Sharps Technology Issues Update Letter to Shareholders from CEO Robert Hayes
Commercial revenue from specialty safety syringe systems is advancing
Company to launch its vial draw syringe systems in Q2 2023
Launch of high-value, next-generation polymer-based products expected in Q3 2023
NEW YORK, April 04, 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, issues a shareholder update from Robert Hayes, the Company's Chief Executive Officer.
Dear Fellow Shareholders:
Since the announcement of the manufacturing and research partnership with Nephron Pharmaceuticals in November 2022, we have made significant developments in the collaboration and will commence revenue from commercial operations for the first time with our specialty safety syringe systems for the healthcare market. As stated in the press release announcing the partnership, the agreement is focused on four key components: manufacturing; sales; business development; and manufacturing expansion. Since the fourth quarter of 2022, we announced the signing of a distribution agreement with Nephron, commenced manufacturing of Securegard from our wholly owned manufacturing facility in Hungary, introduced our portfolio of next generation specialty polymer-based syringe systems, and shipped the first containers of Securegard from Hungary. We are pleased with the developments that have occurred and look forward to the transition to revenue with Nephron and our broader market of customers.
The Company completed a capital raise in February that will be used to support the manufacturing of products through our partnership with Nephron. The raise strengthened our balance sheet and enables Sharps to advance the manufacturing of polymer-based prefilled syringe systems ahead of our planned commercial launch of that product line in the third quarter of 2023. Through the partnership with Nephron, Sharps has manufacturing capacity in South Carolina of up to 20 million units to support Sharps' designs and another 25 million units to support Nephron products for prefillable syringe systems. The Company has plans to rapidly scale capacity, which could add an additional 100 million units annually by 2025.
https://finance.yahoo.com/news/sharps-technology-issues-letter-shareholders-120000564.html
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