Sharps Technology Begins Manufacturing at its Hungary Facility for the Company's Innovative Syringe Products
December 20 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,
announces they have commenced manufacturing of their much-needed
ultra-low waste smart safety syringe products in their European
operation in Hungary. The plant has been producing products and
will begin shipments to support the distribution and sales
agreement with Nephron Pharmaceuticals by the end of the year, and
customer agreements in Europe in early 2023. The production of
these specialty syringe products will ramp up over the next several
months to increase supply.
Sharps innovative syringe designs provide a
beneficial set of features and advantages for the healthcare
industry. These syringe product features include a combination of
ultra-low waste, passive and active safety, and reuse prevention.
By combining all these features and building them into a portfolio
of syringe offerings, it will create product platforms that can
help drive down the cost of healthcare treatments.
Robert Hayes, Sharps Technology CEO commented:
“This is a transformative point for our company as we move from a
pre-revenue research & development start-up to a true
manufacturing company that should generate revenue in the first
half of 2023. Today’s healthcare providers are responsible for
managing their supply chains and driving down their total cost of
ownership (TCO) for medical treatments. Sharps Technology will be
able to offer products that can directly support those
programs. At Sharps Technology, we feel that by using
better drug delivery technology, we can help create additional
medical treatments at no additional cost for patients that need
them."
"We look forward to a bright future at Sharps
Technology," concluded Mr. Hayes. "The recently signed distribution
agreement with Nephron Pharmaceuticals accelerates the sales plan
for our innovative syringe products that are currently being
produced in the Sharps plant in Hungary. The ability to pull
forward our sales plan for customers 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, with additional products to be added to the distribution
network by mid-year of 2023."
When healthcare providers use ultra-low waste
syringes with multi-dose vials, it allows for the availability of
up to 20% to 40% more medication for patients that need the
treatment. This medication availability is created by using more
efficient syringes designated as low-waste and ultra-low waste
products, and not trapping medication within the syringe after the
dose is given. The use of standard syringes that are not designated
as low waste or ultra-low waste products typically creates a dead
space area within the syringe where excess medication is trapped
and cannot be used. This dead space then causes the healthcare
provider to throw away the unused medication. The trapped
medication in the dead space of a standard syringe can waste as
much as 100 microliters (uL) of medication or more. The
Pharmaceutical companies that fill their medication into vials
understand this and must then overfill the vial with drug therapy
to compensate for the problem. As the costs for medication and
medical treatments rise, the discarded medication can cost the
industry millions of dollars, or more, globally.
The purchase of the European facility was
finalized in the summer of 2022 and Sharps has invested in
infrastructure and equipment upgrades to prepare the plant for a
full manufacturing schedule. Syringe products produced by Sharps
comply with all applicable FDA and ISO requirements and have been
awarded the European Union’s CE Mark. The Sharps Hungary team, led
by General Manager Filippo Filippi, brings together a dedicated and
knowledgeable manufacturing force, with more than 20 years of
experience in supplying the world with high quality, innovative
syringe products. Prior to the GM position, Filippi’s career
spanned years of building, managing, and supporting multiple
manufacturing sites across Europe, Asia, and Africa. The Hungary
plant is vertically integrated in that it has the capability to
manufacture the syringe components by injection molding, assemble
the devices on automated lines or by manual assembly if required,
and to sterilize the products on-site through the Ethylene Oxide
(EtO) sterilization process. This last stage of the syringe
manufacturing process is unique in the industry and gives Sharps an
advantage in supporting shortened lead times as compared to the
common need to utilize a third-party for sterilization. The plant
has manufacturing capacity to supply more than 50 million units
today and the facility could be expanded to produce 250 million
units or more over the next couple of years.
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 US. 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: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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