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ROSELAND, N.J., Nov. 14, 2024 (GLOBE NEWSWIRE) -- 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.”