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ROSELAND, N.J. - Milestone Scientific Inc. (NYSE:MLSS), a medical device company with a market capitalization of $41.5 million, has appointed Jason Papes as Senior Vice President, Global Head of Sales and Marketing, effective immediately, the company announced Wednesday. According to InvestingPro data, the company maintains a healthy gross profit margin of 74.4%, despite recent market challenges.
Papes brings over 30 years of healthcare industry experience to the developer of computerized drug delivery instruments. His background includes leadership roles at medical technology companies and entrepreneurial ventures across orthopedics, neurology, pain management, and digital imaging.
Most recently, Papes served as Founder and Managing Partner of TEN20 Medical Distribution, a healthcare sales organization focused on spinal implants and clinical research. He previously held executive positions at Stryker Imaging and Brainlab, where he led commercial expansion initiatives.
The appointment comes as Milestone advances the commercial rollout of its CompuFlo Epidural System. The company has recently established Medicare Part B payment rates under CPT code 0777T in several jurisdictions, while also seeing initial activity from commercial insurers. InvestingPro analysis reveals the company’s current financial health score is rated as FAIR, with additional insights available in the comprehensive Pro Research Report, which covers over 1,400 US stocks.
"Jason’s extensive leadership experience and deep understanding of the provider and payer landscape make him a strong addition to our team," said Eric Hines, Chief Executive Officer of Milestone Scientific, in the press release.
Milestone Scientific develops computerized drug delivery instruments designed to provide painless and precise injections. The company is currently focused on expanding adoption of both its CompuFlo Epidural System and STA Single Tooth Anesthesia System.
Papes holds a Bachelor of Science in Biology from Wake Forest University and an International MBA from Rome Business School.
In other recent news, Milestone Scientific Inc. has initiated commercial sales of its CompuFlo Epidural System at The Painless Center in Tenafly, New Jersey. This development comes as the company continues to expand its presence in the Medicare market, with its CompuFlo System already covered by three out of twelve Medicare Administrative Contractors. Benchmark analysts have reiterated a Speculative Buy rating for Milestone Scientific, maintaining a $1.25 price target, citing the company’s strong financial position with $2.2 million in cash and no debt. The company has also appointed Shanth Thiyagalingam to its Board of Directors, bringing over two decades of experience in the medical device and pharmaceutical sectors. Thiyagalingam is expected to support Milestone Scientific’s growth strategies, particularly in expanding its market reach. The company is leveraging favorable Medicare Part B payment rates and a Federal Supply Schedule contract to enhance adoption of its CompuFlo System. These recent developments highlight Milestone Scientific’s strategic efforts to broaden access and increase market adoption of its innovative technologies.
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