Document:

Exhibit 4.9

NEITHER THIS WARRANT NOR THE COMMON STOCK WHICH MAY BE ACQUIRED UPON THE
EXERCISE HEREOF ("WARRANT SHARES"), AS OF THE DATE OF ISSUANCE HEREOF, HAS BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER
THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND IN COMPLIANCE WITH ANY
APPLICABLE STATE SECURITIES LAW, OR IN A TRANSACTION WHICH IS EXEMPT FROM
REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

                                                       For the Purchase of 3,571
                                                          shares of Common Stock

No. 0 - 9

                           WARRANT FOR THE PURCHASE OF
                             SHARES OF COMMON STOCK
                          OF MILESTONE SCIENTIFIC INC.
                            (A Delaware corporation)

            Milestone Scientific Inc., a Delaware corporation (the "Company"),
hereby certifies that for value received STRATEGIC RESTRUCTURING PARTNERSHIP LP,
having an address at 1114 Avenue of the Americas, New York, New York 10036, or
registered assigns ("Registered Holder"), is entitled, subject to the terms set
forth below, to purchase from the Company, at any time or from time to time
during the period commencing on January 1, 2000, and ending at 5:00 p.m. on
January 31, 2005, three thousand five hundred and seventy one shares of Common
Stock (subject to adjustment as provided herein), $.001 par value, of the
Company ("Common Stock"), at the following per share purchase prices:

                       Years         Purchase Price
                       2000              $1.75
                       2001              $2.50
                       2002              $5.00
                       2003              $6.00
                     2004 and            $7.00
                   January 2005          $7.00

<PAGE>

The number of shares of Common Stock purchasable upon exercise of this Warrant,
and the purchase price per share, each as adjusted from time to time pursuant to
the provisions of this Warrant, are hereinafter referred to as the "Warrant
Shares" and the "Purchase Price", respectively.

      1. Exercise and Redemption of Warrants.

      Unless the Warrants have been redeemed in accordance with this Section,
the Registered Holder of any Warrant Certificate may exercise the Warrants, in
whole or in part at any time or from time to time at or prior to the close of
business, on the Expiration Date, at which time the Warrant Certificates shall
be and become wholly void and of no value. Warrants may be exercised by their
holders or redeemed by the Company as follows:

      (a) This Warrant may be exercised by Registered Holder, in whole or in
part, by the surrender of this Warrant (with the Notice of Exercise Form
attached hereto as Exhibit I duly executed by Registered Holder) at the
principal office of the Company, or at such other office or agency as the
Company may designate, accompanied by payment in full of an amount equal to the
then applicable Purchase Price multiplied by the number of Warrant Shares then
being purchased upon such exercise.

      (b) Payment may be made either in lawful money of the United States or by
surrender of a Note with a balance of principal plus accrued interest to the
date of surrender equal to or greater than the payment required. If the
principal balance plus accrued interest on the surrendered Notes is greater than
payment required, the Company will promptly pay the difference to the Registered
Holder. Each exercise of this Warrant shall be deemed to have been effected
immediately prior to the close of business on the day on which this Warrant
shall have been surrendered to the Company as provided in subsection l(a) above.
At such time, the person or persons in whose name or names any certificates for
Warrant Shares shall be issuable upon such exercise as provided in subsection
l(c) below shall be deemed to have become the holder or holders of record of the
Warrant Shares represented by such certificates.

      (c) As soon as practicable after the exercise of the purchase right
represented by this Warrant, the Company at its expense will use its best
efforts to cause to be issued in the name of, and delivered to, Registered
Holder, or, subject to the terms and conditions hereof, to such other individual
or entity as Registered Holder (upon payment by Registered Holder of any
applicable transfer taxes) may direct:

                  (i) a certificate or certificates for the number of full
            shares of Warrant Shares to which Registered Holder shall be
            entitled upon such exercise plus, in lieu of any fractional share to
            which

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<PAGE>

            Registered Holder would otherwise be entitled, cash in an amount
            determined pursuant to Section 3 hereof; and

                  (ii) in case such exercise is in part only, a new warrant or
            warrants (dated the date hereof) of like tenor, stating on the face
            or faces thereof the number of shares currently stated on the face
            of this Warrant (subject to adjustment as provided herein) minus the
            number of such shares purchased by Registered Holder upon such
            exercise as provided in subsection l(a) above.

