MILESTONE SCIENTIFIC INC. — Director's Dealing 2007

May 4, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MILESTONE SCIENTIFIC INC/NJ (MLSS.OB)
CIK: 0000855683
Period of Report: 2007-03-27

Reporting Person: Serna Cardenas Pablo Felipe (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-27	Common Stock	M	10000	$0.83	Acquired	10000	Direct
2007-04-04	Common Stock	S	1000	$2.82	Disposed	9000	Direct
2007-04-04	Common Stock	S	9000	$2.75	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-27	Options to purchase Common Stock	$0.83	M	10000	Acquired	2011-06-19	Common Stock (10000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Options to purchase Common Stock	$0.83	2011-06-19	Common Stock (20000)	20000	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.