Sharps Technology Inc Stock Price, News & Analysis

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.

Sharps Technology, Inc. (NASDAQ: STSS, STSSW) announced advancements in its specialized prefillable syringe (PFS) systems, in collaboration with Nephron Pharmaceuticals, set to launch in Q3 2023. The polymer-based syringes promise enhanced drug stability and customized configurations while reducing contamination risks. With initial manufacturing capacity of over 20 million units, scalability up to 100 million units is planned by 2025. The shift from traditional glass syringes to innovative PFS products addresses rising demand and lead times, positioning Sharps for significant revenue growth in 2023 and beyond.

Sharps Technology transitions from a research & development start-up to a revenue-generating manufacturing entity. Manufacturing of ultra-low waste smart safety syringes has commenced in Hungary, with shipments expected by year-end 2022 to support a distribution agreement with Nephron Pharmaceuticals. The company's innovative syringes offer several advantages, including reduced medication waste. CEO Robert Hayes anticipates initial U.S. sales in January 2023. The plant can produce over 50 million syringe units, with potential expansion to 250 million units, complying with FDA and ISO standards.

Sharps Technology, Inc. (NASDAQ: STSS, STSSW) has signed a distribution agreement with Nephron Pharmaceuticals, marking a significant step in their collaboration. The agreement aims to enhance Sharps’ capacity in delivering innovative drug delivery systems. Initial revenue from this partnership is expected in the first half of 2023, with products available by the end of January. Nephron's extensive customer network will aid in targeted marketing, facilitating custom drug delivery solutions. This collaboration is set to accelerate Sharps' sales and introduce new products by mid-2023.

Sharps Technology and Nephron Pharmaceuticals have formed a new partnership to enhance innovative manufacturing, product development, and customer support, particularly for the InjectEZ syringe product launch. Nephron's significant investment of hundreds of millions over the past two years aims to boost manufacturing capacity in South Carolina. This collaboration will leverage Sharps’ advanced syringe technologies, increasing injection efficiency and safety. Both companies anticipate growth in new drug applications and customer projects to address public health challenges.

Sharps Technology, Inc. has successfully acquired Safegard Medical's syringe manufacturing facility in Hungary, marking a pivotal shift from R&D to commercial operations. This acquisition is expected to enhance production capacity for their patented smart safety syringes, which aim to minimize needlestick injuries and reduce vaccine waste. The facility, compliant with US and WHO standards, is set to begin production by the end of the quarter. The global market for smart safety syringes is projected to reach $14 billion by 2026.