      (d) In case the registered holder of any Warrant certificate shall
exercise fewer than all of the Warrants evidenced by such certificate, the
Company shall promptly countersign and deliver to the registered holder of such
certificate, or to his duly authorized assigns, a new certificate evidencing the
number of Warrants that were not so exercised.

      (e) Each person in whose name any certificate for securities is issued
upon the exercise of Warrants shall for all purposes be deemed to have become
the holder of record of the securities represented thereby as of, and such
certificate shall be dated, the date upon which the Warrant certificate was duly
surrendered in proper form and payment of the Purchase Price (and of any
applicable taxes or other governmental charges) was made; provided, however,
that if the date of such surrender and payment is a date on which the stock
transfer books of the Company are closed, such person shall be deemed to have
become the record holder of such shares as of, and the certificate for such
shares shall be dated, the next succeeding business day on which the stock
transfer books of the Company are open (whether before, on or after the
Expiration Date) and the Company shall be under no duty to deliver the
certificate for such shares until such date. The Company covenants and agrees
that it shall not cause its stock transfer books to be closed for a period of
more than 10 consecutive business days except upon consolidation, merger, sale
of all or substantially all of its assets, dissolution or liquidation or as
otherwise provided by law. The Company shall pay all documentary, stamp or other
transactional taxes attributable to the issuance or delivery of shares upon
exercise of the Warrants.

      (f) All of the outstanding Warrants issued by the Company on the date
hereof may be redeemed in whole but not in part upon 30 days' written notice at
the option of the Company, commencing six months after the date hereof, if, at
the time notice of such redemption is given by the Company as provided in
Paragraph (g), below, the average Daily Price has exceeded 150% of the then
exercise price for the twenty consecutive trading days immediately preceding the
date of such notice, at a price equal to $.05 per Warrant (the "Redemption
Price"), provided, however, the Company shall not redeem any Warrants if the
underlying shares are not then covered by an effective Registration Statement
under the Securities Act of 1933, as amended. For the purpose of the foregoing
sentence, the term "Daily Price" shall mean, for any relevant day, the closing
price on that day (or if there is no closing price the last bid price) as
reported by the

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<PAGE>

principal exchange or quotation system on which prices for the Common Stock are
reported. On the redemption date the holders of record of redeemed Warrants
shall be entitled to payment of the Redemption Price upon surrender of such
redeemed Warrants to the Company at its principal office.

      (g) Notice of redemption of Warrants shall be given at least 30 days prior
to the redemption date by mailing, by registered or certified mail, return
receipt requested, a copy of such notice to all of the holders of record of
Warrants at their respective addresses appearing on the books or transfer
records of the Company or such other address designated in writing by the holder
of record to the Company.

      (h) From and after the redemption date, all rights of the Warrantholders
(except the right to receive the Redemption Price) shall terminate.

      2. Adjustments.

      (a) Split, Subdivision or Combination of Shares. If the outstanding shares
of the Company's Common Stock at any time while this Warrant remains outstanding
and unexpired shall be subdivided or split into a greater number of shares, or a
dividend in Common Stock shall be paid in respect of Common Stock, the Purchase
Price in effect immediately prior to such subdivision or at the record date of
such dividend, simultaneously with the effectiveness of such subdivision or
split or immediately after the record date of such dividend (as the case may
be), shall be proportionately decreased. If the outstanding shares of Common
Stock shall be combined or reverse-split into a smaller number of shares, the
Purchase Price in effect immediately prior to such combination or reverse split,
simultaneously with the effectiveness of such combination or reverse split,
shall be proportionately increased. When any adjustment is required to be made
in the Purchase Price, the number of shares of Warrant Shares purchasable upon
the exercise of this Warrant shall be changed to the number determined by
dividing (i) an amount equal to the number of shares issuable upon the exercise
of this Warrant immediately prior to such adjustment, multiplied by the Purchase
Price in effect immediately prior to such adjustment, by (ii) the Purchase Price
in effect immediately after such adjustment.

