<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>cl1005577b.txt
<DESCRIPTION>AMENDMENT NO. 4 TO SCHEDULE 13G
<TEXT>


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 4)*

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

                     Common Stock, $.001 Par Value Per Share
 ------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    59935P100
                           5993549V1 (20% Restricted)
                             599935P985 (Restricted)
                              59935P944 (Warrants)
                              --------------------
                                 (CUSIP Number)


                                December 31, 2001
                                -----------------
                      (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; 5993549V1        13G              Page 2 of 6 Pages
(20% Restricted); 599935P985
(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

 NUMBER OF              2,318,572
  SHARES      --------- -------------------------------------------------------
BENEFICIALLY     6      SHARED VOTING POWER
 OWNED BY
   EACH                 90,700
 REPORTING    --------- -------------------------------------------------------
PERSON WITH      7      SOLE DISPOSITIVE POWER

                        2,318,572
              --------- -------------------------------------------------------
                 8      SHARED DISPOSITIVE POWER

                        90,700
-------------------------------------------------------------------------------
    9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         2,409,272
-------- ----------------------------------------------------------------------
   10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         [ ]

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

         12.5%
-------- ----------------------------------------------------------------------
   12    TYPE OF REPORTING PERSON*

         00, IA
-------- ----------------------------------------------------------------------


                      *SEE INSTRUCTION BEFORE FILLING OUT!


<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,
                ten securities accounts (the "Accounts"), the principal one of
                which is Cumberland Partners. Gary Tynes, Bruce G. Wilcox and
                Andrew M. Wallach 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 Numbers:
                -------------

                59935P100
                5993549V1 (20% Restricted)
                99935P985 (Restricted)
                9935P944 (Warrants

Item 3          Not Applicable

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


                               Page 3 of 6 pages
<PAGE>

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

                As of December 31, 2001, Cumberland Associates LLC may be deemed
                the beneficial owner of 2,409,272 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
                12.5% 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:
                      2,318,572

                (ii)  Shared power to vote or to direct the vote:
                      90,700

                (iii) Sole power to dispose or to direct the disposition of:
                      2,318,572

                (iv)  Shared power to dispose or to direct the disposition of:
                      90,700

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 I certify that, to the best of my
                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, 2002

                                        CUMBERLAND ASSOCIATES LLC

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


                               Page 6 of 6 pages



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