Drug Administration."
Leonard Osser, Chief Executive Officer of Milestone Scientific said, "We are pleased to have been selected by Ordway to partner with it in its drug development process. We expect CompuFlo technology to play an integral role in the development of Ordway's proprietary therapies, including those that have been made possible by important advances in nanotechnology. This agreement represents a significant step forward for us, and is expected to contribute significantly to our growth. It is in line with our objective of identifying and pursuing strategic collaborations with third parties to jointly develop new products utilizing our patented CompuFlo Dynamic Pressure Sensing® technology for novel new medical applications which may enable us to become a participant in large and growing medical markets. I look forward to a productive and lucrative relationship with Ordway."
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