      (b) Reclassification, Reorganization, Consolidation or Merger. In the case
of any reclassification of the Common Stock (other than a change in par value or
a subdivision or combination as provided for in subsection 2(a) above), or any
reorganization, consolidation or merger of the Company with or into another
corporation (other than a merger or reorganization with respect to which the
Company is the continuing corporation and which does not result in any
reclassification of the Common Stock), or a transfer of all or substantially all
of the assets of the Company, or the payment of a liquidating distribution then,
as part of any such reorganization, reclassification, consolidation, merger,
sale or liquidating distribution, lawful provision shall be made so that
Registered Holder shall have the right thereafter to receive upon the exercise
hereof, the kind and amount of shares of stock or other securities or property

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<PAGE>

which Registered Holder would have been entitled to receive if, immediately
prior to any such reorganization, reclassification, consolidation, merger, sale
or liquidating distribution, as the case may be, Registered Holder had held the
number of shares of Common Stock which were then purchasable upon the exercise
of this Warrant. In any such case, appropriate adjustment (as reasonably
determined by the Board of Directors of the Company) shall be made in the
application of the provisions set forth herein with respect to the rights and
interests thereafter of Registered Holder such that the provisions set forth in
this Section 2 (including provisions with respect to the Purchase Price) shall
thereafter be applicable, as nearly as is reasonably practicable, in relation to
any shares of stock or other securities or property thereafter deliverable upon
the exercise of this Warrant.

      (c) Price Adjustment. No adjustment in the per share exercise price shall
be required unless such adjustment would require an increase or decrease in the
Purchase Price of at least $0.01, provided, however, that any adjustments which
by reason of this paragraph are not required to be made shall be carried forward
and taken into account in any subsequent adjustment. All calculations under this
Section 2 shall be made to the nearest cent or to the nearest 1/lOOth of a
share, as the case may be.

      (d) Price Reduction. Notwithstanding any other provision set forth in this
Warrant, at any time and from time to time during the period that this Warrant
is exercisable, the Company in its sole discretion may reduce the Purchase Price
or extend the period during which this Warrant is exercisable.

      (e) No Impairment. The Company will not, by amendment of its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company but will at all times in good
faith assist in the carrying out of all the provisions of this Section 2 and in
the taking of all such actions as may be necessary or appropriate in order to
protect against impairment of the rights of Registered Holder to adjustments in
the Purchase Price.

      (f) Notice of Adjustment. Upon any adjustment of the Purchase Price,
number of shares the Warrants are exercisable for, or extension of the Warrant
exercise period, the Company shall forthwith give written notice thereto to
Registered Holder describing the event requiring the adjustment, stating the
adjusted Purchase Price and the adjusted number of shares purchasable upon the
exercise hereof resulting from such event, and setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is
based.

      3. Fractional Shares. The Company shall not be required upon the exercise
of this Warrant to issue any fractional shares, but shall make an adjustment
thereof in

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<PAGE>

cash on the basis of the last sale price of the Warrant Shares on the
over-the-counter market as reported by Nasdaq or on a national securities
exchange on the trading day immediately prior to the date of exercise, whichever
is applicable, or if neither is applicable, then on the basis of the then fair
market value of the Warrant Shares as shall be reasonably determined by the
Board of Directors of the Company.

      4. Limitation on Sales. Each holder of this Warrant acknowledges that this
Warrant and the Warrant Shares, as of the date of original issuance of this
Warrant, have not been registered under the Securities Act of 1933, as amended
("Act"), and agrees not to sell, pledge, distribute, offer for sale, transfer or
otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise
in the absence of (a) an effective registration statement under the Act as to
this Warrant or such Warrant Shares or (b) an opinion of counsel, satisfactory
to the Company, that such registration and qualification are not required. The
Warrant Shares issued upon exercise thereof shall be imprinted with a legend in
substantially the following form:

      "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR APPLICABLE STATE
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED,
HYPOTHECATED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS OR IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE
ACT AND ANY APPLICABLE STATE SECURITIES LAWS."

      5. Certain Dividends. If the Company pays a dividend or makes a
distribution on the Common Stock ("Dividend"), other than a cash dividend or a
stock dividend payable in shares of Common Stock, then the Company will pay or
distribute to Registered Holder, upon the exercise hereof, in addition to the
Warrant Shares purchased upon such exercise, the Dividend which would have been
paid to such Registered Holder if it had been the owner of record of such
Warrant Shares immediately prior to the date on which a record is taken for such
Dividend or, if no record is taken, the date as of which the record holders of
Common Stock entitled to such Dividend are determined.

