Milestone Scientific is moving forward with several new business opportunities designed to establish its product line in China, the company announced.
Specifically, Milestone is currently working in concert with its Chinese distribution partner, China National Medicines (doing business as Sinopharm) to move the company's STA injection control system through the required regulatory review process for China's State Food and Drug Administration (SFDA).
Upon receiving SFDA clearance -- which Sinopharm expects within the next 90 to 120 days, according to Milestone -- 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.
Milestone is also working toward 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. These new instruments will focus exclusively on the administration of epidural and intra-articular injections, according to the company.
At this time, the partners are in discussions with each other regarding their respective ownership interests in the proposed joint venture, Milestone noted.
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