Milestone Scientific CEO provides letter to shareholders

Milestone Scientific 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: “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… 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… More importantly, advisory physicians reported 100% success rate for each of their patients using CompuFlo, with zero dural punctures. This is particularly noteworthy, as 50% of these procedures were conducted in the thoracic and thoracic cervical junction of the spine, confirming the importance of the new indication… Given that we started our reimbursement project execution in the beginning of the second quarter of 2023, and being respectful of the time that is required for going through this process, which can take up to 6-9 months, we are now able to share the data provided from the preliminary analysis.. Overall, I could not be more pleased with the commercialization progress we have made, including the positive clinical feedback we have received from the physicians and medical institutions… In summary, I would like to extend my sincere gratitude to all of our shareholders that have stood by as we pushed through these monumental hurdles. We have not reached the end of the road yet, but the achievement of our vision is in sight. Moving into 2024, Milestone is focused on increasing the number of CompuFlo providers in the US to further advance clinical utilization of the CompuFlo technology. In addition, we remain committed to accelerating patient access to this technology through ongoing education and engagement with payors to attain consistent coverage and reimbursement for this clinically valuable procedure. We look forward to a number of exciting developments in the months and years ahead and plan to keep investors fully apprised of our progress.”