      6. Registration Rights of Registered Holder. The Company and Registered
Holder have entered into a Registration Rights Agreement, dated the date hereof,
with respect to the Warrant Shares, pursuant to which the Company has agreed to
use its best efforts to prepare and file a Registration Statement under the Act
("Registration Statement") with the Securities and Exchange Commission and in
such states as shall be reasonably specified by Registered Holder registering
for reoffer and resale the Warrant Shares no later than July 15, 2000.

                                       6
<PAGE>

      7. Notices of Record Date. In case:

                  (a) the Company shall take a record of the holders of its
            Common Stock (or other stock or securities at the time deliverable
            upon the exercise of this Warrant) for the purpose of entitling or
            enabling them to receive any dividend or other distribution, or to
            receive any right to subscribe for or purchase any shares of any
            class or any other securities, or to receive any other right, or

                  (b) of any capital reorganization of the Company, any
            reclassification of the capital stock of the Company, any
            consolidation or merger of the Company with or into another
            corporation (other than a consolidation or merger in which the
            Company is the surviving entity), or any transfer of all or
            substantially all of the assets of the Company, or

                  (c) of the voluntary or involuntary dissolution, liquidation
            or winding-up of the Company,

then, and in each such case, the Company will mail or cause to be mailed to
Registered Holder a notice specifying, as the case may be, (i) the date on which
a record is to be taken for the purpose of such dividend, distribution or right,
and stating the amount and character of such dividend, distribution or right, or
(ii) the effective date on which such reorganization, reclassification,
consolidation, merger, transfer, dissolution, liquidation or winding-up is to
take place, and the time, if any is to be fixed, as of which the holders of
record of Common Stock (or such other stock or securities at the time
deliverable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Common Stock (or such other stock or securities) for securities
or other property deliverable upon such reorganization, reclassification,
consolidation, merger, transfer, dissolution, liquidation or winding-up. Such
notice shall be mailed at least twenty (20) days prior to the record date or
effective date for the event specified in such notice, provided that the failure
to mail such notice shall not affect the legality or validity of any such
action.

      8. Reservation of Stock. The Company will at all times reserve and keep
available, solely for issuance and delivery upon the exercise of this Warrant,
such shares of Common Stock and other stock, securities and property, as from
time to time shall be issuable upon the exercise of this Warrant. The Company
shall apply for listing, and obtain such listing, for the Warrant Shares on The
Nasdaq Stock Market and each exchange on which the Common Stock is listed, at
the earliest time that such listing may be obtained in accordance with the rules
and regulations of The Nasdaq Stock Market and the exchange and maintain such
listing until the seventh anniversary of the date of original issuance of this
Warrant. All shares that may be issued upon exercise of this Warrant shall, at
the time of issuance, be duly authorized, fully paid and non-assessable.

                                       7
<PAGE>

      9. Replacement of Warrants. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor. This Warrant is exchangeable for new Warrants (containing
the same terms as this Warrant) each representing the right to purchase such
number of shares as shall be designated by the Registered Holder at the time of
surrender (but not exceeding in the aggregate the remaining number of shares of
Common Stock which may be purchased hereunder.

      10. Participation and Additional Financing. In the event the Company
offers to sell shares of Common Stock, or securities convertible into or
exercisable for Common Stock, at a price per share less than the exercise price
of the Warrants in effect at the time of such proposed sale, other than shares
issued pursuant to employee stock options (the "Offering"), the Purchaser shall
have the right to purchase (the "Purchase Right") in connection with the
Offering, such number of shares of Common Stock as shall equal the product of
(a) the maximum number of shares of Common Stock being offered for sale by the
Company in the Offering and (b) a fraction, the numerator of which is the sum of
(i) the number of shares for which the Warrants held by the Purchaser are then
exercisable and (ii) the number of shares of Common Stock of the Company then
held by the Purchaser and the denominator of which is the total number of shares
of the Company issued and outstanding at such time (without taking into account
the shares of Common Stock being offered in the Offering). The Company shall
give the Purchaser written notice of the Offering and include therein detailed
information concerning the terms of the Offering, including, but not limited to,
the maximum number of shares being offered in the Offering, the purchase price
per share and the maximum number of shares of Common Stock which the Purchaser
has the right to purchase pursuant to this Section 10. The Purchaser shall then
have ten (10) business days within which to notify the Company in writing of its
intention to exercise such Purchaser's Purchase Right and the number of shares
of Common Stock which Purchaser intends to purchase (the "Subject Shares")
pursuant to the Purchase Right. If the Purchaser shall fail to provide the
Company with such written notification, the Company shall have no obligation to
sell, and the Purchaser shall have no right to purchase, any shares of Common
Stock being sold in the Offering. If the Purchaser shall notify the Company of
its intention to exercise such Purchaser's Purchase Right, the Company shall
sell and the Purchaser shall purchase the Subject Shares at such date and time
as shall be mutually agreed to by the parties.

