Milestone Scientific, a provider of advanced injection technologies, had issued a formal corporate update relating to its new business opportunities in China. Milestone is currently working in concert with its Chinese distribution partner China National Medicines (d/b/a Sinopharm) to advance STA System through the required regulatory review and approval process at the State FDA (SFDA) for the People's Republic of China (PRC).
Milestone Scientific’s STA System is a computer-controlled delivery system that guides anesthetic administration with real-time audio and visual feedback on the agent’s exit pressure and the type of tissue encountered.
Upon receiving SFDA clearance, which Sinopharm expects within the next 90 to 120 days, Milestone expects to commence shipments of the STA System to China, pursuant to the terms and conditions defined in the three-year blanket purchase order issued to the company by Sinopharm late last year.
In addition, Milestone has reported that it is working towards a definitive agreement for the proposed joint venture with China National Medicines and Yichang Humanwell Pharmaceutical. As announced on December 3, 2009, the joint venture will provide the framework for the development and commercialization of two new computer-controlled injection instruments utilizing Milestone’s patented CompuFlo technology.
The new instruments are expected to focus exclusively on the administration of epidural and intra-articular injections. At this time, the PRC partners are in discussions with each other regarding their respective ownership interests in the proposed joint venture.