Sharps Technology and Nephron Pharmaceuticals Sign Distribution Agreement for its Innovative Syringe Products
December 13 2022 - 8:00AM
Sharps Technology, Inc. (the “Company”, "Sharps") (NASDAQ: “STSS”
and “STSSW”), an innovative medical device and drug delivery
Company offering patented, best-in-class syringe products, is
pleased to announce the signing of a distribution agreement with
partner Nephron Pharmaceuticals. This is a strategic first step in
building the larger partnership between the two companies and is in
support of their recently announced collaboration.
“This distribution agreement opens so many
possibilities for Sharps Technology and Nephron Pharmaceuticals,"
commented Robert Hayes, Sharps Technology CEO. "The timing is
perfect in that we are expanding our ability to supply innovative
drug delivery systems at a point when the market is in demand for
them. Through this distribution plan, Sharps Technology will be
able to deliver increased capacity, driving growth for one of the
high value product segments of our business.”
The agreement also allows for Sharps Technology
to utilize Nephron's sales and marketing teams to further support
the sale of the Company’s innovative products to targeted customers
within the Nephron customer network. Nephron’s customer network
includes a reach of more than 3,000 customers through a combination
of direct and online sales through their web-based electronic
portal system. This hybrid sales environment will allow for
targeted marketing plans for the different types of customers
within the network. Sharps will support the sales strategy with
customer product in-servicing to facilitate specialized customer
opportunities, which include the development of custom drug
delivery solutions and private labeled product configuration
needs.
The collaboration between Sharps and Nephron is
expected to continue to grow as previously announced, as the
companies move forward with the startup of the Inject-EZ operation
in South Carolina in early 2023. We believe that this opportunity
to support Nephron and co-manufacture a portfolio of specialized
copolymer prefilled syringe systems will further advance the
revenue plan for Sharps in late 2023 for these products. This
partnership to co-produce these needed products for the
pharmaceutical industry will pull forward Sharps' plan to offer
these products by more than two years.
Mr. Hayes concluded, "The distribution agreement
will further accelerate the sales plan for our innovative syringe
products that are currently being produced in the Sharps plant in
Hungary. The opportunity to pull forward our sales plan for
customers here in the US will create a unique opportunity for early
revenue at Sharps. We expect to have our first products available
for sale in the US by the end of January 2023. Sharps will be
adding additional products to the distribution network by mid-year
2023 from its plant in Hungary as part of a phased manufacturing
ramp-up strategy for the Company."
About Sharps Technology,
Inc.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 US. For additional information,
please visit www.sharpstechnology.com.
Forward-looking StatementsThis
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:Adam
Holdsworth, Managing DirectorTraDigital
IR917-497-9287adam@tradigitalir.com
or
Dave GentryRedChip Companies Inc.1-800-RED-CHIP (733-2447)Or
407-491-4498STSS@redchip.com
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