Document:

Exhibit 4.5

                               PURCHASE AGREEMENT

      PURCHASE AGREEMENT (this "Agreement") is made as of January 31, 2000
between MILESTONE SCIENTIFIC INC., a Delaware corporation, with its principal
offices at 220 South Orange Avenue, Livingston, New Jersey 07039 (the
"Company"), and the undersigned (each a "Purchaser" and, collectively, the
"Purchasers").

      WHEREAS, the Company is offering to sell an aggregate of $700,000 face
amount of its 10% Senior Secured Notes (the "Notes") and warrants to purchase
100,000 shares of Common Stock (the "Warrants"), substantially in the form
annexed hereto as Exhibits A and B, respectively; and

      WHEREAS, the Company desires to sell to Purchaser and Purchaser desires to
purchase Notes having a principal amount as is set forth on the signature page
hereof and Warrants at the rate of Warrants for 142.857 shares (rounded to the
nearest whole share) for each 1,000 face amount of the Notes being purchased.

      NOW, THEREFORE, in consideration of the premises and the covenants herein
contained, the parties hereto agree as follows:

      1. Purchase and Sale of Notes and Warrants.

            (a) Subject to the terms and conditions hereinafter set forth,
Purchaser hereby subscribes for and agrees to purchase from the Company

            (i)   Notes having the principal amount set forth on the signature
                  page hereto and

            (ii)  Warrants at the rate of Warrants for 142.857 shares (rounded
                  to the nearest whole share) for each 1,000 face amount of the
                  Notes.

The Company hereby agrees to sell Notes and Warrants in such amounts to
Purchaser.

            (b) The purchase price for the Notes and Warrants shall be an amount
equal to 100% of the stated principal amount of the Notes (the "Purchase
Price"). The Purchase Price is payable by certified or bank check made payable
to the Company or by wire transfer of funds, contemporaneously with the
execution and delivery of this Agreement. The Notes and Warrants being purchased
by Purchaser will be delivered by the Company on the Closing Date (as defined
below).

      2. Terms of the Notes and Warrants. Except as otherwise set forth in this
Agreement, the terms of the Notes and Warrants shall be as set forth in the
Notes and Warrants, respectively.

      3. Closing. The closing of the transactions contemplated hereby
("Closing") shall take place on a date (the "Closing Date") within three (3)
business days following the satisfaction of the conditions set forth herein and
at such times as shall be determined by the Company at the offices of Morse,
Zelnick, Rose & Lander, LLP, 450 Park Avenue, New York, New York 10022.

      4. Representations and Warranties of the Company. The Company hereby
represents and warrants to Purchaser, which representations and warranties shall
be true and correct as of the date hereof and as of the Closing Date, as
follows:

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            4.1 Organization; Standing and Power. The Company and its
      subsidiaries (a) are corporations duly organized, existing and in good
      standing under the laws of the state of their incorporation, (b) have all
      requisite corporate power and authority to own its properties and to carry
      on their businesses as now conducted and as proposed hereafter to be
      conducted, (c) are duly qualified to do business as foreign corporations
      in each and every jurisdiction where such qualification is necessary
      except where the failure to so qualify would not have a material adverse
      effect on the financial condition, business, operations, assets or
      prospects of the Company and its subsidiaries as a whole and (d) the
      Company has all requisite corporate power and authority to execute and
      deliver, and perform all of its obligations under this Agreement.

            4.2 Capitalization. The total authorized capital stock of the
      Company consists of 25,000,000 shares of Common Stock and no shares of
      preferred stock. As of November 30, 1999, the Company has outstanding
      8,817,882 shares of Common Stock. In addition, there are 1,000,000 shares
      of Common Stock reserved for issuance under the Company's 1997 Stock
      Option Plan of which 778,000 shares are issuable pursuant to the exercise
      of outstanding stock options ranging in exercise price from $1.00 to
      $23.00 per share. The Company also has outstanding other compensatory
      options for 136,000 shares with exercise prices ranging from $5.125 to
      $23.00 per share and warrants and options in connection with financing
      transactions for 197,231 shares at exercise prices ranging from $4.72 to
      $9.00 per share of Common Stock. Except as set forth in this Section 4.2
      and except for the 3% Senior Convertible Notes, the Company does not have
      outstanding any securities convertible into or exchangeable for any shares
      of capital stock or any rights (preemptive or otherwise) to subscribe for
      or to purchase, or any options for the purchase of, or any agreements
      providing for the issuance (contingent or otherwise) of, any capital stock
      or any stock or securities convertible into or exchangeable for any
      capital stock.

            4.3 Authorization. The execution, delivery and performance by the
      Company of its obligations under this Agreement has been duly authorized
      by all requisite corporate action and will not, either prior to or as a
      result of the consummation of the transactions contemplated by this
      Agreement: (a) violate any law, any order of any court or other agency of
      government, any provision of the Certificate of Incorporation or Bylaws of
      the Company or any contract, indenture, agreement or other instrument to
      which the Company is a party, or by which the Company or any of its assets
      or properties are bound, or (b) be in conflict with, result in a breach
      of, or constitute (after the giving of notice or lapse of time or both) a
      default under, or result in the creation or imposition of any lien of any
      nature whatsoever upon any of the property or assets of any Company
      pursuant to, or result in the acceleration of, any such contract,
      indenture, agreement or other instrument. The Company is not required to
      obtain any government approval, consent or authorization from, or to file
      any declaration or statement with, any governmental instrumentality or
      agency in connection with or as a condition to the execution, delivery or
      performance of any of this Agreement other than the filings which have
      heretofore been made. This Agreement is valid, binding and enforceable
      against the Company in accordance with its terms.

