Milestone Scientific Announces Positive Insurance Payment for the CompuFlo® Epidural System
ROSELAND, N.J., Aug. 09, 2023 (GLOBE NEWSWIRE) — Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery systems that provide painless and precise injections, today announces, positive reimbursement was received from three commercial payers for the use of the CompuFlo® Epidural System for patients who were involved in motor vehicle accidents.
The epidural procedures were performed by Dr. Didier Demesmin, MD, an interventional pain medicine physician who is board-certified in both anesthesiology and pain medicine. He is also the medical director and founder of the University Pain and Spine Center, a private pain management clinic, and STEMMEE, an Ambulatory Surgery Center (ASC). Over the course of his career, Dr. Demesmin has performed thousands of epidural procedures in both the lumbar and thoracic regions of the spine and has commenced use of the CompuFlo® Epidural System due to its ability to objectively measure tissue density, as well as provide both visual and audible confirmation of needle placement, which is essential for avoiding morbidity. In particular, for challenging thoracic and cervical epidural procedures, these incidence rates are believed to be at 17% and 30%, respectively.
Arjan Haverhals, CEO and President of Milestone Scientific, stated, “These payments by three commercial payers are a significant achievement for the Company. It is important to note that the approval by these commercial payers was obtained for a specific use case, following a motor vehicle accident. Although receipt of reimbursement is encouraging, and opens the door to approval for other use cases, on its own, these initial payments do not yet confer broad coverage for other epidural procedures. Reimbursement can be a time-consuming process, standard for all new medical devices. Nevertheless, it is an important validation of our technology and reimbursement strategy. Toward this end, Milestone remains laser-focused on advancing positive reimbursement for the CompuFlo technology amongst all payers by continuing to support our clinicians’ adoption and utilization of the technology in their practices. We appreciate the support of Dr. Demesmin who performed the procedures and recognizes the significant safety benefits of the CompuFlo® Epidural System.”
Dr. Didier Demesmin, MD, stated, “As I have stated previously, I believe that Milestone Scientific’s CompuFlo® Epidural Instrument represents a technological leap forward in the practice of pain medicine. In these particular cases, the patients suffered from an automobile accident requiring the epidural procedure for pain management. I am hopeful additional insurers will follow suit given the ability of the instrument to enhance predictability and safety of the procedure, thereby providing a better patient experience. The instrument also serves as a reliable and safe tool for ensuring proper technique is used when treating a patient, especially in instances when fluoroscopic guidance may not be available.”
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 systems for medical, dental and cosmetic 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® systems 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, 2022. 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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