UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8

                             REGISTRATION STATEMENT
                        UNDER THE SECURITIES ACT OF 1933

                            MILESTONE SCIENTIFIC INC.
                            -------------------------

             (Exact name of registrant as specified in its charter)


         Delaware                                                13-3545623
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                             220 South Orange Avenue
                            Livingston Corporate Park
                          Livingston, New Jersey 07039
            --------------------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)


                             2004 Stock Option Plan
            --------------------------------------------------------
                            (Full title of the plan)

                                  Leonard Osser
                            Milestone Scientific Inc.
                             220 South Orange Avenue
                            Livingston Corporate Park
                          Livingston, New Jersey 07039
            ---------------------------------------------------------
                     (Name and address of agent for service)

                                  (973)535-2717
          -------------------------------------------------------------
          (Telephone number, including area code, of agent for service)






                                                      PROPOSED
          TITLE OF                                    MAXIMUM           PROPOSED MAXIMUM      AMOUNT OF
      SECURITIES TO BE          AMOUNT TO BE     OFFERING PRICE PER    AGGREGATE OFFERING   REGISTRATION
         REGISTERED             REGISTERED(1)         SHARE                   PRICE             FEE
      -----------------         -------------    -------------------   ------------------   ------------
                                                                                
Common Stock, ($0.001 par
value per share) issuable
pursuant to options that
have not been approved by
stockholders                       51,665      $       7.50     (2)    $       387,487.50  $       41.46
                                   50,000      $       3.60     (2)    $          180,000  $       19.26
                                   11,666      $       3.75     (2)    $        43,747.50  $        4.68
                                    1,133      $       2.40     (2)    $         2,719.20  $        0.29
                                  160,000      $       3.26     (2)    $          521,600  $       55.81
                                   40,000      $       2.25     (2)    $           90,000  $        9.63
                                   59,668      $       4.92     (2)    $       293,566.56  $       31.41
                                   16,666      $       1.77     (2)    $        29,498.82  $        3.16
                                    8,333      $       2.46     (2)    $        20,499.18  $        2.19
                                    8,333      $       1.50     (2)    $        12,499.50  $        1.34

Common Stock, ($0.001 par
value per share) issuable
pursuant to options granted
or to be granted under the
2004 Stock Option Plan             60,000      $       1.40     (2)    $           84,000  $        8.99
                                   87,000      $       1.25     (2)    $          108,750  $       11.64
                                  353,000      $       0.97     (3)    $          342,410  $       36.64
Common Stock, ($0.001 par
value per share) issuable
pursuant to the 2006 Plan         300,000      $       0.97     (3)    $          291,000  $       31.14

TOTAL                                                                  $     2,407,778.26  $      257.63


----------------------
(1)      In accordance with Rule 416 under the Securities Act of 1933, as
         amended, this registration statement shall be deemed to cover any
         additional securities that may from time to time be offered or issued
         to prevent dilution resulting from stock splits, stock dividends or
         similar transactions.
(2)      Estimated solely for the purpose of calculating the registration fee in
         accordance with Rule 457(h) of the Securities Act of 1933, as amended.
         The price per share and aggregate offering price are calculated on the
         basis of the exercise price of the shares subject to outstanding stock
         option grants.
(3)      Estimated solely for the purpose of calculating the registration fee in
         accordance with Rule 457(h) of the Securities Act of 1933, as amended.
         The price per share and aggregate offering price are calculated on the
         basis of the average of the high and low price of the Registrant's
         Common Stock on May 17, 2006, as reported on the American Stock
         Exchange.

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                                     PART I
              INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

         ITEM 1. PLAN INFORMATION.

         The information required by Item 1 is included in documents sent or
given to participants in the plans covered by this registration statement
pursuant to Rule 428(b)(1) of the Securities Act of 1933, as amended (the
"Securities Act").

         ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.

         The written statement required by Item 2 is included in documents sent
or given to participants in the plans covered by this registration statement
pursuant to Rule 428(b)(1) of the Securities Act.

                                     PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

         ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.

         The registrant is subject to the informational and reporting
requirements of Sections 13(a), 14, and 15(d) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and in accordance therewith files
reports, proxy statements and other information with the Securities and Exchange
Commission (the "Commission"). The following documents, which are on file with
the Commission, are incorporated in this registration statement by reference:

      (a) The registrant's latest annual report filed pursuant to Section 13(a)
or 15(d) of the Exchange Act or the latest prospectus filed pursuant to Rule
424(b) under the Securities Act that contains audited financial statements for
the registrant's latest fiscal year for which such statements have been filed.

      (b) All other reports filed pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the document referred
to in (a) above.

      (c) The description of the securities contained in the registrant's
registration statement on Form 8-A filed under the Exchange Act, including any
amendment or report filed for the purpose of updating such description.