            4.4 Non-contravention. To the best of its knowledge, the Company is
      not in violation or breach of or in default with respect to, complying
      with any material provision of any contract, agreement, instrument, lease,
      license, arrangement or understanding to which it is a party, and each
      such contract, agreement, instrument, lease, license, arrangement and
      understanding is in full force and effect and is the legal, valid and
      binding obligation of the Company enforceable as to the Company in
      accordance with its terms (subject to applicable

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      bankruptcy, insolvency and other laws affecting the enforceability of
      creditors' rights generally and to general equitable principals). Neither
      the execution and the delivery of this Agreement, nor the consummation of
      the transactions contemplated hereby, will (a) violate any constitution,
      statute, regulation, rule, injunction, judgment, order, decree, ruling,
      charge, or other restriction of any government, governmental agency, or
      court to which the Company is subject or (b) conflict with, result in a
      breach of, constitute a default under, result in the acceleration of,
      create in any party the right to accelerate, terminate, modify, or cancel,
      or require any notice under any agreement, contract, lease, license,
      instrument, or other arrangement to which the Company is a party or by
      which the Company is bound or to which any of the Company's assets are
      subject.

            4.5 Litigation. There is no action, suit or proceeding at law or in
      equity or by or before any governmental instrumentality or other agency
      now pending or, to the knowledge of the Company, threatened in writing
      against the Company, or any of its assets, which, if adversely determined,
      might reasonably be expected to have a material adverse effect on the
      Company's business, operations and financial condition, other than as
      disclosed in its Quarterly Report on Form 10-QSB for the periods ended
      September 30, 1999.

            4.6 SEC Filings. The information set forth in the Form 10-KSB for
      the year ended December 31, 1998 and Form 10-QSB for the nine month period
      ended September 30, 1999 (collectively, the "SEC Filings") as filed by the
      Company with the Securities and Exchange Commission (the "SEC") is true,
      correct and complete in all material respects as of the respective date of
      each such filing and does not omit to state any material fact necessary in
      order to make the statements therein not misleading. The financial
      statements of the Company as set forth in the SEC Filings have been
      prepared in accordance with GAAP applied on a consistent basis throughout
      the periods covered thereby and fairly present in all material respects
      the financial condition and results of operations of the Company as of
      their respective dates. Since September 30, 1999, there has not been any
      material adverse change in the business, financial condition or results of
      operations of the Company except that the Company has continued to operate
      at a loss. Except for the liabilities set forth in the financial
      statements included in the SEC Filings and liabilities which have arisen
      after September 30, 1999 in the ordinary course of business, the Company
      has no material liability.

            4.7 Due Authorization. The issuance of the Notes has been duly
      authorized by all necessary corporate action and when issued will be the
      legal and binding obligations of the Company enforceable in accordance
      with their terms. The shares of Common Stock issuable upon exercise of the
      Warrants or in respect of interest payable on the Notes have been duly
      authorized and reserved for issuance and, when issued in accordance with
      the terms of the Warrants or issued in respect of interest payable on the
      Notes, as applicable, will be fully paid and non-assessable, free and
      clear of any restrictions on transfer (other than any restrictions under
      the Securities Act of 1933, as amended (the "Securities Act") and state
      securities laws), taxes, security interests, options, warrants, purchase
      rights, contracts, commitments, equities, claims, and demands.

            4.8 Securities Law Exemption. Assuming the accuracy of Purchaser's
      representations and warranties set forth herein, the sale of the Notes and
      Warrants pursuant to this Agreement has been made in accordance with the
      provisions and requirements of Regulation D ("Regulation D") or ss.4(6)
      under the Securities Act and any applicable state law.

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            4.9 Use of Proceeds. The proceeds from the sale of the Notes and
      Warrants will be used for working capital.

            4.10 Compliance with Laws. The Company is in compliance in all
      material respects with all occupational safety, health, wage and hour,
      employment discrimination, environmental, flammability, labeling, usury
      and other applicable laws which are material to its businesses, and the
      Company is not aware of any state of facts, events, conditions or
      occurrences which may now or hereafter constitute or result in a violation
      of any of such applicable laws, or which may give rise to the assertion of
      any such violation, the effect of which could have a material adverse
      effect on the Company's business, operations and financial condition.

            4.11 Licenses and Permits. The Company has obtained all federal,
      state and local licenses and permits required to be maintained in
      connection with and material to its operations, and all such licenses and
      permits obtained are valid and in full force and effect.

            4.12 Existing Registration Rights. Except for the Registration
      Rights Agreement referred to in Section 7 hereof and the registration
      rights given to the holders of the Company's 3% Senior Convertible Notes,
      the Company is not a party to any agreement under which it is obligated to
      register any of its securities under the Securities Act.

            4.13 Patents, Trademarks, Copyrights, Etc. The Company owns or
      validly licenses all patents, patent rights, patent applications,
      licenses, shop rights, trademarks, trademark applications, tradenames,
      copyrights and other proprietary information (collectively "Rights") used
      in the conduct of its business as currently being conducted. To the actual
      knowledge of the Company, the conduct of its business as currently being
      conducted does not conflict with valid rights of others in any way, nor
      has any material use been made of the Rights, except by the Company or by
      other entities duly licensed to use the same.

            4.14 No Other Representations. The Company shall not be deemed to
      have made any representations, warranties, covenants, agreements or
      indemnifications pertaining to the subject matter of this Agreement,
      whether express or implied, except to the extent that such
      representations, warranties, covenants, agreements or indemnifications are
      made in this Agreement or the Schedules hereto or in any certificate or
      other agreement, document or instrument delivered pursuant to the
      provisions of this Agreement.

      5. Representations and Warranties of the Purchasers. The Purchaser hereby
represents and warrants to the Company, which representations and warranties
shall be true and correct as of the date hereof and the Closing Date, as
follows:

            5.1 Authorization of Agreement. The execution, delivery and
      performance of this Agreement has been duly authorized by all necessary
      action on the part of Purchaser, does not violate any laws or regulations
      applicable to Purchaser and is the valid binding and enforceable
      obligation of Purchaser in accordance with its terms.

