Milestone Scientific Inc. (OTCQB:MLSS) announced that it has entered into a distribution agreement with Milestone China via Milestone Medical, its subsidiary.
Milestone Scientific Inc. (OTCQB:MLSS) announced that it has entered into a distribution agreement with Milestone China via Milestone Medical, its subsidiary. The agreement is for the distribution of Milestone Scientific’s epidural instrument.
As quoted in the press release:
Milestone China will oversee sales and distribution of the instrument in China and other parts of Asia. Under the agreement, Milestone China has agreed to certain minimum purchases following CFDA marketing clearance as a condition of the distribution agreement. Year one minimum purchase is 250 instruments; year two is 550 instruments and year three is 750 instruments. CFDA marketing clearance can be sought only following FDA marketing clearance in the United States, which is not expected before mid-2015.
Lidong Zhang, CEO of Milestone China, said:
We look forward to working closely with Milestone Scientific and Milestone Medical to introduce the epidural instrument across China. The number of annual epidural procedures is growing rapidly in China — but with that growth comes inherent risks associated with this procedure. Women in China and around the world suffer a wide array of complications with conventional epidurals — ranging from severe pain to wet tap to paraplegia and even death. We believe this instrument will not only be a commercial success, but will positively impact the lives of millions of women in China.