Milestone Scientific Expands Medical Sales Team to Capitalize on Growing Interest in CompuFlo Including Appointment of Senior Industry Sales Executive Chet Trechock as VP of Sales for Medical

Rhea-AI Summary

Milestone Scientific (NYSE: MLSS) announced the expansion of its medical sales team, appointing Chet Trechock as VP of Sales Medical. This move comes as the company sees increasing interest in its CompuFlo® Epidural Instrument and CathCheck™ System, driven by hospitals reopening to sales personnel. Milestone previously paused sales expansion during the pandemic to conserve capital but is now aggressively hiring, growing the sales team to 10 representatives. Trechock brings over 25 years of medical device sales experience, notably increasing annual sales for Flowonix Medical.

Positive

• Expansion of medical sales team to 10 representatives, enhancing market reach.
• Appointment of Chet Trechock as VP of Sales Medical expected to accelerate growth.
• Increased interest in CompuFlo® Epidural Instrument and CathCheck™ System among anesthesiologists.

Negative

• Prior strategic decision to delay salesforce expansion may have impacted earlier growth.
• Market competition in the epidural drug delivery space poses risks.

ROSELAND, N.J., June 23, 2021 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE: MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced that it has expanded its medical sales team including the appointment of Chet Trechock as VP of Sales Medical.

Arjan Haverhals, CEO of Milestone Scientific, stated, "We are witnessing growing interest in our CompuFlo® Epidural Instrument and CathCheck™ System among anesthesiologists and hospitals. This interest is due, in part, to more hospitals re-opening their facilities to outside sales representatives, as well as the safety and economic value proposition of our system. Previously, we had made the strategic decision to await the recovery of the pandemic prior to investing heavily in salesforce expansion, which allowed us to preserve capital and extend our cash runway. However, we are now aggressively building our sales and marketing organization to capitalize on these opportunities. Specifically, we have expanded our sales team to 10 representatives, including 7 seasoned sales executives hired in just over the past two months alone.”

“I am especially pleased to announce the appointment of Chet Trechock as our new Vice President of Sales for Medical. We believe having such a strategic sales leader with a proven track record in both medical devices and in the field of epidural drug delivery will help accelerate our growth and support our expansion initiatives to more aggressively market our instruments and consumables nationwide. Chet’s extensive relationships with key opinion leaders and physicians in the field of epidural drug delivery will be invaluable as we work towards our goal of establishing our technology as the standard of care in epidural procedures during labor and delivery.”

Mr. Chet Trechock is a proven medical device sales executive with over 25 years of experience across diverse organizations, from world-leading companies to start-ups, with a focus on pain management, neurosurgery, neurology, and orthopedics. Mr. Trechock has a proven track record transforming sales organizations and driving performance of single/multi-channel sales networks. Most recently, Mr. Trechock served as Vice President of Nationwide Sales at Flowonix Medical, Inc., where he was instrumental in increasing annual sales to record levels, approximately 100% higher than pre-COVID levels, and capturing significant market share for the company’s drug infusion device by rebuilding regional sales operations, as well as introducing physician-engagement programs. Prior to that, Mr. Trechock was Regional Sales Director at Nevro, where he led the U.S. launch of a high-frequency spinal cord stimulation device, recruiting a team of over 30 sales reps and clinical specialists. While in this role, he was the top-ranked sales executive in terms of revenue across a 12-state territory. Previously, Mr. Trechock served as Territory Manager at Stryker Interventional Spine, where he generated multi-million dollar revenue growth in a territory that had previously been difficult to penetrate. Prior to that, Mr. Trechock was Regional Manager, New York City at Smith & Nephew Endoscopy, where he led the most profitable region and contributed to boosting market share of the disposal implantable devices and operating room capital equipment by transitioning the sales organization to a direct-sales team model. Earlier in his career, Mr. Trechock was District Sales Manager at Medtronic Neurological, where he brought new neurosurgery products to market and propelled New York/New Jersey district sales by 300% to become the national leader in the area of spinal cord and deep brain stimulation, and top district of the year. Mr. Trechock holds Bachelor of Science in Finance from the University of Connecticut.

About Milestone Scientific Inc.
Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs and develops innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone’s proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.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, 2020. 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:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: mlss@crescendo-ir.com
Tel: 212-671-1020

FAQ

What recent changes were made to Milestone Scientific's sales team?

Milestone Scientific expanded its sales team, appointing Chet Trechock as VP of Sales Medical and increasing the team to 10 representatives.

Who is Chet Trechock and what is his significance to Milestone Scientific?

Chet Trechock is a new VP of Sales Medical at Milestone, with over 25 years of experience, expected to drive growth in sales of their epidural products.

What is the CompuFlo® Epidural Instrument and its importance for Milestone Scientific?

The CompuFlo® Epidural Instrument is a key product for Milestone, showing growing interest among anesthesiologists and hospitals.

How has Milestone Scientific adjusted its business strategy post-pandemic?

Milestone Scientific is aggressively expanding its sales and marketing organization now that hospitals are reopening, having previously paused this due to the pandemic.