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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000899140-01-000096.txt : 20010223
<SEC-HEADER>0000899140-01-000096.hdr.sgml : 20010223
ACCESSION NUMBER:		0000899140-01-000096
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20010214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILESTONE SCIENTIFIC INC/NJ
		CENTRAL INDEX KEY:			0000855683
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				133545623
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		
		SEC FILE NUMBER:	005-51555
		FILM NUMBER:		1540401

	BUSINESS ADDRESS:	
		STREET 1:		220 S ORANGE AVE
		STREET 2:		LIVINGSTON CORPORATE PARK
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039
		BUSINESS PHONE:		2013793171

	MAIL ADDRESS:	
		STREET 1:		44 KEAN ROAD
		STREET 2:		220 SOUTH ORANGE AVE
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U S OPPORTUNITY SEARCH INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CUMBERLAND ASSOCIATES LLC
		CENTRAL INDEX KEY:			0000351262
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		2125750900
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>AMENDMENT NO. 3 TO SCHEDULE 13G
<TEXT>

<PAGE>


                                UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 3)*

                            MILESTONE SCIENTIFIC INC.
- --------------------------------------------------------------------------------
                               (Name of Issuer)

                     Common Stock, $.01 Par Value Per Share
- -------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    59935P100
                             599935P985 (Restricted
                              599359944 (Warrants)
                              --------------------
                                 (CUSIP Number)


                                December 31, 2000
                                -----------------
                      (Date of Event which Requires Filing
                               of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                  [  ]      Rule 13d-1(b)
                  [X ]      Rule 13d-1(c)
                  [  ]      Rule 13d-1(d)



*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).


                               Page 1 of 6 pages

<PAGE>




- ----------------------------------------                -----------------------
CUSIP No. 59935P100; 599935P985                  13G        Page  2 of 6 Pages
(Restricted); 59935P944 (Warrants)
- ----------------------------------------                -----------------------

- --------------------------------------------------------------------------------
     1     NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Cumberland Associates LLC
- --------------------------------------------------------------------------------
     2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                (a) [ ]
                                                                (b) [x]
- --------------------------------------------------------------------------------
     3     SEC USE ONLY

- --------------------------------------------------------------------------------
     4     CITIZENSHIP OR PLACE OF ORGANIZATION

           New York

- --------------------------------------------------------------------------------
                5  SOLE VOTING POWER

                   1,791,764
              ------------------------------------------------------------------
  NUMBER OF     6  SHARED VOTING POWER
   SHARES
BENEFICIALLY       105,700
  OWNED BY    ------------------------------------------------------------------
    EACH        7  SOLE DISPOSITIVE POWER
 REPORTING
  PERSON           1,791,764
   WITH       ------------------------------------------------------------------
                8  SHARED DISPOSITIVE POWER

                   105,700
- --------------------------------------------------------------------------------
     9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,897,464
- --------------------------------------------------------------------------------
     10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
           SHARES  [ ]

- --------------------------------------------------------------------------------
     11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           17.6%

- --------------------------------------------------------------------------------
     12    TYPE OF REPORTING PERSON*

           OO, IA

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!



                               Page 2 of 6 pages
<PAGE>


Item 1(a)      Name of Issuer:
               --------------

               Milestone Scientific Inc. (the "Issuer")

Item 1(b)      Address of Issuer's Principal Executive Offices:
               -----------------------------------------------

               220 South Orange Avenue
               Livingston, New Jersey 07039

Items 2(a)     Name of Person Filing:
               ---------------------

               This statement is being filed by Cumberland Associates LLC.
               Cumberland Associates LLC is a limited liability company
               organized under the laws of the State of New York, and is engaged
               in the business of managing, on a discretionary basis, eleven
               securities accounts (the "Accounts"), the principal one of which
               is Cumberland Partners. Gary G. Tynes, Bruce G. Wilcox, Andrew M.
               Wallach and Dipak M. Patel are the members (the "Members") of
               Cumberland Associates LLC.

Item 2(b)      Address of Principal Business Office:
               ------------------------------------

               The address of the principal business and office of Cumberland
               Associates LLC and each of the Members is 1114 Avenue of the
               Americas, New York, New York 10036.

Item 2(c)      Citizenship:
               -----------

               Cumberland Associates LLC is a New York limited liability
               company. Each of the Members is a citizen of the United States.

Item 2(d)      Title of Class of Securities:
               ----------------------------

               Common Stock, par value $.001 per share (the "Shares")

Item 2(e)      CUSIP Number:
               ------------

               59935P100
               599935P985 (Restricted)
               59935P944 (Warrants)

Item 3         Not Applicable

Item 4.        Ownership:
               ---------


                               Page 3 of 6 Pages

<PAGE>


Item 4(a)      Amount Beneficially Owned:
               -------------------------

               As of January 31, 2001, Cumberland Associates LLC may be deemed
               the beneficial owner of 1,897,464 Shares.


Item 4(b)      Percent of Class:
               ----------------

               The number of Shares of which Cumberland Associates LLC may be
               deemed to be the beneficial owner constitutes approximately 17.6%
               of the total number of Shares outstanding.

Item 4(c)      Number of shares as to which such person has:
               --------------------------------------------

               (i)    Sole power to vote or to direct the vote:
                      1,791,764

               (ii)   Shared power to vote or to direct the vote:
                      105,700

               (iii)  Sole power to dispose or to direct the disposition of:
                      1,791,764

               (iv)   Shared power to dispose or to direct the disposition of:
                      105,700

Item 5         Ownership of Five Percent or Less of a Class:
               --------------------------------------------

               If this statement is being filed to report the fact that as of
               the date hereof the reporting person has ceased to be the
               beneficial owner of more than five percent of the class of
               securities, check the following.[ ]

Item 6         Ownership of More than Five Percent on Behalf of Another Person:
               ---------------------------------------------------------------

               The beneficial owners of the Accounts have the right to
               participate in the receipt of dividends from, or proceeds from
               the sale of, the Shares held for each Account in accordance with
               their ownership interests in each such Account.

Item 7         Identification and Classification of the
               Subsidiary Which Acquired the Security Being
               Reported on By the Parent Holding Company:
               --------------------------------------------

               Not Applicable


                               Page 4 of 6 pages
<PAGE>

Item 8         Identification and Classification of Members of the Group:
               ---------------------------------------------------------

               Not Applicable

Item 9         Notice of Dissolution of Group:
               ------------------------------

               Not Applicable

Item 10        Certification:
               -------------

           By signing below the signatory certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the Issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.



                               Page 5 of 6 pages
<PAGE>


                                    SIGNATURE
                                    ---------

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated: February 14, 2001

                                           CUMBERLAND ASSOCIATES LLC

                                           By:     /s/ Bruce G. Wilcox
                                              ----------------------------------
                                           Name:   Bruce G. Wilcox
                                           Title:  Member


                               Page 6 of 6 pages


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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