MILESTONE SCIENTIFIC INC. — Director's Dealing 2003

Oct 8, 2003

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: MILESTONE SCIENTIFIC INC/NJ (MS)
CIK: 0000855683
Period of Report: 2003-10-01

Reporting Person: WILCOX BRUCE G (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.001 per share	1798467	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrants	$	2005-01-31	Common Stock (28572)		Indirect

Footnotes

F1: The reporting person is a member of Cumberland Associates LLC, a limited liability company organized under the laws of the State of New York which is engaged in the business of managing, on a discretionary basis, various securities accounts. Cumberland Associates purchased these Securities on behalf of one or more of these accounts (the "Accounts"), and the reporting person disclaims beneficial ownership of these Securities except to the extent of his share in Cumberland Associates' indirect pecuniary interest therein, which pecuniary interest, if any, is limited to incentive fees and/or allocations payable to Cumberland Associates based on a percentage of realized and/or unrealized gains with respect to these Securities held in the Accounts.

F2: The Warrants are exercisable for Common Stock at a variable exercise price equal to $1.75 per share until December 31, 2000; then $2.50 per share until December 31, 2001; then $5.00 per share until December 31, 2002; then $6.00 per share until December 31, 2003; then $7.00 per share until January 31, 2005.