MILESTONE SCIENTIFIC INC. — Director's Dealing 2007

May 4, 2007

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: MILESTONE SCIENTIFIC INC/NJ (MLSS.OB)
CIK: 0000855683
Period of Report: 2006-06-20

Reporting Person: Serna Cardenas Pablo Felipe (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-06-20	Options to purchase Common Stock	$0.83	A	20000	Acquired	2011-06-19	Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	0	Direct

Footnotes

F1: The Reporting Person was elected to the Issuer's Board of Directors on June 20, 2006.

F2: Exercisable as follows: (1) to purchase 10,000 shares of Common Stock beginning on June 20, 2006; and (ii) to purchase an additional 10,000 shares of Common Stock beginning on June 20, 2007

F3: Not applicable.