Sharps Technology Receives Purchase Orders for 1 Million SecureGard Syringes for 2024 Delivery

Rhea-AI Summary

Sharps Technology has received purchase orders for 1 million SecureGard syringes from a Swiss-based provider of injectable therapies. The first 100,000 units will ship in late July, with the remainder delivered throughout Q3 and Q4 2024. This deal marks a significant step toward a long-term partnership, leveraging Sharps' innovative technologies to support the customer's growing product range. Sharps specializes in ultra-low waste syringe solutions designed for various therapeutic applications, including vaccines and gene therapies. The company is expanding its manufacturing capacity with a new facility in South Carolina.

Positive

• Received purchase orders for 1 million SecureGard syringes.
• First 100,000 units to ship in late July, remaining deliveries in Q3 and Q4 2024.
• Potential long-term partnership with a major global provider of injectable therapies.
• Expansion in manufacturing capacity with a new facility in South Carolina.

Negative

• Potential risk due to reliance on a single large customer.

Swiss-based provider of cosmetic, dental, and ophthalmic injectable therapies issues purchase orders for 1mL SecureGard ultra-low waste, smart safety syringes

First 100k unit shipment is scheduled for late July, with the balance to be shipped throughout Q3 and Q4 of this year

NEW YORK, July 03, 2024 (GLOBE NEWSWIRE) -- 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 received two purchase orders for a total of approximately 1 million SecureGard ultra-low waste smart safety syringes produced at Sharps’ manufacturing facility in Hungary. The first 100k syringe shipment is scheduled for the third week of July, and subsequent deliveries will be made throughout the rest of 2024. Sharps is working to create a long-term, strategic partnership with the customer, a major Swiss-based global provider of cosmetic, dental, and ophthalmic injectable therapies. The initial 1mL SecureGard syringe orders are a first step in a collaboration that can leverage Sharps’ innovative technology, portfolio of drug delivery solutions, and development expertise to support the customer’s growing product offerings.

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.

Sharps Technology specializes in the development and manufacturing of innovative drug delivery systems. The Company’s SecureGard and SoloGard product lines focus on low waste and ultra-low waste syringe technologies that incorporate active safety features as well as World Health Organization accredited re-use prevention measures. These features protect front line healthcare workers from life-threatening needle stick injuries and protect the public from the dangers of needle re-use. Sharps has a manufacturing facility in Hungary and is currently working to close on its recent asset acquisition in South Carolina to expand its manufacturing capacity in the U.S.

For more information about the Company, please visit 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 Gentry
RedChip Companies, Inc.
1-800-RED-CHIP (733-2447)
Or 407-644-4256
STSS@redchip.com

FAQ

What is the recent order received by Sharps Technology?

Sharps Technology received purchase orders for 1 million SecureGard syringes.

When will Sharps Technology ship the first batch of SecureGard syringes?

The first 100,000 units will ship in late July 2024.

When will the remaining SecureGard syringes be delivered?

The remaining syringes will be delivered throughout Q3 and Q4 2024.

Which company placed the order for 1 million SecureGard syringes?

The order was placed by a Swiss-based global provider of cosmetic, dental, and ophthalmic injectable therapies.

What is the significance of the SecureGard syringe order for Sharps Technology?

The order signifies a potential long-term partnership and leverages Sharps' innovative syringe technologies.

What are the key features of Sharps Technology's SecureGard syringes?

SecureGard syringes feature ultra-low waste technology and safety measures to prevent needle stick injuries and reuse.

Is Sharps Technology expanding its manufacturing capacity?

Yes, Sharps Technology is expanding its capacity with a new facility in South Carolina.