            5.2 Non-contravention. Neither the execution and the delivery of
      this Agreement, nor the consummation of the transactions contemplated
      hereby, will (a) violate any constitution, statute, regulation, rule,
      injunction, judgment, order, decree, ruling, charge, or other restriction
      of any government, governmental agency, or court to which Purchaser is
      subject or (b) conflict with, result in a breach of, constitute a default
      under, result in the acceleration of, create in any

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      party the right to accelerate, terminate, modify, or cancel, or require
      any notice under any agreement, contract, lease, license, instrument, or
      other arrangement to which Purchaser is a party or by which Purchaser is
      bound or to which any of Purchaser's assets are subject.

            5.3 Accredited Investor. Purchaser is an "accredited investor" as
      that term is defined in Rule 501(a) of the Securities Act, and the rules
      promulgated thereunder.

            5.4 Investment. Purchaser acknowledges that this offering of Notes
      and Warrants has not been reviewed by the United States Securities and
      Exchange Commission ("SEC") and that the sale of the Notes and Warrants
      pursuant hereto is intended to be a nonpublic offering pursuant to
      Sections 4(2), 4(6) or 3(b) of the Securities Act. Purchaser represents
      that the Notes or Warrants are being purchased for his own account, for
      investment and not for distribution or resale to others. Purchaser agrees
      that Purchaser will not sell or otherwise transfer the Notes, Warrants or
      the shares of the Common Stock issuable upon exercise of the Warrants
      unless such securities, as the case may be, are registered under the
      Securities Act or unless an exemption from such registration is available.
      Purchaser understands that neither the Notes, Warrants nor the shares of
      Common Stock issuable upon exercise of the Warrants have been registered
      under the Securities Act and they are or will be issued pursuant to a
      specific exemption from the registration provisions of the Securities Act
      which depends upon, among other things, the bona fide nature of the
      investment intent as expressed herein.

            5.5 Access to Data. Purchaser has been given copies of the SEC
      Filings and has had an opportunity to review same. Purchaser has had an
      opportunity to discuss the SEC Filings and the Company's business,
      management and financial affairs with the Company's management and the
      opportunity to review the Company's facilities, each to Purchaser's
      satisfaction. Purchaser understands that such discussions, as well as any
      written information issued or provided by the Company, were intended to
      describe the aspects of the Company's business and prospects which the
      Company believes to be material but were not necessarily a thorough or
      exhaustive description thereof.

            5.6 Speculative Nature of Investment. Purchaser acknowledges that
      the purchase of the Notes and Warrants involves a high degree of risk and
      that (i) an investment in the Company is highly speculative and only
      investors who can afford the loss of their entire investment should
      consider investing in the Company and purchasing Notes and Warrants; (ii)
      Purchaser may not be able to liquidate his investment; (iii)
      transferability of the Notes, Warrants and the shares of Common Stock
      issuable upon exercise of the Warrants is extremely limited; and (iv)
      Purchaser could sustain the loss of his entire investment.

            5.7 Experience. Purchaser acknowledges that he has prior investment
      experience, including investment in non-listed and non-registered
      securities, or has employed the services of an investment advisor,
      attorney or accountant to review all of the documents furnished or made
      available by the Company and to evaluate the merits and risks of such an
      investment on Purchaser's behalf.

            5.8 Lack of Liquidity. Purchaser understands that there is no public
      market for the Notes or Warrants.

            5.9 Legends. Purchaser consents to the placement of a legend on the
      Notes, Warrants, and shares of Common Stock issued on exercise of the
      Warrants, provided they are not

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      then covered by an effective Registration Statement, all as set forth in
      Section 6 of this Agreement.

            5.10 Address. Purchaser hereby represents that the address of
      Purchaser furnished by him at the end of this Agreement is Purchaser's
      principal residence if Purchaser is an individual or Purchaser's principal
      business address if it is a corporation or other entity.

            5.11 Registered Representative. Purchaser acknowledges that if he is
      a Registered Representative of a National Association of Securities
      Dealers, Inc. ("NASD") member firm, he must give such firm the notice
      required by the NASD Conduct Rules, or any applicable successor rules of
      the NASD receipt of which must be acknowledged by such firm on the
      signature page hereof.

            5.12 No Other Representations. Purchaser hereby represents that,
      except as set forth herein, no representations or warranties have been
      made to the Purchaser by the Company or any agent, employee or affiliate
      of the Company and in entering into this transaction, Purchaser is not
      relying on any information, other than that contained herein, that
      contained in the SEC Filings and the results of independent investigation
      by the Purchaser. The Purchaser shall not be deemed to have made any
      representations, warranties, covenants, agreements or indemnifications
      pertaining to the subject matter of this Agreement, whether express or
      implied, except to the extent that such representations, warranties,
      covenants, agreements or indemnifications are made in this Agreement or
      the Schedules hereto or in any certificate or other agreement, document or
      instrument delivered pursuant to the provisions of this Agreement.

            5.13 Purpose. If Purchaser is a partnership, corporation, trust or
      other entity, it was not formed for the purpose of investing in the
      Company.

            5.14 No Broker. There is no firm, corporation, agency or other
      entity or person that is entitled to a finder's fee or any type of
      commission in relation to or in connection with the transactions
      contemplated by this Agreement as a result of any agreement or
      understanding with Purchaser or any of its directors, officers, employees
      or agents.

            6. Legends. The Notes and Warrants shall be endorsed with the
      following legend:

      THIS SECURITY HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT
      BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL (I) A REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") SHALL
      HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (II) RECEIPT BY THE COMPANY
      OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE
      EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH
      SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE
      SECURITIES LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN
      EXCHANGE FOR THIS NOTE.