         All documents subsequently filed by the registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered hereby have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in this registration statement and to be
part hereof from the date of the filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for the purposes of this
registration statement to the extent that a statement contained herein or in any
other subsequently filed document which also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this registration statement.

         ITEM 4. DESCRIPTION OF SECURITIES.

         Not applicable.

         ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.

         Morse, Zelnick, Rose & Lander LLP has opined as to the legality of the
securities being offered by this registration statement.



         ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.

Sections 145 of the Delaware General Corporation Law grants to the Company the
power to indemnify the officers and directors of the Company, under certain
circumstances and subject to certain conditions and limitations as stated
therein, against all expenses and liabilities incurred by or imposed upon them
as a result of suits brought against them as such officers and directors if they
act in good faith and in a manner they reasonably believe to be in or not
opposed to the best interests of the Company and, with respect to any criminal
action or proceeding, have no reasonable cause to believe their conduct was
unlawful.

      The Company's certificate of incorporation provides as follows:

      "NINTH: A director of the Corporation shall not be personally liable to
the Corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (i) for any breach of the director's
duty of loyalty to the Corporation or its stockholders, (ii) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing
violation of law, (iii) under Section 174 of the Delaware General Corporation
Law, or (iv) for any transaction from which the director derived an improper
personal benefit.

      TENTH: (a) Right to Indemnification. Each person who was or is made a
party or is threatened to be made a party to or is involved in any action, suit
or proceeding, whether civil, criminal, administrative or investigative
(hereinafter a "proceeding"), by reason of the fact that he or she, or a person
of whom he or she is the legal representative, is or was a director or officer,
of the Corporation or is or was serving at the request of the Corporation as a
director, officer, employee or agent of another corporation or of a partnership,
joint venture, trust or other enterprise, including service with respect to
employee benefit plans, whether the basis of such proceeding is alleged action
in an official capacity as a director, officer, employee or agent or in any
other capacity while serving as a director, officer, employee or agent, shall be
indemnified and held harmless by the Corporation to the fullest extent
authorized by the General Corporation Law, as the same exists or may hereafter
be amended (but, in the case of any such amendment, only to the extent that such
amendment permits the Corporation to provide broader indemnification rights than
said law permitted the Corporation to provide prior to such amendment), against
all expense, liability and loss (including attorneys' fees, judgments, fines,
ERISA excise taxes or penalties and amounts paid or to be paid in settlement)
reasonably incurred or suffered by such person in connection therewith and such
indemnification shall continue as to a person who has ceased to be a director,
officer, employee or agent and shall inure to the benefit of his or her heirs,
executors and administrators; provided, however, that, except as provided in
paragraph (b) hereof, the Corporation shall indemnify any such person seeking
indemnification in connection with a proceeding (or part thereof) initiated by
such person only if such proceeding (or part thereof) was authorized by the
Board of Directors of the Corporation. The right to indemnification conferred in
this Section shall be a contract right and shall include the right to be paid by
the Corporation the expenses incurred in defending any such proceeding in
advance of its final disposition; provided, however, that, if the General
Corporation Law requires, the payment of such expenses incurred by a director or
officer (in his or her capacity as a director or officer and not in any other
capacity in which service was or is rendered by such person while a director or
officer, including, without limitation, service to an employee benefit plan) in
advance of the final disposition of a proceeding, shall be made only upon
delivery to the Corporation of an undertaking, by or on behalf of such director
or officer, to repay all amounts so advanced if it shall ultimately be
determined that such director or officer is not entitled to be indemnified under
this Section or otherwise. The Corporation may, by action of its Board of
Directors, provide indemnification to employees and agents of the Corporation
with the same scope and effect as the foregoing indemnification of directors and
officers.

      (b) Right of Claimant to Bring Suit. If a claim under paragraph (a) of
this Section is not paid in full by the Corporation within thirty days after a
written claim has been received by the Corporation, the claimant may at any time
thereafter bring suit against the Corporation to recover the unpaid amount of
the claim and, if successful in whole or in part, the claimant shall be entitled
to be paid also the expense of prosecuting such claim. It shall be a defense to
any such action (other than an action brought to enforce a claim for expenses
incurred in defending any proceeding in advance of its final disposition where
the required undertaking, if any is required, has been tendered to the
Corporation) that the claimant has not met the standards of conduct which make
it permissible under the General Corporation Law for the Corporation to
indemnify the claimant for the amount claimed, but the burden of proving such
defense shall be on the Corporation. Neither the failure of the Corporation
(including its Board of Directors, independent legal counsel, or its
stockholders) to have made a determination prior to the commencement of such
action that indemnification of the claimant is proper in the circumstances
because he or she has met the applicable standard of conduct set forth in the
General Corporation Law, nor an actual determination by the Corporation
(including its Board of Directors, independent legal counsel, or its
stockholders) that the claimant has not met such applicable standard or conduct,
shall be a defense to the action or create a presumption that the claimant has
not met the applicable standard of conduct.