                                       8
<PAGE>

      11. Transfers. etc.

      (a) The Company will maintain a register containing the names and
addresses of Registered Holders. Registered Holder may change its address as
shown on the warrant register by written notice to the Company requesting such
change.

      (b) Until any transfer of this Warrant is made in the warrant register,
the Company may treat Registered Holder as the absolute owner hereof for all
purposes, provided, however, that if and when this Warrant is properly assigned
in blank, the Company may (but shall not be obligated to) treat the bearer
hereof as the absolute owner hereof for all purposes, notwithstanding any notice
to the contrary.

      12. No Rights as Stockholder. Until the exercise of this Warrant,
Registered Holder shall not have or exercise any rights by virtue hereof as a
stockholder of the Company.

      13. Successors. The rights and obligations of the parties to this Warrant
will inure to the benefit of and be binding upon the parties hereto and their
respective heirs, successors, assigns, pledgees, transferees and purchasers.
Without limiting the foregoing, the registration rights set forth in this
Warrant shall inure to the benefit of Registered Holder and Registered Holder's
successors, heirs, pledgees, assignees, transferees and purchasers of this
Warrant and the Warrant Shares.

      14. Change or Waiver. Any term of this Warrant may be changed or waived
only by an instrument in writing signed by the party against which enforcement
of the change or waiver is sought.

      15. Headings. The headings in this Warrant are for purposes of reference
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.

      16. Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of New York as such laws are applied to
contracts made and to be fully performed entirely within that state between
residents of that state.

      17. Jurisdiction and Venue. The Company and Registered Holder (i) agree
that any legal suit, action or proceeding arising out of or relating to this
Warrant shall be instituted exclusively in New York State Supreme Court, County
of New York or in the United States District Court for the Southern District of
New York, (ii) waives any objection to the venue of any such suit, action or
proceeding and the right to assert that such forum is not a convenient forum for
such suit, action or proceeding, and (iii) irrevocably consent to the
jurisdiction of the New York State Supreme Court, County of New York, and the
United States District Court for the Southern District of New York in any such
suit, action or proceeding, and the Company and Registered Holder further agree

                                       9
<PAGE>

to accept and acknowledge service or any and all process which may be served in
any such suit, action or proceeding in New York State Supreme Court, County of
New York or in the United States District Court for the Southern District of New
York and agrees that service of process upon it mailed by certified mail to its
address shall be deemed in every respect effective service of process upon it in
any suit, action or proceeding.

      18. Mailing of Notices. etc. All notices and other communications under
this Warrant (except payment) shall be in writing and shall be sufficiently
given if delivered to the addressees in person, by Federal Express or similar
receipt delivery, by facsimile delivery or, if mailed, postage prepaid, by
certified mail, return receipt requested, as follows:

      to Registered Holder:         Strategic Restructuring Partnership LP
                                    1114 Avenue of the Americas
                                    New York, New York 10036

      to the Company:               Milestone Scientific Inc.
                                    220 South Orange Avenue
                                    Livingston, New Jersey 07039
                                    Attention: Leonard Osser, President
                                    Fax: (201) 535-2829

      with a copy to:               Morse, Zelnick, Rose & Lander LLP
                                    450 Park Avenue
                                    New York, New York 10022
                                    Attention: Stephen Zelnick, Esq.
                                    Fax: (212) 838-9190

or to such other address as any of them, by notice to the other may designate
from time to time. Time shall be counted to, or from, as the case may be, the
delivery in person or by mailing.