      THIS SECURITY IS SUBJECT TO THE TERMS OF A PURCHASE AGREEMENT, DATED AS OF
      JANUARY 31, 2000, A COPY OF WHICH IS ON FILE AT THE EXECUTIVE OFFICES OF
      MILESTONE SCIENTIFIC INC.

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      7. Registration Rights. The Company and the Purchaser will enter into a
registration rights agreement, substantially in the form annexed hereto as
Exhibit C.

      8. Confidentiality. Purchaser covenants and agrees that none of Purchaser,
his agents and representatives will use for their own benefit, convey or
disclose to any third party any information provided by the Company concerning
its current or proposed business, operations and financial conditions, other
than information which is already publicly available, was already known to
Purchaser or is obtained from a source other than the Company and to the extent
required by law.

      9. Covenants.

            9.1 Affirmative Covenants of the Company. The Company covenants and
      agrees that, from the date hereof and until the Notes have been paid in
      full, it shall:

                  (a) Corporate. Do or cause to be done all things necessary to
            at all times (a) other than mergers solely among the Company and any
            of its subsidiaries, preserve, renew and keep in full force and
            effect its corporate existence, patents, trademarks, rights,
            licenses, permits and franchises, (b) comply with this Agreement,
            (c) maintain and preserve all of its material property used or
            useful in the conduct of their respective businesses, and (d) comply
            with all applicable laws material to its businesses, including the
            reporting requirements of the Securities Exchange Act of 1934,
            whether now in effect or hereafter enacted, promulgated or issued.

                  (b) Notice of Proceedings. Give prompt written notice to the
            Purchaser of any proceeding instituted against the Company in any
            federal or state court or before any commission or other regulatory
            body, whether federal, state or local, which, if adversely
            determined, could have a material adverse effect upon their
            business, operations, properties, assets or condition, financial or
            otherwise when taken as a whole.

                  (c) Books and Records; Inspection. Maintain true and accurate
            books and records respecting all of their business operations, and
            permit agents or representatives of the Purchasers to inspect, at
            any time during normal business hours, upon reasonable notice, and
            without undue material disruption of their business operations, all
            of such books and records and to visit the properties and operations
            of the Company and consult with the employees and officers of the
            Company.

                  (d) Notice of Default or Material Adverse Change. Promptly
            advise the Purchaser of any event which could have a material
            adverse effect on the Company's business, operation, property,
            assets or condition, financial or otherwise, or the existence or
            occurrence of any Event of Default (as defined in the Notes), any
            breach of this Section 9.1 or Section 9.2 or any default of the
            Company under any agreement or instrument to which it is a party.

                  (e) Notice of Filings with SEC. Promptly advise the Purchaser
            of any filing of a registration statement under the Securities Act
            with the SEC covering any of the Company's securities.

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                  (f) Delivery of Financial Statements and other Reports. The
            Company will deliver to each holder of Notes promptly upon
            transmission thereof, copies of all financial statements,
            information circulars, proxy statements and reports as the Company
            shall send to its stockholders and copies of all registration
            statements, prospectuses and all reports which it shall file with
            the Securities and Exchange Commission or with any securities
            exchange on which any of its securities is listed or with NASDAQ and
            copies of all press releases and other statements made available to
            the public concerning material developments in the business of the
            Company.

                  (g) Stock to be Reserved. The Company covenants that all
            shares of Common Stock that may be issued upon exercise of the
            Warrants or in respect of interest payable on the Notes will, upon
            issuance, be validly issued, fully paid and nonassessable and free
            from all taxes, liens and charges with respect to the issuance
            thereof. The Company covenants that during the period in which the
            Warrants are outstanding it will at all times have authorized and
            reserved a sufficient number of shares of Common Stock to permit the
            exercise of the Warrants.

            9.2 Negative Covenants of the Company. The Company covenants and
      agrees that, until the Notes have been paid in full, unless the holders of
      Notes representing more than 50% of the aggregate principal amount of the
      Notes (the "Requisite Majority") shall otherwise consent in writing, the
      Company shall not directly or indirectly:

                  (a) Restrictions on Debt and Certain Payments. Incur, create,
            assume or suffer to exist any indebtedness that shall be senior to
            or pari passu with (in right of payment) the Notes other than: (i)
            any purchase money obligations incurred by the Company in connection
            with the purchase of property in the ordinary course of business;
            (ii) all payment obligations of the Company pursuant to any
            capitalized lease entered into by the Company; (iii) all payables
            incurred by the Company in the ordinary course of its business; and
            (iv) the Company's 3% Senior Convertible Notes. The Company will not
            prepay any indebtedness or redeem any securities junior to, or pari
            passu with, the Notes.

                  (b) Restrictions on Liens. Create, assume or suffer to exist
            any lien upon any of its property or assets except (i) liens for
            taxes which are not yet due or are being contested in good faith,
            (ii) statutory liens of landlords and liens of carriers,
            warehousemen, mechanics and materialmen incurred in the ordinary
            course of business and (iii) liens made through purchase money
            security interests in the ordinary course of business.

                  (c) Registration and other Rights. Enter into any agreement
            with respect to its securities which is contrary to or inconsistent
            with the rights granted to the holders of Notes in the Registration
            Rights Agreement, this Agreement,the Notes or the Warrants.

      10. Conditions Precedent to the Obligations of the Company. The
obligations of the Company pursuant to this Agreement are subject to the
satisfaction at the Closing of each of the following conditions; provided,
however, that the Company may, in its sole discretion, waive any of such
conditions and proceed with the transactions contemplated hereby.

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            10.1 Accuracy of Representations and Warranties. The representations
      and warranties of the Purchaser contained in this Agreement or in any
      document or certificate delivered in connection with the transactions
      contemplated hereby shall be true and correct in all material respects on
      and as of the Closing Date, as if made on and as of the Closing Date.

            10.2 Performance of Agreements. Each Purchaser shall have duly
      executed and delivered this Agreement to the Company and shall have
      performed and complied in all material respects with all covenants,
      obligations and agreements to be performed or complied with by any of them
      on or before the Closing Date pursuant to this Agreement.

