Sharps Technology Enters Into a Five-Year Sales Agreement with Strategic U.S. Medical Products Company Creating +$5O Million in New Revenue for EU Facility
July 25 2024 - 8:30AM
Sharps Technology, Inc., (NASDAQ: “STSS” and “STSSW”), an
innovative medical device and pharmaceutical packaging company
offering patented, best-in-class prefillable and disposable syringe
products, has successfully concluded negotiations and signed a
contract with a prominent U.S.-based supplier of medical saline and
water products to supply them with customized 10mL SoloGard
syringes manufactured at Sharps’ facility in the EU. The customer
initiated an evaluation of Sharps’ SoloGard product in light of the
recent FDA recalls and tariffs imposed on Chinese supplied
syringes. Their successful evaluation of the SoloGard syringes led
to the execution of a five-year sales agreement that completely
sells out the currently available manufacturing capacity for the
10mL SoloGard product. This transformative syringe program will
drive the need for near-term expansion to support the current
customer projects slated for the Hungary plant.
“Creating a strategic partnership with the customer and selling
out production capacity at the Hungary plant for the next five
years is a historic accomplishment for Sharps and the future
success of the Company,” stated Robert Hayes, CEO of Sharps
Technology. “The collaboration creates a five-year sales agreement
for at least 500 million syringes and essentially consumes the
current available manufacturing capacity for Sharps’ 10mL SoloGard
disposable syringe. This project also provides a clear path for
near-term revenue for our company beginning in Q4 2024, with a
phased ramp up into 2025.”
Filippo Filippi, General Manager of the SafeGard manufacturing
facility, is pleased that his plant is delivering on commitments
made by Sharps leadership in 2022. “We have been driven to bring
our innovative syringes to the U.S. healthcare market,” says
Filippi. “After two years of dedicated efforts, I am excited for
this five-year commitment for the 500 million units, starting with
the 10mL SoloGard shipments in November of this year. Equally as
important, this sales agreement will help provide a solid
foundation for the continued expansion of Sharps’ European division
in Hungary.”
The Company believes that the need for innovative injection
solutions continues to grow rapidly as injectables are the first
choice for therapies as diverse as vaccines, biologics, weight loss
and maintenance, ophthalmic and cosmetic applications, gene
therapies, and diabetes and inflammatory disease management. As a
result of this market growth and the impact of the tariffs,
recalls, and quality issues with Chinese supplied syringes, Sharps
is seeing increasing levels of interest and potential demand for
its high-quality smart safety syringe products. Specializing in the
development and manufacturing of innovative drug delivery systems,
Sharps’ SecureGard and SoloGard product lines focus on low waste
and ultra-low waste syringe technologies that also incorporate
active safety features, as well as World Health Organization
accredited re-use prevention measures.
About Sharps TechnologySharps 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 is
partnering with Nephron Pharmaceuticals to expand its manufacturing
capacity in the U.S. For more information about Sharps Technology,
please visit the website at: http://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.
Investor Relations:Dave GentryRedChip Companies,
Inc.1-800-RED-CHIP (733-2447)Or 407-644-4256STSS@redchip.com
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