Rule 424(b)(3) and (c)
                                                   Commission File No. 333-54732

PROSPECTUS SUPPLEMENT

                            MILESTONE SCIENTIFIC INC.

                                2,275,000 shares
                                       of
                                  Common Stock

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      The following information supplements and amends the Prospectus of
Milestone Scientific Inc. ("Milestone") dated May 5, 2001, as amended in a
Post-Effective Amendment filed with the Securities and Exchange Commission on
September 16, 2003, relating to the issuance of 2,275,000 shares of Milestone's
common stock. This Supplement should be read in conjunction with that Prospectus
and Post-Effective Amendment.

      On October 3, 2003, Milestone issued its first drawdown notice to
Hillgreen Investment Limited ("Hillgreen"), under the Private Equity Line of
Credit Agreement delivered and effective on January 19, 2001, evidencing an
equity line agreement between Milestone and Hillgreen. This notice offered to
sell up to U.S. $200,000 in aggregate traded value of Milestone common shares to
Hillgreen under the pricing formula set forth in the equity line agreement,
during the two consecutive ten trading day pricing periods commencing on October
7, 2003 and ending on November 3, 2003 at no less than a traded value of U.S.
$1.05 per share. Pursuant to the calculations done at the end of each of the
first and second pricing periods, Milestone issued 101,829 shares of common
stock to Hillgreen in consideration for $200,000 in the first drawdown.

      On November 10, 2003, Milestone issued its second drawdown notice to
Hillgreen. This notice offered to sell up to U.S. $300,000 in aggregate traded
value of Milestone common shares to Hillgreen under the pricing formula set
forth in the equity line agreement, during the two consecutive ten trading day
pricing periods commencing on November 11, 2003 at no less than a traded value
of U.S. $1.85 per share. Pursuant to the calculation done at the end of the
first pricing period, Milestone issued 17,011 shares of common stock to
Hillgreen in consideration for $30,000 in this first part of the second
drawdown.


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           The date of this Prospectus Supplement is November 26, 2003