      11. Conditions Precedent to the Obligations of the Purchasers. The
obligations of a Purchaser under this Agreement is subject to the satisfaction
at the Closing of each of the following conditions; provided, however, that a
Purchaser may, in such Purchaser's sole discretion, waive any of such conditions
and proceed with the transactions contemplated hereby.

            11.1 Accuracy of Representations and Warranties. The representations
      and warranties of the Company contained in this Agreement or in any
      document or certificate delivered in connection with the transactions
      contemplated hereby shall be true and correct in all material respects on
      and as of the Closing Date, as if made on and as of the Closing Date.

            11.2 Performance of Agreements. The Company shall have duly executed
      and delivered this Agreement and the Registration Rights Agreement and
      shall have performed and complied in all material respects with all
      covenants, obligations and agreements to be performed or complied with by
      it on or before the Closing Date pursuant to this Agreement.

            11.3 Litigation, Material Changes, Defaults, etc. No claim, action,
      suit, proceeding, arbitration or hearing or notice of hearing shall be
      pending (and no action or investigation by any governmental authority
      shall be threatened) which seeks to enjoin, prevent or adversely affect
      the consummation of the transactions contemplated by this Agreement. There
      shall not have been any changes in the business of the Company which have
      or could reasonably be expected to have a material adverse effect on the
      business, operations, properties, assets or condition, financial or
      otherwise, of the Company. There shall exist no defaults under the
      provisions of any instrument evidencing indebtedness of the Company.

            11.4 Officers and Secretary's Certificate. The Purchaser shall have
      received a certificate of the chief executive officer and the chief
      financial officer of the Company, dated the Closing Date, certifying as to
      the fulfillment of the conditions set forth in Sections 11.1, 11.2 and
      11.3 and a certificate of the Company's Secretary certifying copies of the
      Company's Certificate of Incorporation, By-laws and all resolutions
      authorizing the transactions contemplated herein and certifying as to the
      incumbency of officers executing this Agreement and any related document.

            11.5 Good Standing Certificates. The Purchaser shall have received
      (a) "good standing" certificate with respect to the Company from the
      Secretary of State of Delaware stating that the Company is duly
      incorporated and in good standing in Delaware, and (b) a certificate from
      the Secretary of State of New Jersey to the effect that the Company is
      duly qualified to do business in New Jersey as a foreign corporation.

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            11.6 Legal Opinion. The Purchaser shall have received an opinion
      from counsel to the Company substantially in the form annexed hereto as
      Exhibit C.

            11.7 Purchase Permitted by Applicable Laws. The purchase of and
      payment for the Notes and Warrants shall not be prohibited by any
      applicable law or governmental regulation (including without limitation
      Regulations G, T and X of the Board of Governors of the Federal Reserve
      System) and shall not subject the holders of the Notes and Warrants to any
      tax, penalty or liability under any applicable law or governmental
      regulation.

            11.8 Simultaneous Closing. The Purchaser shall be required to close
      only if the Company simultaneously closes on the sale of Notes in the
      aggregate face amount of $700,000 and Warrants at the rate set forth in
      Section 1(a).

      12. General Provisions.

            12.1 Survival of Representations, Warranties, Covenants, and
      Agreements. The representations, warranties, covenants and agreements
      contained in this Agreement shall survive the execution of this Agreement.

            12.2 Notices. All notices, requests, demands and other
      communications which are required to be or may be given under this
      Agreement to any party to any of the other parties shall be in writing and
      shall be deemed to have been duly given when (a) delivered in person, (b)
      the day following dispatch by an overnight courier service (such as
      Federal Express or UPS, etc.) or (c) five (5) days after dispatch by
      certified or registered first class mail, postage prepaid, return receipt
      requested, to the party to whom the same is so given or made. Any notice
      or other communication given hereunder shall be addressed to the Company,
      at its principal offices as set forth above and to the Purchaser at his
      address indicated on the signature page hereto.

            12.3 Counterparts. This Agreement may be executed in two or more
      counterparts, each of which shall be deemed an original and all of which
      together shall constitute one and the same instrument.

            12.4 Headings. All headings are inserted for convenience of
      reference only and shall not affect the meaning or interpretation of any
      such provisions or of this Agreement, taken as an entirety.

            12.5 Severability. If and to the extent that any court of competent
      jurisdiction holds any provision (or any part thereof) of this Agreement
      to be invalid or unenforceable, such holding shall in no way affect the
      validity of the remainder of this Agreement.

            12.6 Changes, Waivers, Etc. Subject to Section 12.11, neither this
      Agreement nor any provision hereof may be changed, waived, discharged or
      terminated orally, but rather may only be changed by a statement in
      writing signed by the party against which enforcement of the change,
      waiver, discharge or termination is sought. It is agreed that a waiver by
      either party of a breach of any provision of this Agreement shall not
      operate, or be construed, as a waiver of any subsequent breach by that
      same party.

            12.7 Governing Law. This Agreement shall be governed by and
      construed in accordance with the laws of the State of New York. The
      parties hereby agree that any dispute

                                       10
<PAGE>

      which may arise between them arising out of or in connection with this
      Agreement shall be adjudicated before a court located in New York City and
      they hereby submit to the exclusive jurisdiction of the courts of the
      State of New York located in New York, New York and of the federal courts
      in the Southern District of New York with respect to any action or legal
      proceeding commenced by any party, and irrevocably waive any objection
      they now or hereafter may have respecting the venue of any such action or
      proceeding brought in such a court or respecting the fact that such court
      is an inconvenient forum, relating to or arising out of this Agreement or
      any acts or omissions relating to the sale of the securities hereunder,
      and consent to the service of process in any such action or legal
      proceeding by means of registered or certified mail, return receipt
      requested, in care of the address set forth below or such other address as
      the undersigned shall furnish in writing to the other.

