Company advances commercialization of Securegard smart safety syringe product line
through qualification programs with a major medical device company
Production of prefilled syringe products will begin in the fourth quarter of 2023
to support the co-manufacturing agreement with Nephron Pharmaceuticals
NEW YORK, July 06, 2023 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (the “Company”) (NASDAQ: “STSS” and “STSSW”), an innovative medical device and drug delivery Company offering patented, best-in-class syringe products, announces an update on commercialization activities and is highlighted in Med Tech Outlook feature article.
Med Tech Outlook named Sharps Technology, Inc. the “Top Safety Syringe Manufacturer in 2023” and featured the Company in a cover article in the July edition of the publication, which can be found HERE. The article, entitled "Sharps Technology, Inc.: Modernizing Drug Delivery with Novel Safety Syringe System Innovations", reviews the Company's technology offerings, transformative partnership with Nephron Pharmaceuticals, its next generation polymer-based prefillable syringe systems, and strategy forward with commercialization. Sharps was privately founded in 2017 with a vision to develop innovative drug delivery technology, and the Company is now advancing its products from research and development to commercial sales that are expected to launch in 2023.
Sharps has entered into an agreement with a major medical device company that will begin the qualification process for its smart safety syringe technology to help drive commercial revenue in 2023. The agreement will begin with 1ml and 3ml Securegard product line and will be followed by Sologard® vial-draw products for larger volume drug applications. The Company’s Securegard smart safety syringe platform will benefit healthcare workers through a combination of active safety systems, providing ultra-low waste technology with re-use prevention, and the ability to reduce medical container waste. The agreement will allow for the opportunity to create secondary sales agreements with additional key hospital networks as part of the qualification work.
In preparation for the commercialization of the Company’s next-generation polymer-based prefilled syringe systems, Sharps will begin production of the introductory products in the fourth quarter of 2023. This work will be the first efforts to support the co-manufacturing agreement between Sharps and Nephron at the prefilled syringe Inject-EZ operation in Columbia, South Carolina. Products will include 10ml and 50ml configurations designed to support the 503B programs at Nephron as well as the demand from other drug fill-finish companies. The 10ml and 50ml products have specific features and advantages that will benefit these pharmaceutical filling companies that produce products in support of the drug shortage programs defined by the FDA and U.S. government.
“As we advance our commercialization strategy for Sharps’ specialty syringe systems, we are at a pivotal time in the Company’s history,” commented Robert Hayes, Sharps Technology CEO. “We are committed to launching our line of Securegard products and commencing the manufacturing of next-generation polymer-based prefilled systems in 2023, which will transform the Company. The qualification process is underway for Securegard at a large medical device company, and we look forward to providing updates as the product advances through the confirmation process. Sharps’ specialty polymer-based prefilled products will be manufactured in the U.S. at Nephron’s facility in Columbia, South Carolina. It is a significant milestone for Sharps to have the ability to have manufacturing capacity in the U.S. that will produce prefilled syringes to support both the healthcare industry and the Company’s growth.”
About Sharps Technology
Sharps Technology is a medical device and pharmaceutical packaging company specializing in the development and manufacturing of innovative drug delivery systems. The Company’s product lines focus on low waste and ultra-low waste syringe technologies that incorporate both passive and active safety features. These features protect front line healthcare workers from life-threatening needle stick injuries and protect the public from needle re-use. Sharps Technology has extensive expertise in specialized prefilled syringe systems and ready to use processing. The Company has a manufacturing facility in Hungary and has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the U.S. For additional information, please visit www.sharpstechnology.com.
Forward-Looking Statements:
This press release contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity, and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance, or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Investor Relations:
US Investor Relations:
Adam Holdsworth, Managing Director
TraDigital IR
adam@tradigitalir.com
