With An Accelerated Near-Term Path For Product Commercialization And Expanded Manufacturing Capacity, Sharps Technology, Inc. (NASDAQ: STSS) Will Have The Ability To Support The Industry With Innovative, Market Leading Injectable Drug Delivery Solutions And Accelerate A Path Towards Revenue Growth.
Newly NASDAQ-traded Sharps Technology, Inc. (NASDAQ: STSS) offers innovative injectable syringe solutions to a global healthcare crisis that is not being talked about nearly enough.
- Most syringes waste a significant amount of injectable medicine which is thrown away with the used needle/syringe.
- This adds cost and reduces the availability of life-saving injectable drugs for us all. Whether we are looking at a pandemic response, hard-to-manufacture drug products, or managing long-term chronic illness, we can’t afford to waste this precious supply.
- The problem is sufficiently worrisome that the Federal Government is passing new legislation (January 1, 2023) requiring pharmaceutical companies to pay financial penalties for injectable drugs which are thrown away with the syringe and not injected into the patient.
Sharps Technology Company Summary
Company Name: Sharps Technology, Inc.
Sharps Technology Company Summary:
Sharps Technology is a medical device and pharmaceutical packaging company specializing in the development and manufacturing of innovative drug delivery systems.
The company’s product lines focus on low waste and ultra-low waste syringe technologies that incorporate both passive and active safety features.
These features protect front line healthcare workers from life-threatening needle stick injuries and protect the public from needle re-use.
Sharps Technology has extensive expertise in specialized prefilled syringe systems and ready to use processing.
The company has a manufacturing facility in Hungary and has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the US.
Sharps Technology has agreed to manufactured in collaboration with Nephron Pharmaceuticals at the Inject EZ facility in West Columbia, South Carolina.
Jan. 10, 2023
Announces the advancement of the Company’s specialized prefillable syringe (“PFS”) system product line, which will be manufactured in collaboration with Nephron Pharmaceuticals at the Inject EZ facility in West Columbia, South Carolina.
Braden Miller, Sharps Director of Product Management, commented, “Sharps has developed an alternative high-quality solution to glass syringes through the use of inert polymers such as Cyclic Olefin Polymer (COP) and Cyclic Olefin Copolymer (COC), which offers a high-quality solution compared to traditional glass syringe systems.
These polymer syringes have many of the same characteristics as current pharmaceutical glass designs to support long term drug stability and increase shelf life for customers in the pharmaceutical segment. Polymer syringes can also be made into custom configurations, which can eliminate breakage, minimize dead space, reduce contamination, and support the development of custom devices including autoinjectors.
The ability to produce these innovative products using advanced manufacturing techniques creates additional advantages in the areas of quality, performance and safety when compared to similar glass syringe products. We look forward to introducing this line of next generation products to the market.”
Sharps Technology commenced manufacturing of their much-needed ultra-low waste smart safety syringe products in their European operation in Hungary.
Dec. 20, 2022
Announced they have commenced manufacturing of their much-needed ultra-low waste smart safety syringe products in their European operation in Hungary.
The plant has been producing products and will begin shipments to support the distribution and sales agreement with Nephron Pharmaceuticals by the end of the year, and customer agreements in Europe in early 2023. The production of these specialty syringe products will ramp up over the next several months to increase supply.
Sharps innovative syringe designs provide a beneficial set of features and advantages for the healthcare industry.
These syringe product features include a combination of ultra-low waste, passive and active safety, and reuse prevention.
By combining all these features and building them into a portfolio of syringe offerings, it will create product platforms that can help drive down the cost of healthcare treatments.
Sharps Technology signed of a distribution agreement with partner Nephron Pharmaceuticals
Dec. 13, 2022
Announced the signing of a distribution agreement with partner Nephron Pharmaceuticals. This is a strategic first step in building the larger partnership between the two companies and is in support of their recently announced collaboration.
“This distribution agreement opens so many possibilities for Sharps Technology and Nephron Pharmaceuticals,” commented Robert Hayes, Sharps Technology CEO. “The timing is perfect in that we are expanding our ability to supply innovative drug delivery systems at a point when the market is in demand for them. Through this distribution plan, Sharps Technology will be able to deliver increased capacity, driving growth for one of the high value product segments of our business.”
- Each year almost 20 billion injections are administered, globally and the World Health Organization (WHO) are advocating for the use of low waste syringes, with passive safety devices which engage automatically and have auto disable features.
