Sharps Technology Inc - STSSW STOCK NEWS

Sharps Technology (NASDAQ: STSS, STSSW) announced significant advancements in its partnership with Nephron Pharmaceuticals, aiming to launch commercial operations for specialty safety syringe systems. The company anticipates revenue generation from these syringes by Q2 2023. Sharps plans to introduce next-generation polymer-based products in Q3 2023, backed by a capital raise in February to support manufacturing. The partnership allows for increased production capacity, with potential growth to 100 million units annually by 2025. The growing demand for prefillable polymer-based syringes is highlighted as a key growth driver.

Sharps Technology, Inc. (NASDAQ: STSS, STSSW) has appointed Justin Page as Vice President of Technical Operations, enhancing its senior leadership team. With over 20 years of experience in injection molding within the medical device sector, Page will oversee engineering operations, focusing on the collaboration with Nephron Pharmaceuticals and accelerating production of 1ml and 10ml syringe systems. His role includes optimizing high-speed assembly and training for manufacturing processes at the InjectEZ facility. This strategic addition aims to support Sharps' transition to commercial operations and drive future product advancements.

Sharps Technology, Inc. (NASDAQ: STSS, STSSW) announced the successful closure of a private placement on February 3, 2023, generating approximately $3.8 million in gross proceeds. The offering involved issuing 2,248,521 units priced at $1.69 each, with each unit consisting of one share of common stock and a non-tradable warrant. Proceeds will be utilized to support the manufacturing of pre-filled specialty syringe systems in collaboration with Nephron Pharmaceuticals. The securities are not registered under the Securities Act and are exclusively available to accredited investors. Aegis Capital Corp. served as the exclusive placement agent.

Sharps Technology announced a securities purchase agreement with institutional investors, aiming to raise approximately $3.8 million to support manufacturing of pre-filled specialty syringe systems via its partnership with Nephron Pharmaceuticals. The deal involves issuing 2,248,521 units at $1.69 per unit, with a five-year warrant exercisable at $1.56. The closing date is expected around February 3, 2023. This funding is expected to enhance production capabilities, crucial for their innovative syringe products. The securities are being sold under a private placement not registered under the Securities Act.

Sharps Technology, Inc. (STSS, STSSW) has commenced its first commercial operations by shipping the Securegard product from its manufacturing facility in Hungary to Nephron Pharmaceuticals. Approximately 1.3 million units of Securegard are expected to be available by February 2023. This vial draw product features advanced safety measures and has received approvals from the FDA, WHO, and a CE Mark. CEO Robert Hayes expressed optimism about transitioning to revenue in the first half of 2023, highlighting that Securegard is just the beginning of their collaboration with Nephron, aimed at expanding innovative syringe offerings.