Dated: January 31, 2000
                                        MILESTONE SCIENTIFIC INC.

                                     By:_________________________
                                        Leonard Osser, Chairman
                                        and Chief Executive Officer

                                       10
<PAGE>

                                    EXHIBIT I

                               NOTICE OF EXERCISE

TO:   Milestone Scientific Inc.
      220 South Orange Avenue
      Livingston, New Jersey 07039

      1. The undersigned hereby elects to purchase________shares of the Common
Stock of Milestone Scientific Inc., pursuant to terms of the attached Warrant,
and tenders herewith payment of the purchase price of such shares in full,
together with all applicable transfer taxes, if any.

      2. Please issue a certificate or certificates representing said shares of
the Common Stock in the name of the undersigned or in such other name as is
specified below. If the attached Warrant is exercisable for a greater number of
shares than the number set forth in paragraph 1, then please issue another
Warrant in the name of the undersigned or in such other name as is specified
below exercisable for the remaining number of shares.

      3. The undersigned represents that it will sell the shares of Common Stock
pursuant to an effective Registration Statement under the Securities Act of
1933, as amended, or an exemption from registration thereunder.

                                     (Name)

                                     (Address)

                                     (Taxpayer Identification Number)

[print name of Registered Holder]

By:

 Title:

 Date:

                                       11Exhibit 4.10

THIS NOTE 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 NOTE 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.

                            MILESTONE SCIENTIFIC INC.
                       10% SENIOR SECURED PROMISSORY NOTE

$25,000                                                         January 31, 2000
                                                          Livingston, New Jersey

            FOR VALUE RECEIVED, MILESTONE SCIENTIFIC INC., a Delaware
corporation (the "Company" or "Maker") with its principal executive office at
220 South Orange Avenue, Livingston, New Jersey 07039, promises to pay to
STRATEGIC RESTRUCTURING PARTNERSHIP LP, having an address at 1114 Avenue of the
Americas, New York, New York (the "Payee" or the "holder of this Note"), or
registered assigns, the principal amount of TWENTY FIVE THOUSAND DOLLARS
($25,000) in such coin or currency of the United States of America as at the
time of payment shall be legal tender for the payment of public and private
debts, or such other form as shall be acceptable by the Payee in its sole and
absolute discretion together with interest as set forth in Section 1 of this
Note at such times and in such amounts as set forth in Section 2 of this Note,
at Payee's address designated above or at such other place as the Payee shall
have notified the Company in writing at least five (5) days before such payment
is due.

            This Note is one of a series of similar notes (collectively referred
to as the "Notes") issued pursuant to a Purchase Agreement between the Company
and Payee, dated as of January 31, 2000 (the "Agreement"), a copy of which is
available for inspection at the Company's principal office. This Note is
entitled to the benefit of certain terms, conditions, covenants and agreements
contained in the Agreement. Unless otherwise specifically provided herein to the
contrary, capitalized terms used herein shall have the same meaning ascribed to
such terms in the Agreement.

      1. Interest.

            A. Except as otherwise provided in Paragraph B of this Section 1,
interest on the principal amount hereof shall accrue at the rate of 10% per
annum (the "Basic Rate") from

<PAGE>

the date hereof until paid in full. Interest shall be payable semiannually in
arrears on June 15 and December 15 of each year commencing June 15, 2000 (each
such date, an "Interest Payment Date").

            B. (a) If an Event of Default (as defined in the Agreement) shall
have occurred and shall continue while this Note is outstanding, interest on the
unpaid principal balance of this Note shall accrue at a rate equal to the
greater of (i) 3% over the interest rate otherwise then in effect or (ii) the
maximum rate permitted by law (such rate is hereinafter referred to as the
"Default Rate").

                  (b) In the event a registration statement covering any shares
of the Company's Common Stock (as defined below) that may be issued as payment
of interest due on this Note or on exercise of certain warrants being issued
simultaneously with the Notes (collectively, the "Registerable Securities") is
not effective on or before July 15, 2000, in accordance with the terms of a
Registration Rights Agreement between the Company and the Payee, dated even date
herewith, interest on the principal amount hereof shall accrue at the rate of
16% per annum from such date until the earlier of (x) the effective date of a
registration statement covering the Registerable Securities or (y) the date on
which the Registerable Securities are salable pursuant to Rule 144 promulgated
under the Securities Act of 1933, as amended, during a period of not more than
90 days.

