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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000899140-03-000918.txt : 20031105
<SEC-HEADER>0000899140-03-000918.hdr.sgml : 20031105
<ACCEPTANCE-DATETIME>20031105095030
ACCESSION NUMBER:		0000899140-03-000918
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031103
FILED AS OF DATE:		20031105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WALLACH ANDREW W
		CENTRAL INDEX KEY:			0001266162

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14053
		FILM NUMBER:		03977994

	BUSINESS ADDRESS:	
		STREET 1:		CUMBER ASSOCIATES LLC
		STREET 2:		1114 AVENUE OF TYHE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILESTONE SCIENTIFIC INC/NJ
		CENTRAL INDEX KEY:			0000855683
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				133545623
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		220 S ORANGE AVE
		STREET 2:		LIVINGSTON CORPORATE PARK
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039
		BUSINESS PHONE:		2013793171

	MAIL ADDRESS:	
		STREET 1:		44 KEAN ROAD
		STREET 2:		220 SOUTH ORANGE AVE
		CITY:			LIVINGSTON
		STATE:			NJ
		ZIP:			07039

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	U S OPPORTUNITY SEARCH INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wallach_milestone4-110503ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-11-03</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000855683</issuerCik>
        <issuerName>MILESTONE SCIENTIFIC INC/NJ</issuerName>
        <issuerTradingSymbol>MS</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001266162</rptOwnerCik>
            <rptOwnerName>WALLACH ANDREW W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2>1114 AVENUE OF THE AMERICAS</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, par value $.001 per share</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-03</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>182308</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F2"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1980775</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>Indirect Nature Required</value>
            <footnoteId id="F3"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> Received from Milestone Scientific, Inc. (the &quot;Issuer&quot;) as consideration for the agreement of Cumberland Associates LLC (&quot;Cumberland&quot;) to a one-year extension of the term of certain promissory notes of the Issuer held by Cumberland.</footnote>

      <footnote id="F2"> Consideration for the shares of Common Stock was Cumberland's agreement to a one-year extension of the term of certain promissory notes of the Issuer held by Cumberland.</footnote>

      <footnote id="F3"> The reporting person is a member of Cumberland Associates LLC, a limited liability company organized under the laws of the State of New York which is engaged in the business of managing on a discretionary basis, various securities accounts. Cumberland Associates received these Securities on behalf of one or more of the accounts (the &quot;Accounts&quot;), and the reporting person disclaims beneficial membership of these Securities except to the extent of his share in Cumberland Associates' indirect pecuniary interest therein, which pecuniary interest, if any, is limited to incentive fees and/or allocations payable to Cumberland Associates based on a percentage of realized and/or unrealized gains with respect to these Securities held in the Accounts.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/</signatureName>
      <signatureDate>2003-11-05</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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