- STSS anticipates signing its first product orders any moment now this development will represent a huge milestone for this recently debuted NASDAQ company, and should provide them with a solid foundation for growth.
- The company has raised $16M to scale operations in the coming quarters as they begin to meet the strong and growing demand for smart safety syringes
The global vaccines market is projected to grow from $61.04 billion in 2021 to $125.49 billion in 2028 at a CAGR of 10.8% in the forecast period, 2021-2028.
Vaccines are the most powerful and cost-effective way to protect billions of people in the world, and according to the WHO, immunization awareness and government initiatives have helped prevent 2-3 million deaths a year.
The Covid-19 outbreak led to a shutdown of syringe manufacturing which in turn led to a supply shortage at a global scale.
Mergers and acquisitions of companies such as STSS are highly attractive and are providing the needed innovation to the vaccine market.
The rise in the need for vaccinations and immunizations, plus a surge in the geriatric population, an increase in the number of surgical procedures, as well as a rise in chronic diseases have contributed to a demand for syringes.
Specialty Syringes – Vial Application
- Global Smart Syringe Market @ $14 billion USD by 2026 w10.0%+ CAGR
- Types: Auto-Disable Syringes and Safety Syringes
- Applications: Vaccination and Drug Delivery
- End Users: Hospitals, HMOs and Clinics
- Target Markets: North America, Europe, and ROW
- Sharps Technology listed as a supplier
The Pre-Filled Syringe (PFS)/Ready- To- Fill (RTF) syringe product segment will be a priority for the company through its collaboration with Nephron, and is expected to be a gamechanger for the company.
PRE-FILLED SYRINGES MARKET
- Pre-filled syringes have emerged as one of the fastest-growing choices for unit-dose medication as the pharmaceutical industry seeks new and more convenient drug delivery methods.
- With PFS/RTF syringes, pharmaceutical companies are able to minimize drug waste and increase product life span, while patients are able to self-administer injectable drugs at their home instead of the hospital.
Ready-To-Use – Pre-Filled Syringes:
- Types: Plastic and Type I B/S Glass
- Applications: Vaccines, Diabetes, Complex High Value Therapies (Gene-Therapy)
- End Users: Branded Pharma, CMOs, and Biologics
- Target Markets: North America
There is a growing demand for efficient and easy-to-use drug delivery devices and increasing efforts of healthcare professionals to reduce hospital errors are the principal factors driving the market growth.
STSS announced over the summer that it had completed its acquisition of Safegard Medical’s syringe manufacturing facility in Hungary.
The manufacturing facility is located 2 hours from Budapest (160km from Budapest Airport)
- 40,000 sq. ft. factory on 250,000 sq. ft. site
- 20-year history of safety syringe manufacturing
- FDA registered since 1999
- ISO 13485 certified
- CE Mark approved products
- Injection molding and assembly expertise
- ETO on-site sterilization capacity
“The acquisition of our first manufacturing facility is an important milestone in our transformation from an R&D-focused enterprise to revenue-generating commercial operations. With the acquisition now complete, with the addition of further assembly and manufacturing capacity, our team is confident we can deliver world-class products to meet the strong and growing demand for smart safety syringes, a market forecasted to reach $14 billion globally by 2026.”
Robert Hayes, CEO of Sharps Technology
Sharps Technology, Inc. (NASDAQ: STSS) is the newest player in the drug delivery device market to go public and could see tremendous blue-sky growth in its future as it continues to ramp up its commercialization efforts.
- The Company recently announced a significant partnership with Nephron Pharmaceuticals with an anticipated launch into the market in early 2023.
- STSS anticipates shipping first orders of vial draw product by the beginning of 2023 and ready to fill product in mid-2023 to create initial revenue in 2023 and profits in early 2024.
- With the global shortage of syringes that comply with the World Health Organization (WHO) requirements, there is a strategic opportunity for STSS to take market share and support the healthcare industry with a better drug delivery platform.
- The combination of features and benefits for the Sharps products will save lives and eliminate the waste of critically needed medical treatments and therapies for the industry!
- There’s a key opportunity for STSS to grab a big piece of the market with its proprietary smart safety syringe technology designed to eliminate two million potentially infectious accidental needlestick injuries, as well as billions of dollars in medicine wasted with today’s inefficient syringes with their low-dead space feature.
To reiterate, the company anticipates signing its first distributor agreement during the fourth quarter of 2022, which could be at any moment!