Document:

Exhibit 4.33

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

                                                     For the Purchase of 614,183
                                                          shares of Common Stock

No.

                           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 LEONARD OSSER, having an address at c/o
44 Kean Road, Short Hills, NJ 07078, 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 4, 2002, and ending at 5:00 p.m. on January 31, 2007, six hundred
fourteen thousand one hundred eighty three 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:

                         Exercise Date                   Purchase Price
                        through 01/31/03                    $0.80
                thereafter and through 01/31/04             $1.00
                thereafter and through 01/31/07             $2.00

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.

<PAGE>

      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 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

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<PAGE>

            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 $3.00 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 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

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<PAGE>

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
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

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<PAGE>

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/l00th 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 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.

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<PAGE>

      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 SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE SOLD,
      TRANSFERRED, HYPOTHECATED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE ACT OR IN A TRANSACTION WHICH IS EXEMPT
      FROM REGISTRATION UNDER THE ACT."

      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.

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

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<PAGE>

            (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.

      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.

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<PAGE>

      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.

      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.

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<PAGE>

      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
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:     Leonard Osser

                                c/o Milestone Scientific Inc.
                                220 South Orange Avenue
                                Livingston, New Jersey 07039

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<PAGE>

      to the Company:           Milestone Scientific Inc.
                                220 South Orange Avenue
                                Livingston, New Jersey 07039
                                Attention: Leonard Osser, President
                                Fax: (973) 535-2829

      with a copy to:           Morse, Zelnick, Rose & Lander, LLP
                                450 Park Avenue, Suite 902
                                New York, New York 10022
                                Attention: Stephen A. 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: December 28, 2001
                                                   MILESTONE SCIENTIFIC INC.

                                               By: /s/ Thomas M. Stuckey
                                                  ------------------------------
                                                      Thomas M. Stuckey

                                                       Chief Financial Officer

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<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 4.34

                               PURCHASE AGREEMENT

      PURCHASE AGREEMENT (this "Agreement") is made as of February 19, 2002
between MILESTONE SCIENTIFIC INC., a Delaware corporation, with its principal
offices at 220 South Orange Avenue, Livingston, New Jersey 07039 (the
"Company"), and K. Tucker Andersen having an address c/o Cumberland Associates
LLC, 1114 Avenue of the Americas, New York, New York 10036 (the "Purchaser").

      WHEREAS, the Company desires to sell to Purchaser and Purchaser desires to
purchase from the Company $150,000 face amount of its 8% Promissory Notes (the
"Notes"), substantially in the form annexed hereto as Exhibit A.

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

      1. Purchase and Sale of Notes.

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

            (b) The purchase price for the Notes shall be $150,000 (the
"Purchase Price"). The Purchase Price is payable by check made payable to the
Company or by wire transfer of funds, contemporaneously with the execution and
delivery of this Agreement. The Notes being purchased by Purchaser will be
delivered by the Company on the Closing Date (as defined below).

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

      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:

            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

<PAGE>

      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 Authorization. The execution, delivery and performance by the
      Company of its obligations under this Agreement, other than the issuance
      of stock in payment of principal or interest, has been duly authorized by
      all requisite corporate action and the issuance of any stock in payment of
      principal or interest will be duly authorized prior to any such issuance,
      and in either case, 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. When issued, the Notes
      will be the legal and binding obligations of the Company enforceable in
      accordance with their terms. The shares of Common Stock issuable in
      respect of principal and interest payable on the Notes or upon Mandatory
      Conversion of the Notes (as defined in the Notes) have been duly
      authorized and reserved for issuance and, when issued, 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.

            4.3 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 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,

                                       2
<PAGE>

      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.

            4.4 Securities Law Exemption. Assuming the accuracy of Purchaser's
      representations and warranties set forth herein, the sale of the Notes
      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.

            4.5 Use of Proceeds. The proceeds from the sale of the Notes will be
      used for working capital and general corporate purposes.

            4.6 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 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.

            5.3 Investment. Purchaser acknowledges that this offering of Notes
      have not been reviewed by the United States Securities and Exchange
      Commission ("SEC") and that the sale of the Notes 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 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 or the shares of the Common Stock issuable in
      payment of principal and interest on the Notes or upon Mandatory
      Conversion of the Notes (as defined in the Notes), unless such

                                       3
<PAGE>

      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 nor the shares of Common Stock issuable
      upon in payment of principal and interest on the Notes nor the shares of
      Common Stock issuable upon Mandatory Conversion of the Notes (as defined
      in the Notes) 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.

            5.4 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.

            5.5 Speculative Nature of Investment. Purchaser acknowledges that
      the purchase of the Notes 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 the Notes; (ii) Purchaser may not be able to
      liquidate his investment; (iii) transferability of the Notes and the
      shares of Common Stock issuable in payment of principal and interest on
      the Notes and upon Mandatory Conversion of the Notes (as defined in the
      Notes) is extremely limited; and (iv) Purchaser could sustain the loss of
      his entire investment.

            5.6 Legends. Purchaser consents to the placement of a legend on the
      Notes and shares of Common Stock issued in payment of interest on the
      Notes and upon Mandatory Conversion of the Notes (as defined in the
      Notes), provided they are not then covered by an effective Registration
      Statement, all as set forth in Section 6 of this Agreement.

            5.7 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.

                                       4
<PAGE>

            5.8 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 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
      FEBRUARY 19, 2002, A COPY OF WHICH IS ON FILE AT THE EXECUTIVE OFFICES OF
      MILESTONE SCIENTIFIC INC.

      7. Registration Rights. If the Company issues any shares of Common Stock
to Purchaser, either in payment of principal and/or interest on the Notes or
upon the Mandatory Conversion of the Notes (as defined in the Notes), then the
Company, as soon as practicable thereafter, will prepare and file with the
Securities and Exchange Commission a registration statement on Form S-3 with
respect to such securities and use its reasonable best efforts to cause such
registration statement to become and remain effective for the period of the
distribution contemplated thereby.

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

                  9.1 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

                                       5
<PAGE>

            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.

                  9.2 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.

                  9.3 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.

                  9.4 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 or any default of the Company under any
            agreement or instrument to which it is a party.

                  9.5 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.

                  9.6 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.

                  9.7 Stock to be Reserved. The Company covenants that all
            shares of Common Stock that may be issued in respect of principal
            and interest payable on the Notes or upon Mandatory Conversion of
            the Notes (as defined in the Notes),

                                       6
<PAGE>

            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 Notes are outstanding it will at all times have authorized
            and reserved a sufficient number of shares of Common Stock to permit
            the conversion of the Notes.

      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.

            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 Purchaser. The
obligations of the Purchaser under this Agreement is subject to the satisfaction
at the Closing of each of the following conditions; provided, however, that the
Purchaser may, in 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

                                       7
<PAGE>

      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 Purchase Permitted by Applicable Laws. The purchase of and
      payment for the Notes 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 holder of the Notes to any tax, penalty or liability under any
      applicable law or governmental regulation.

      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. 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.

                                       8
<PAGE>

            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 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. Expenses. Each party hereto shall pay all of its own fees and
      expenses in connection with the transactions contemplated hereby.

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

                                              MILESTONE SCIENTIFIC INC.

                                                   By: /s/ Leonard Osser
                                                       -------------------------
                                                   Leonard Osser, Chairman and
                                                   Chief Executive Officer

                                                   By: /s/ K. TUCKER ANDERSEN
                                                       -------------------------
                                                   K. TUCKER ANDERSEN

                                       9
<PAGE>

                                    EXHIBIT A

                            FORM OF 8% PROMISORY NOTE

                                       10

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