            12.8 Binding Effects. This Agreement shall be binding upon and inure
      to the benefit of the parties hereto and their respective successors,
      legal representatives and assigns.

            12.9 Entire Agreement. This Agreement sets forth the entire
      agreement and understanding between the parties as to the subject matter
      thereof and incorporates and supersedes all prior discussions, agreements
      and understandings of any and every nature among them.

            12.10 Further Assurances. The parties agree to execute and deliver
      all such further documents, agreements and instruments and take such other
      and further action as may be necessary or appropriate to carry out the
      purposes and intent of this Agreement.

            12.11. Waivers and Amendments. With the written consent of the
      Requisite Majority, the obligations of the Company under this Agreement
      may be waived (either generally or in a particular instance and either
      retroactively or prospectively), and with the same consent the Company may
      enter into a supplementary agreement for the purpose of adding any
      provisions to this Agreement or to any supplemental agreement or modifying
      in any manner the rights and obligations of the holders of the Notes and
      of the Company; provided, however, that no such waiver or supplemental
      agreement shall reduce the aforesaid percentage of holders of the Notes
      who are required to consent to any waiver or supplemental agreement
      without the consent of all of the holders of the Notes. Notwithstanding
      anything to the contrary above, the payment of interest, time of payment
      of interest, the interest rate payable, payment of principal and time of
      payment of principal on the Notes may not be changed without the written
      consent of holders then holding at least 80% of the outstanding principal
      amount of the Notes, and this provision may not be waived or amended
      without the written consent of holders then holding at least 80% of the
      outstanding principal amount of the Notes. Written notice of any such
      waiver, consent or agreement of amendment, modification or supplement
      shall be given by the Company to holders of the Notes who have not
      previously consented thereto in writing.

            12.12. Expenses. Each party hereto shall pay all of its own fees and
      expenses in connection with the transactions contemplated hereby;
      provided, however, the Company shall pay the legal fees incurred by
      Purchasers to Willkie Farr & Gallagher in connection with the transactions
      contemplated hereby to the extent such legal fees do not exceed $15,000 in
      the aggregate, plus the disbursements of such legal counsel.

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.

                                       11
<PAGE>

                                                 MILESTONE SCIENTIFIC INC.

                                                 By: ___________________________
                                                     Leonard Osser, Chairman and
                                                     Chief Executive Officer
PURCHASER:

___________________________________________
             K. TUCKER ANDERSEN

c/o Cumberland Associates LLC
1114 Avenue of the Americas
New York, NY 10036

###-##-####
Social Security or Taxpayer
Identification Number of Purchaser

$100,000                                         $100,000
Principal Amount of Notes Being Subscribed For   Purchase Price
Warrants to purchase shares
                                                 Warrants for 14,286 shares

                                       12Exhibit 4.6

                          REGISTRATION RIGHTS AGREEMENT

      REGISTRATION RIGHTS AGREEMENT ("Agreement") made as of the 31st day of
January, 2000 by and between Milestone Scientific Inc., a Delaware corporation
(the "Company"), and the persons listed on Schedule A hereto (each a "Purchaser"
and, collectively, the "Purchasers").

                              W I T N E S S E T H:

      WHEREAS, the Company and each Purchaser has entered into a Purchase
Agreement, dated even date herewith (the "Purchase Agreement") pursuant to which
the Purchaser purchased from the Company and the Company sold to the Purchaser
the Company's 10% Senior Secured Notes due June 30, 2001 (the "Notes") and
related 5-year Warrants; and

      WHEREAS, in connection with the Purchase Agreement, the Company has agreed
to enter into this Registration Rights Agreement.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

      1. Certain Definitions. As used in this Agreement, the following terms
shall have the following respective meanings:

      "Commission" shall mean the United States Securities and Exchange
Commission, or any other federal agency at the time administering the
"Securities Act" (as defined herein).

      "Common Stock" shall mean the Common Stock, $.001 par value per share, of
the Company, as constituted as of the date of this Agreement.

      "Exchange Act" shall mean the United States Securities Exchange Act of
1934, as amended, or any similar federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time.

      "Notes" means the Company's 10% Senior Secured Notes due June 30, 2001
sold by the Company pursuant to Purchase Agreement.

      "Registration Expenses" shall mean the expenses so described in Section 4.

      "Registerable Securities" shall mean the shares of the Company's Common
Stock issuable upon exercise of the Warrants and any such shares that may be
issued as payment of interest due on the Notes.
<PAGE>

      "Securities Act" shall mean the United States Securities Act of 1933, as
amended, or any similar federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

      "Selling Expenses" shall mean the expenses so described in Section 4.

      "Warrants" shall mean the 5-year Warrants dated January 1, 2000 and
exercisable at prices ranging from $1.75 per share to $7.00 per share.

      2. Registration. The Company will use its reasonable best efforts (subject
to the provisions of this Agreement) to file with the Commission no later than
April 15, 2000, a registration statement under the Securities Act and any
applicable state securities laws registering for reoffer and resale the
Registerable Securities. If the Registration Statement has not become effective
by July 15, 2000, the interest rate payable on the Notes shall be automatically
increased from 10% to 16%, per annum, and shall remain at such higher level for
such period of time during which the Registerable Securities are not covered by
a registration statement or salable pursuant to Rule 144 or any successor
provision thereto during a period of not more than 90 days.

