MILESTONE SCIENTIFIC INC. — Director's Dealing 2004

Feb 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MILESTONE SCIENTIFIC INC/NJ (MS)
CIK: 0000855683
Period of Report: 2004-02-24

Reporting Person: OSSER LEONARD (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-24	Common Stock, $.001 par value	J	241998	—	Acquired	1347424	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-24	Warrants to purchase common stock	$4.89	A	120994	Acquired	2009-02-16	Common Stock par value $.001 (120994)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Options to purchase common stock	$2.625	2005-01-03	Common Stock par value $.001 (16666)	16666	Direct
Options to purchase common stock	$6.00	2006-01-04	Common Stock par value $.001 (16666)	16666	Direct
Options to purchase common stock	$1.65	2007-01-01	Common Stock par value $.001 (16666)	16666	Direct
Warrants to purchase common stock	$21	2005-01-31	Common Stock par value $.001 (11904)	11904	Direct
Options to purchase common stock	$6	2007-01-31	Common Stock par value $.001 (204728)	204728	Direct
Options to purchase common stock	$.87	2008-01-02	Common Stock par value $.001 (16666)	16666	Direct

Footnotes

F1: The Shares were issued by the Company to the Reporting Person in payment of certain debt due (including accrued interest) to the Reporting Person from the Company.

F2: The warrants are part of units, consisting of 2 shares of common stock and 1 common stock purchase warrant, issued by the Company to the Reporting Person in payment of certain debt due (including accrued interest) to the Reporting Person from the Company. (Also, see footnote 1.)

F3: Adjusted to reflect a 1 for 3 reverse split of the Company's common stock on January 14, 2004.