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: CUMBERLAND ASSOCIATES LLC (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: Cumberland Associates LLC is a New York limited liability company, and is engaged in the business of managing securities accounts on a discretionary basis. Cumberland Associates LLC has purchased these securities on behalf of its discretionary accounts and disclaims beneficial ownership of such securities except to the extent of its pecuniary interest therein.

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.