NEW YORK, June 14, 2024 (GLOBE NEWSWIRE) -- Sharps Technology, Inc., (NASDAQ: “STSS” and “STSSW”), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, is pleased to invite investors to a webinar on June 18, 2024, at 4:15 p.m. ET.
The exclusive event, hosted by RedChip Companies, will feature Robert Hayes, CEO of Sharps Technology, who will share insight into the Company’s recent Asset Purchase Agreement and accompanying five-year, $200 million syringe Sales Agreement with Nephron.
Upon closing the asset acquisition, anticipated within 45 days, Sharps Technology will immediately initiate the first phase of its manufacturing implementation plan, including a new strategic partnership. This phase involves finalizing facility upgrades to support the production of pharmaceutical-grade COC prefillable syringes across three advanced production lines. The first line is expected to be ready to ship qualified products by early Q2 2025, with all three lines operational by Q4 2025. Two subsequent phases, expected to be completed by October 2027, will occur within the current facility structure.
Additionally, a five-year, $200 million sales agreement with Nephron will see Sharps’ next-generation copolymer prefillable syringes manufactured at the South Carolina plant and 10mL SoloGard polypropylene syringes from Hungary qualified for future purchases. Sharps is also exploring sales opportunities for copolymer prefillable syringes with several Fortune 500 medical distributors, pharma leaders, and companies in the growing GLP-1 market, with sample trials and qualification work set to begin mid-first phase, aiming for market shipping by early Q2 2025.
To register for the free webinar, please visit: https://redchip.zoom.us/webinar/register/WN_HlCq1DPDRt6LSl1fopwMxw#/registration
Questions can be pre-submitted to STSS@redchip.com or online during the live event.
About Sharps Technology:
Sharps Technology is an innovative medical device and pharmaceutical packaging company offering patented, best-in-class smart-safety syringe products to the healthcare industry. The Company’s product lines focus on providing ultra-low waste capabilities, that incorporate syringe technologies that use both passive and active safety features. Sharps also offers products that are designed with specialized copolymer technology to support the prefillable syringe market segment. 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,” “poised” 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.
Contact:
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
STSS@redchip.com
