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<SEC-DOCUMENT>0000950123-08-006031.txt : 20080714
<SEC-HEADER>0000950123-08-006031.hdr.sgml : 20080714
<ACCEPTANCE-DATETIME>20080522130249
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-08-006031
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20080522

FILER:

	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:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<HEAD>
<TITLE>CORRESP</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Milestone Scientific, Inc.<BR>
220 South Orange Avenue<BR>
Livingston, N.J. 07039
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(973)&nbsp;535-2717
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">May&nbsp;22, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Division of Corporate Finance<BR>
100 F Street, NE<BR>
Washington, D.C. 20549

</DIV>
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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    <TD width="89%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Dennis C. Hult</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staff Accountant</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Milestone Scientific, Inc<BR>
File No.&nbsp;1-14053
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter is in response to the Staff&#146;s comment letter dated May&nbsp;19, 2008 regarding the Form
10-KSB for the year ended December&nbsp;31, 2007 (the &#146;10-K&#148;) and for the Form 10-Q for the three months
ended March&nbsp;31, 2008 (the March&nbsp;10-Q) as filed by Milestone Scientific, Inc. As requested in your
letter, our responses are keyed to the number of each comment in your letter. If you have any
questions regarding the responses to your questions, please feel free to contact me at 973-535-2717
or Stephen Zelnick of Morse, Zelnick, Rose and Lander at 212-838-8040.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Your comment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Form&nbsp;10-KSB for the Fiscal Year ended December&nbsp;31, 2007</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Management&#146;s Discussion and Analysis, page 16</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Liquidity and Capital Resources, page 23</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise future filings to discuss significant changes in the components of
working capital &#151; i.e., individually significant changes in the line items. For example,
we note accounts payable increased significantly over the past year. Please address the
impact on your working capital. We noted that we issued this same comment in a Staff&#146;s
comment letter dated October&nbsp;12, 2007, to which you responded in your letter dated
November&nbsp;15,2007 that you would make this disclosure in your next </B><B>Form 10-KSB</B><B>. We fail to
see the disclosure.</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Our response;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will include in the next filing, Form 10-Q for the three months ended June&nbsp;30, 2008 a more
comprehensive disclosure on the changes of the components of working capital as noted above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Statement of Operations, page F-5</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We refer to the loss on disposal of equipment of $241,530 in the year ended December
31, 2007. We generally believe that gains and losses resulting from the write-down or sale
of assets previously used in operations should be classified as operating items in the
income statement. This treatment appears consistent with the guidance prescribed by SFAS
144, as well. Accordingly, in the future filings please classify these items in the
operating section of the income statement or tell us why you consider the present
classification appropriate.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Our response;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will in future filings classify the loss on the disposition of assets in the statement of
operations, included in continuing operations.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>To this regard, please tell us your consideration given to the guidance at paragraphs
41-44 of SFAS 144 in reporting the disposition of your teeth whitening business. Clarify
your future disclosures as necessary based on our concerns.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Our response:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company did not dispose of its teeth whitening business. While it no longer sells
whitening product to a retail distributor, it continues to license this technology to a third party
for sale of products to the professional market. The royalty income from this license is identified
on the face of the Statement of Operations and also included in the Management Discussion and
Analysis on page 22 of form10-KSB. With respect to paragraphs 41-44 of SFAS 144, the Company did
not dispose of a business component, but only partially changed its distribution methods. It
remains in the tooth whitening business as a licensor of the technology. We will clarify this
position in future filings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;31, Certifications</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We noted that the identification of the certifying individual at the beginning of the
certification required by the Exchange Act Rule&nbsp;13a-</B><B>14(a)</B><B> also includes the title of the
certifying individual. In future filings please do not</B></TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>include the title identification of the certifying individual at the beginning of the
certification. Refer to Item&nbsp;601 (31)&nbsp;of Regulation&nbsp;S-B.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Our response:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Noted. The Company will comply with this comment in future filings..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As requested, the Company is pleased to confirm that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company is responsible for the adequacy and accuracy of the disclosures in the
filings;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission for taking any action with respect to the filing; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company may not assert staff comments as a defense in any proceedings initiated by
the Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you require any further information please do not hesitate to contact me or Mr.&nbsp;Zelnick, as
noted above.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Respectively submitted,
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">/s/ Joseph D&#146;Agostino
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Joseph D&#146;Agostino<BR>
Acting Chief Financial Officer
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">xc: Stephen Zelnick, Esq.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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