      3. Registration Procedures. The Company will, as expeditiously as
possible:

      (a) prepare and file with the Commission a registration statement with
respect to such securities (on such applicable form as the Company may in its
sole discretion elect to use) and use its reasonable best efforts to cause such
registration statement to become and remain effective for the period of the
distribution contemplated thereby, determined as hereinafter provided;

      (b) prepare and file with the Commission such amendments and supplements
to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective for the period
specified in subsection (a) above and comply with the provisions of the
Securities Act with respect to the disposition of all Registerable Securities
covered by such registration statement in accordance with Purchasers' intended
method of disposition set forth in such registration statement for such period;

      (c) notify the Purchasers of the filing and effectiveness of the
registration statement and any amendments thereto and furnish to Purchasers such
number of copies of the registration statement and the prospectus included
therein, including each preliminary prospectus or any amendments or supplement
thereto, as Purchasers reasonably may request in order to facilitate the public
sale or other disposition of the Registerable Securities covered by such
registration statement;

      (d) use its reasonable best efforts to register or qualify the
Registerable Securities covered by such registration statement under the
securities or "blue sky" laws of such jurisdictions as Purchasers reasonably
shall request; provided, however, that the Company shall not for any such
purpose be required to qualify generally to transact business as a foreign

                                       2
<PAGE>

corporation in any jurisdiction where it is not so qualified or to consent to
general service of process in any such jurisdiction;

      (e) immediately notify Purchasers at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of the happening
of any event of which the Company has knowledge as a result of which the
prospectus contained in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing;

      (f) use its reasonable best efforts to include or list, as the case may
be, the Registerable Securities being registered on the automated quotation
system of the National Association of Securities Dealers, Inc. or the principal
securities exchange on which Common Stock of the Company is then quoted or
listed;

      (g) afford Purchasers and its representative, if any, an opportunity to
make such examination and inquiry into the financial position, business and
affairs of the Company and its subsidiaries as Purchasers or their counsel may
reasonably deem necessary to satisfy Purchasers and their counsel as to the
accuracy and completeness of the registration statement; and

      (h) use reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of the registration statement (which in no event
shall require the Company to commence any judicial proceeding) and shall notify
Purchasers regarding any such order.

      For purposes of Sections 3(a) and 3(b) above, the period of distribution
of Registerable Securities shall be deemed to extend until the earlier of (i)
the sale of all Registerable Securities covered by the registration statement or
(ii) the date on which all of the Warrants have been exercised and all
Registerable Securities held by each Purchaser becomes salable under Rule 144
during a period of not more than 90 days.

      In connection with registration hereunder, Purchasers will furnish to the
Company in writing such information with respect to itself and the proposed
distribution by it as shall be reasonably necessary in order to assure
compliance with federal and applicable state securities laws.

      4. Expenses. All expenses incurred by the Company in complying with
Section 2 hereof, including without limitation, all registration, qualification
and filing fees, printing expenses, fees and disbursements of counsel for the
Purchaser (except as otherwise included in the term "Selling Expenses" below),
counsel for the Company and independent public accountants for the Company, fees
and expenses, including counsel fees, incurred in connection with complying with
state securities or "blue sky" laws, fees of the National Association of
Securities Dealers, Inc., transfer taxes, fees of transfer agents and registrars
and costs of insurance are called "Registration Expenses." All selling
commissions applicable to the sale of Registerable Securities and, to the extent
of any amount in excess of $15,000 incurred in connection with this Agreement or
the Purchase Agreement, any fees payable to Willkie Farr & Gallagher, are called
"Selling Expenses."

                                       3
<PAGE>

      The Company will pay all Registration Expenses in connection with the
registration statement. All Selling Expenses shall be borne by Purchasers.

      5. Rule 144 Reporting. With a view to making available to Purchasers the
benefits of certain rules and regulations of the Commission which may permit the
sale of the Registerable Securities without registration, the Company agrees to:

      (a) make and keep public information available, as those terms are used
and defined in Commission Rule 144;

      (b) use its reasonable best efforts to file with the Commission in a
timely manner all reports and other documents required by the Company under the
Exchange Act; and

      (c) furnish to each Purchaser upon request a written statement as to its
compliance with the reporting requirements under the Securities Act, the
Exchange Act, Rule 144, as such rule may be amended, and any other similar rule
that is adopted in the future.

      6. Indemnification and Contribution.

      (a) In the event of a registration of any of the Registerable Securities
under the Securities Act pursuant to Section 2 above, the Company will indemnify
and hold harmless Purchasers, and each other person, if any, who controls a
Purchaser within the meaning of the Securities Act, against any losses, claims,
damages, liabilities or expenses, joint or several, to which Purchasers or such
controlling person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages, liabilities or expenses, or actions in
respect thereof, arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any registration statement
under which such Registerable Securities was registered under the Securities Act
pursuant to Section 2 above, any preliminary prospectus or final prospectus
contained therein, or any amendment or supplement thereof, or arise out of or
are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading or any violation by the Company of the Securities Act or any rule or
regulation promulgated thereunder, and will reimburse Purchasers, and each such
controlling person, for any legal or other expenses reasonably incurred by them
in connection with investigating or defending any such loss, claim, damage,
liability, action or expense; provided, however, that the Company will not be
liable in any such case if and to the extent that any such loss, claim, damage,
liability or expense arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission so made in conformity
with information, pertaining to Purchasers, as such, furnished in writing by
Purchasers specifically for use in such registration statement or prospectus.

      (b) In the event of a registration of any of the Registerable Securities
under the Securities Act pursuant to Section 2 above, each Purchaser shall
indemnify and hold harmless the Company, each person, if any, who controls the
Company within the meaning of the Securities Act, each officer of the Company
who signs the registration statement and each director of the Company, against
all losses, claims, damages or liabilities, joint or several, to

                                       4
<PAGE>

which the Company or such officer, director, or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities, or actions in respect thereof, arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact
contained in the registration statement under which such Registerable Securities
was registered under the Securities Act pursuant to Section 2 above, any
preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereof, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse the
Company and each such officer, director, and controlling person for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action, provided, however,
that a Purchaser shall be liable hereunder in any such case if and only to the
extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with information pertaining to
such Purchaser, as such, furnished in writing to the Company by such Purchaser
specifically for use in such registration statement or prospectus; and provided
further, however, that the liability of such Purchaser hereunder shall be
limited to the proportion of any such loss, claim, damage, liability or expense
which is equal to the proportion that the public offering price of the
Registerable Securities sold by such Purchaser under such registration statement
bears to the total public offering price of all securities sold thereunder, but
not in any event to exceed the proceeds received by such Purchaser from the sale
of Registerable Securities covered by such registration statement.