      (c) Non-Exclusivity of Rights. The right to indemnification and the
payment of expenses incurred in defending a proceeding in advance of its final
disposition conferred in this Section shall not be exclusive of any other right
which any person may have or hereafter acquire under any statute, provision of
the Certificate of Incorporation, by-law, agreement, vote of stockholders or
disinterested directors or otherwise.

      (d) Insurance. The Corporation may maintain insurance, at its expense, to
protect itself and any director, officer, employee or agent of the Corporation
or another corporation, partnership, joint venture, trust or other enterprise
against any such expense, liability or loss, whether or not the Corporation
would have the power to indemnify such person against such expense, liability or
loss under the General Corporation Law."

         ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.

         Not applicable.

         ITEM 8. EXHIBITS.

         The Exhibit Index immediately preceding the exhibits is incorporated
herein by reference.

         ITEM 9. UNDERTAKINGS.

         The undersigned registrant hereby undertakes:

                  (1) To file, during any period in which offers or sales are
         being made, a post-effective amendment to this registration statement:

                           (i)  To include any prospectus required by
         Section 10(a)(3) of the Securities Act;

                           (ii) To reflect in the prospectus any facts or events
         arising after the effective date of the registration statement (or the
         most recent post-effective amendment thereof) which, individually or in
         the aggregate, represent a fundamental change in the information set
         forth in the registration statement; and

                           (iii) To include any material information with
         respect to the plan of distribution not previously disclosed in the
         registration statement or any material change to such information in
         the registration statement;

         provided, however, that paragraphs (i) and (ii) do not apply if the
         information required to be included in a post-effective amendment by
         those paragraphs is contained in periodic reports filed with or
         furnished to the Commission by the registrant pursuant to Section 13 or
         Section 15(d) of the Exchange Act that are incorporated by reference in
         the registration statement.

                  (2) That, for the purpose of determining any liability under
         the Securities Act, each such post-effective amendment shall be deemed
         to be a new registration statement relating to the securities offered
         therein, and the offering of such securities at that time shall be
         deemed to be the initial bona fide offering thereof.



                  (3) To remove from registration by means of a post-effective
         amendment any of the securities being registered which remain unsold at
         the termination of the offering.

         Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

         The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.


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                                   SIGNATURES

         Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Livingston, State of New Jersey on this 18th day of
May, 2006.

                                             MILESTONE SCIENTIFIC INC.

                                             By: /s/ Leonard Osser
                                                 ------------------------------
                                                 Leonard Osser
                                                 Chief Executive Officer


                        POWER OF ATTORNEY AND SIGNATURES

         We, the undersigned officers and directors of Milestone Scientific
Inc., hereby appoint Stephen Zelnick, our true and lawful attorney with full
power to him, to sign for us and in our names in the capacities indicated below,
the registration statement on Form S-8 filed herewith and any and all subsequent
amendments to said registration statement, and generally to do all such things
in our names and on our behalf in our capacities as officers and directors to
enable Milestone Scientific Inc. to comply with the provisions of the Securities
Act of 1933, as amended, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming our signatures as they may be signed
by our said attorney, to said registration statement and any and all amendments
thereto.

         Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on this 18th day of May, 2006.



SIGNATURE                                                                  TITLE
------------------------------------------------  ---------------------------------------------------------
                                               
                                                  Chief Executive Officer
/s/ Leonard Osser                                 (Principal Executive Officer)
------------------------------------------------
Leonard Osser

                                                  Chief Financial Officer (Principal Financial Officer
/s/ Rosaline Shau                                 and Principal Accounting Officer)
------------------------------------------------
Rosaline Shau

/s/ Leonard Schiller                              Director
------------------------------------------------
Leonard Schiller

/s/ Jeffrey Fuller                                Director
------------------------------------------------
Jeffrey Fuller

/s/ Leslie Bernhard                               Director
------------------------------------------------
Leslie Bernhard


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         Certain of the following exhibits were filed as Exhibits to previous
filings filed by the registrant under the Securities Act of 1933, as amended, or
reports filed under the Securities and Exchange Act of 1934, as amended, and are
hereby incorporated by reference.


                                INDEX TO EXHIBITS

NUMBER                             DESCRIPTION
---------  ---------------------------------------------------------------------
4.1        Specimen stock certificate(1)
4.2        Form of warrant agreement, including form of warrant(2)
5.1        Opinion of Morse, Zelnick, Rose & Lander, counsel to the Registrant
23.1       Consent of Morse, Zelnick, Rose & Lander (included in Exhibit 5.1)
23.2       Consent of Eisner LLP, Independent Registered Public Accounting Firm
24.1       Power of attorney (included on the signature pages of this
           registration statement)

(1)  Incorporated by reference to Amendment No. 1 to Milestone's Registration
     Statement on Form SB-2 No. 333-92324.

(2)  Incorporated by reference to Milestone's Registration Statement on Form
     S-2 No. 333-110367, Amendment No. 5.