            C. Interest as aforesaid shall be calculated on the basis of actual
number of days elapsed over a year of 360 days.

            D. At the option of the Company, interest shall be payable either in
cash or in shares of the Company's common stock, par value $.001 per share (the
"Common Stock"), valued at the average closing bid price per share of Common
Stock for the five trading days ending the day prior to the Interest Payment
Date.

      2. Principal Payments. The Company shall, not later than 30 days after the
end of each calendar quarter, make principal payments on the Notes in an
aggregate amount equal to the number "Wand" equipment units sold during the
preceding calendar quarter multiplied by $77.00 per unit. The aggregate
principal amount payable on the Notes shall be allocated to each Note in the
ratio which the then outstanding balance on each Note bears to the total
outstanding balance of all Notes. The entire remaining outstanding principal
amount of this Note shall be due and payable on the Maturity Date (as defined
below).

      3. Maturity. This Note shall mature, and the entire unpaid principal
amount hereof and all accrued but unpaid interest thereon, shall be due in full
on June 30, 2001 (the "Maturity Date").

      4. Security. This Note is a secured by raw material, work in process and
finished goods inventories and certain proceeds thereof of the Company pursuant
to a Security Agreement dated even date herewith.

                                       2
<PAGE>

      5. Priority. The payment of the entire principal amount of this Note, and
the accrued but unpaid interest hereon, shall be senior in right of payment to
all other indebtedness of the Company whether incurred prior or subsequent to
the date hereof 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%
Convertible Notes.

      6. Events of Default and Remedies.

            A. Events of Default. Each of the following events is herein
referred to as an Event of Default:

                  (i) if any representation or warranty made herein, or in the
Agreement, or in any report, certificate, financial statement or other
instrument furnished in connection with this Note or the Agreement, shall be
false, inaccurate or misleading in any material respect when made or when deemed
made hereunder;

                  (ii) any default in the payment of any principal or interest
hereunder when the same shall be due and payable, whether at the due date
thereof or by acceleration or otherwise;

                  (iii) any material default in the due observance or
performance of any other covenant, condition or agreement to be observed or
performed pursuant to the terms hereof or the Agreement, and the continuance of
such default unremedied for a period of twenty (20) days after written notice
thereof to the Company setting forth in reasonable detail the circumstances of
such Event of Default;

                  (iv) if the Company shall: (A) apply for or consent to the
appointment of a receiver, trustee, custodian or liquidator of it or any of its
properties, (B) admit in writing its inability to pay its debts as they mature,
(C) make a general assignment for the benefit of creditors, (D) be adjudicated a
bankrupt or insolvent or be the subject of an order for relief under Title 11 of
the United States Code, or (E) file a voluntary petition in bankruptcy, or a
petition or an answer seeking reorganization or an arrangement with creditors or
to take advantage or any bankruptcy, reorganization, insolvency, readjustment of
debt, dissolution or liquidation law or statute, or an answer admitting the
material allegations of a petition filed against him or it in any proceeding
under any such law, or (vi) take or permit to be taken any action in furtherance
of or for the purpose of effecting any of the foregoing;

                  (v) if any order, judgment or decree shall be entered, without
the application, approval or consent of the Company, by any court of competent
jurisdiction, approving a petition seeking reorganization of the Company, or
appointing a receiver, trustee, custodian or liquidator of any of the Company,
or of all or any substantial part of its assets, and such order, judgment or
decree shall continue unstayed and in effect for any period of sixty (60)
consecutive days;

                                       3
<PAGE>

                  (vi) there shall be a default (taking into account lapse of
notice, written notice to the Company or both) under any bond, debenture, note
or other evidence of indebtedness for money borrowed or under any mortgage,
indenture or other instrument under which there may be issued or by which there
may be secured or evidenced any indebtedness for money borrowed by the Company,
whether existing on the date hereof or created subsequent to the date hereof,
which default relates to the obligation to pay the principal of or interest on
any such indebtedness and the effect of such default is to cause such
indebtedness to become due prior to its stated maturity; or

                  (vii) if final judgment(s) for the payment of money in excess
of $200,000 individually or $250,000 in the aggregate shall be rendered against
the Company, and the same shall remain undischarged or unbonded for a period of
thirty (30) consecutive days, during which execution shall not be effectively
stayed.