      (c) Promptly after receipt by a party indemnified hereunder of notice of
the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify
the indemnifying party in writing thereof, but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to
such indemnified party other than under this Section 6 and shall only relieve it
from any liability which it may have to such indemnified party under this
Section 6 if and to the extent the indemnifying party is prejudiced by such
omission. In case any such action shall be brought against any indemnified party
and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate in and, to the extent it
shall wish, to assume and undertake the defense thereof with counsel
satisfactory to such indemnified party and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the
defense thereof, the indemnifying party shall not be liable to such indemnified
party under this Section 6 for any legal expense subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation and of liaison with counsel so selected; provided,
however, that if the defendants in any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably
concluded that there may be reasonable defenses available to it which are
different from or additional to those available to the indemnifying party or if
the interests of the indemnified party reasonably may be deemed to conflict with
the interests of the indemnifying party, the indemnified parties shall have the
right to select one separate counsel and to assume such legal defenses and
otherwise to participate in the defense of such action, with the expenses and
fees of such separate counsel and other expenses related to such participation
to be reimbursed by the indemnifying party as incurred. No indemnifying

                                       5
<PAGE>

party, in the defense of any such claim or litigation shall, except with the
consent of the indemnified party, consent to the entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the
giving by claimant or plaintiff to such indemnified party as a release from all
liability in respect of such claim or litigation.

      (d) In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) a Purchaser,
exercising its rights under this Agreement, or any controlling person of such
Purchaser, makes a claim for indemnification pursuant to this Section 6 but it
is judicially determined, by the entry of a final judgment or decree by a court
of competent jurisdiction and the expiration of time to appeal or the denial of
the last right of appeal, that such indemnification may not be enforced in such
case, the fact that this Section 6 provides for indemnification in such case
notwithstanding, or (ii) contribution under the Securities Act may be required
on the part of a Purchaser or any controlling person with respect to such
Purchaser in circumstances for which indemnification is provided under this
Section 6, then and in each such case, the Company and such Purchaser will
contribute to the aggregate losses, claims, damages or liabilities to which they
may be subject, after contribution from others, in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one
hand, and the indemnified party on the other in connection with the statements
or omissions which resulted in such losss, claim, damage or liability, as well
as any other equitable considerations. Relative fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or omission to state a material fact relates to the
information supplied by the indemnifying party or the indemnified party and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission; provided, however, that in any
such case, (x) such Purchaser will not be required to contribute any amount in
excess of the public offering price of all such Registerable Securities offered
by it pursuant to such registration statement; and (y) no person or entity
guilty of fraudulent misrepresentation, within the meaning of Section 11(f) of
the Securities Act, will be entitled to contribution from any person or entity
who was not guilty of such fraudulent misrepresentation.

      7. Changes in Common Stock. If, and as often as, there is any change in
the Common Stock by way of a stock split, stock dividend, combination or
reclassification, or through a merger, consolidation, reorganization or
recapitalization where the Company is the surviving entity, appropriate
adjustment shall be made in the provisions hereof so that the rights and
privileges granted hereby to Purchasers shall continue with respect to the
Common Stock as so changed.

                                       6
<PAGE>

      8. Miscellaneous.

      (a) The rights granted to Purchasers hereunder may not be assigned to any
other person, except to transferees of the Notes and/or the Warrants.

      (b) Except as otherwise expressly provided herein, any notice required or
desired to be served, given or delivered hereunder shall be in writing, and
shall be deemed to have been validly served, given or delivered upon the earlier
of (i) personal delivery to the address set forth below, or (ii) in the case of
notice by Federal Express or other reputable overnight courier service, two (2)
business days after delivery to such courier service, addressed to the party to
be notified as follows:

                  if to the Company or to a Purchaser, at the address of such
            party set forth in the Purchase Agreement.

      (c) This Agreement shall be governed by and construed in accordance with
the laws of the State of New York without regard to conflict-of-laws principles
which would require the application of the laws of another jurisdiction.

      (d) This Agreement may not be amended or modified, and no provision hereof
may be waived, without the written consent of the Company and all of the
Purchasers.

      (e) This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

                                       7
<PAGE>

      (f) The provisions of Section 2 above to the contrary notwithstanding, the
Company's obligation to file a registration statement, or cause such
registration statement to become and remain effective, shall be suspended for a
period not to exceed 30 days in any 12-month period if there exists at the time
material non-public information relating to the Company which, in the reasonable
opinion of the Company, based on the advice of counsel, should not be disclosed.

      (g) If any provision of this Agreement shall be held to be illegal,
invalid or unenforceable, such illegality, invalidity or unenforceability shall
attach only to such provision and shall not in any manner affect or render
illegal, invalid or unenforceable any other provision of this Agreement, and
this Agreement shall be carried out as if any such illegal, invalid or
unenforceable provision were not contained herein.

      (h) As used in this Agreement, the masculine, feminine or neutral gender
and the singular or plural number shall be deemed to include the others whenever
the context so indicates or requires.

      IN WITNESS WHEREOF, the Company has caused this Agreement to be executed
by a duly authorized officer, and each Purchaser has duly executed this
Agreement, as of the date first written above.

                                            MILESTONE SCIENTIFIC INC.

                                            ---------------------------------
                                            by: Leonard Osser, Chairman and
                                            Chief Executive Officer

                                            PURCHASER:

                                            --------------------------------
                                                   K. Tucker Andersen

                                       8

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