Milestone Scientific Announces CEO Transition, with Chairman Neal Goldman Serving as Interim CEO
November 14 2024 - 3:00PM
Milestone Scientific Inc. (NYSE: MLSS), a leading
developer of computerized drug delivery instruments that provide
painless and precise injections, today announced that its Chief
Executive Officer Arjan Haverhals will retire from his role as an
officer of the company on December 31, 2024. Upon his retirement,
Mr. Haverhals will continue to serve as a director on the Board and
will provide consulting services to ensure continuity and support
through the leadership transition.
Mr. Haverhals’ retirement, following a
distinguished career of over 30 years in the medical device and
pharmaceutical industries, reflects his desire to spend more time
with his family and pursue other personal interests. His decision
to step down was not the result of any disagreement with Milestone
Scientific’s Board of Directors or management.
As part of the transition, Neal Goldman,
Chairman of the Board, has been appointed as Interim CEO, effective
upon Mr. Haverhals’ departure. The Board is in the process of
retaining an independent executive search firm to identify a
permanent CEO, who will be tasked with leading Milestone Scientific
through its next phase of growth and accelerating the
commercialization of the CompuFlo® Epidural System.
Mr. Goldman brings extensive financial and
corporate governance expertise to his role as Chairman and Interim
CEO. He joined the Milestone Scientific Board of Directors in 2019
and has served as Chairman since 2023. Mr. Goldman is the President
and Founder of Goldman Capital Management, Inc., a family office
since 2018, which was previously an investment advisory firm
founded in 1985. He was First Vice President of Research at
Shearson Lehman Hutton. He has also held senior positions as a
money manager and research analyst with a variety of firms
including Neuberger Berman, Moseley Hallgarten Estabrook and
Weeden, Bruns Nordeman, and Russ and Company. Mr. Goldman serves as
Chairman of Charles & Colvard, Ltd. (Nasdaq: CTHR) since 2016.
He also serves on the board of Koil Energy Solutions Inc. Prior to
their acquisition, he served on the boards of Blyth Industries,
IPASS Corporation and ImageWare Systems. Mr. Goldman is a Chartered
Financial Analyst (CFA). He also served on numerous non-profit
boards. Mr. Goldman received his B.A. degree in Economics from The
City University of New York (City College).
“We are deeply grateful to Arjan for his
tireless dedication and remarkable contributions to Milestone
Scientific,” stated Neal Goldman, Chairman of Milestone Scientific.
“Under his leadership, the company achieved substantial
improvements in both financial and operational stability, laying a
solid foundation for future growth. Arjan’s efforts were
instrumental in securing the recent achievement of a granted
Medicare Part B Physician payment rate with First Coast Service
Options Inc. (FCSO) and Novitas Solutions, Inc. for the CompuFlo®
Epidural System under the American Medical Association’s (AMA)
technology-specific Category III CPT® code CPT0777T (real-time
pressure-sensing epidural guidance system when used in conjunction
with a primary ESI procedure). The favorable Medicare Price
Assignment was granted across multiple Jurisdictional Medicare
Administrative Contractors (JMAC) regions. As we look to the
future, we are committed to finding a CEO with the skills and
expertise to drive the full commercialization of CompuFlo,
capitalizing on the robust framework Arjan has helped
establish.”
Mr. Haverhals noted, “It has been an incredible
honor to lead Milestone Scientific, and I am immensely proud of
what we have accomplished together. I am optimistic about the
company’s growth prospects, especially as the groundwork we’ve laid
enables new opportunities for innovation and expansion. I look
forward to continuing to contribute to Milestone’s success as a
member of the Board, supporting the team as they advance the
commercialization of the CompuFlo® Epidural System and build upon
our shared vision.”
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 and dental 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, 2023. 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.
Contact:
Crescendo
Communications, LLCEmail: mlss@crescendo-ir.comTel:
212-671-1020
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