            B. Remedies. Upon the occurrence of any Event of Default, and at all
times thereafter during the continuance thereof: (i) this Note shall, at the
option of the holder thereof, in accordance with Section 13.11 of the Agreement
(except in the case of Sections 7(A)(iv) and (v) hereof, the occurrence of which
shall automatically effect acceleration, regardless of any action or forbearance
in respect of any prior or ongoing default or event of default which may be
inconsistent with such automatic acceleration), become immediately due and
payable, both as to principal, interest and premium, without presentment,
demand, protest or notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the Agreement to the contrary notwithstanding,
(ii) all outstanding obligations under this Note, and all other outstanding
obligations on which the applicable interest rate is determined by reference to
the interest rate under this Note, shall bear interest at the default rate of
interest provided herein, (iii) the holder of this Note may file suit against
the Company on the Note and/or seek specific performance or injunctive relief
hereunder (whether or not a remedy exists at law or is adequate), (iv) the
holder of this Note shall have the right, in accordance with this Note to
exercise any and all remedies as such holder may determine in such holder's
discretion (without any requirement of marshalling of assets, or other such
requirement).

      7. Miscellaneous.

            A. Parties in Interest. All covenants, agreements and undertakings
in this Note binding upon the Company or the Payee shall bind and inure to the
benefit of the permitted successors and assigns of the Company and the Payee,
respectively, whether so expressed or not. Any transferee or transferees of this
Note, by their acceptance hereof, assume the obligations of the Payee in the
Agreement with respect to the conditions and procedures for transfer of this
Note.

            B. Notices. All notices, requests, consents and demands shall be
given or made, and shall become effective, in accordance with the Agreement
executed by the Payee and the Company.

            C. Construction. This Note shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of New York and

                                       4
<PAGE>

any applicable laws of the United States of America, without giving effect to
the conflicts or choice of law principles thereof.

            D. Enforceability. Maker acknowledges that this Note and Maker's
obligations hereunder are and shall at all times continue to be absolute and
unconditional in all respects, and shall at all times be valid and enforceable
irrespective of any other agreements or circumstances of any nature whatsoever
which might otherwise constitute a defense to this Note and the obligations of
Maker evidenced hereby, unless otherwise expressly evidenced in a writing duly
executed by the holder hereof.

            E. Payment. If the date for any payment due hereunder would
otherwise fall on a day which is not a Business Day, such payment or expiration
date shall be extended to the next following Business Day with interest payable
at the applicable rate specified herein during such extension. "Business Day"
shall mean any day other than a Saturday, Sunday, or any day which shall be in
the City of New York a legal holiday or a day on which banking institutions are
authorized by law to close.

            F. Waiver and Set-off. Maker hereby waives diligence, presentment,
demand, protest and notice of any kind whatsoever. The nonexercise by Payee of
any of its rights hereunder in any particular instance shall not constitute a
waiver thereof in that or any subsequent instance. The Payee, in addition to any
other right available to it under applicable law, shall have the right, at its
option, to immediately set off against this Note any monies owed by the Payee in
any capacity to Maker, whether or not due, upon the occurrence of any Event of
Default, even though such charge is made or entered on the books of Payee
subsequent to those events.

            G. Lost Documents. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note or
any Note exchanged for it, and (i) in the case of loss, theft or destruction, of
indemnity satisfactory to it and (ii) in the case of mutilation, of surrender
for cancellation of such Note, and, in any case, upon reimbursement to the
Company of all reasonable expenses incidental thereto, the Company will make and
deliver in lieu of such Note a new Note of like tenor and principal amount and
dated as of the original date of this Note.

                                       5
<PAGE>

      IN WITNESS WHEREOF, this Note has been executed and delivered on the date
specified above by the duly authorized representative of the Company.

                                    MILESTONE SCIENTIFIC INC.

                                    by: _____________________________
                                          Leonard Osser, Chairman and
                                          Chief Executive Officer

                                       6

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