ROSELAND, N.J., July 06, 2022 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery instruments, that provide painless and precise injections, today announced that the American Medical Association (AMA) has issued a new technology-specific Category III Current Procedural Terminology (CPT®) code for the Company’s CompuFlo Epidural system. The AMA CPT Editorial Panel accepted Milestone’s request to add a Category III code to report use of a real-time pressure sensing guidance system. While the code was posted to the AMA website on July 1, the new CPT code goes into effect in the CPT codebook on January 1, 2023.
The specific code was granted after review and validation of the technology by the CPT Editorial Panel at its May 2022 meeting. The CPT codes created and maintained by the AMA CPT Editorial Panel are widely used by government payers, including Medicare and Medicaid, and commercial health plans. The approved Category III CPT code will be in effect for at least five years, at which time the AMA may award a Category I code.
Arjan Haverhals, CEO of Milestone Scientific commented, “Receiving a technology-specific CPT code for CompuFlo marks an important milestone, that has the potential to open doors of opportunity for anesthesia pain clinics and other specialties to provide modern, accurate epidurals in all clinical cases, reducing risk and improving patient satisfaction in pain management.”
“Extensive published clinical data supports the clinical benefits of CompuFlo, reducing the morbidity associated with traditional epidural procedures, by accurately identifying the location of the needle in real-time. Aside from the clinical benefits, this code is expected to play an important role in private pain clinics and hospital settings, where administration financial decision making will be made easier thereby helping accelerate our commercial roll-out. Furthermore, it will potentially assist in enhancing market penetration within the chronic pain segment, which is estimated to be at least twice the size of the labor and delivery market segment,” Haverhals continued.
The clinical and safety benefits of the CompuFlo Epidural and CathCheck Verification System are backed by numerous published clinical studies demonstrating reductions in epidural punctures and complication rates, and can contribute to time savings on the part of anesthesiologists. A recent study demonstrated that the CompuFlo Epidural instrument has the potential to significantly reduce costs associated with morbidity, providing a direct economic benefit to healthcare institutions.
Milestone Scientific is actively preparing a full launch plan in anticipation of this new AMA-cleared CPT code that will be implemented in the first quarter of 2023.
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, 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® 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, 2021. 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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