Sharp Technology, Inc., a revolutionary medical device and drug delivery company that develops cutting-edge syringe products, is proud to provide a shareholder update from Chief Executive Officer Robert Hayes. Listed on NASDAQ as “STSS” and “STSSW”, the Company is dedicated to providing best-in-class syringe products with patented technology.
Dear Fellow Shareholders:
Since the announcement of our partnership with Nephron Pharmaceuticals in November 2022, we have made remarkable progress and are delighted to announce that we are now entering the revenue-generating phase with our specialty safety syringe systems for the healthcare market.
Our four-pronged agreement with Nephron focuses on manufacturing, sales, business development, and manufacturing expansion.
In the fourth quarter of 2022, we signed a distribution agreement with Nephron, began manufacturing Securegard from our manufacturing facility in Hungary, launched our portfolio of next generation specialty polymer-based syringe systems, and shipped the first containers of Securegard from Hungary.
We are thrilled with our accomplishments thus far and look forward to a successful transition to revenue-generation with Nephron and our other customers.
In February, Sharps successfully completed a capital raise to help fund the manufacturing of its polymer-based prefilled syringe systems. This raise has bolstered the Company’s balance sheet, enabling Sharps to move ahead of its planned commercial launch in the third quarter of 2023.
In partnership with Nephron, Sharps has secured a manufacturing capacity of up to 20 million units in South Carolina to support its designs and another 25 million units to support Nephron products. With plans to rapidly scale capacity, the Company could add an additional 100 million units annually by 2025.
We are thrilled to announce the first shipment of 1 ml Securegard syringes to Nephron in January 2021! Securegard is the first product that is available through Nephron’s sales portal of approximately 3,000 customers, and it is expected to generate revenue beginning in the second quarter of 2023.
Our facility in Hungary has the capacity of up to 50 million units with potential annual capacity of 200 million units beginning in 2024. We are excited to launch our first product to the market and look forward to introducing additional size configurations in the third quarter of 2023.
The strategic partnership with Nephron opens up exciting new possibilities for our company and our shareholders. We are thrilled to be launching our next-generation polymer-based syringe products, which come in a wide range of sizes and are completely silicon-free, thus minimizing contamination.
Plus, our dual-chamber systems help to increase drug shelf life while reducing unnecessary packaging, and our customized solutions cater to the growing autoinjector segment. We are confident that our prefillable syringes will bring tremendous growth opportunities and we are investing in expanding our manufacturing capacity in South Carolina to meet the demand.
The pharmaceutical industry has seen a dramatic shift in the past two decades, with prefillable syringes increasing their share of the market from 15% to 85%. However, traditional glass barrel-based syringes require complex production, washing, and sterilization processes. Sharps Technology is poised to be the go-to solution for pharmaceutical operations looking for a simpler and more cost-effective solution.
Our specialty polymer-based syringe solutions are prewashed and sterile and come in specialty nest and tub packaging, allowing for faster and more accurate fill-finish equipment performance. With the market for drug packaging growing rapidly, we anticipate that our specialty prefillable syringe systems will be in high demand, positioning us as the leader in this burgeoning field.
We are thrilled to be on the cusp of growth as our products manufactured in both Hungary and South Carolina enter the sales system. We are immensely grateful to our shareholders for their unwavering support as we make this exciting transition towards generating revenue. We can’t wait to provide updates as we continue our journey forward!
About Sharps Technology, Inc.
Sharps Technology is a leading medical device and pharmaceutical packaging company that develops and manufactures innovative drug delivery systems. With an emphasis on low waste and ultra-low waste syringe technologies, Sharps Technology provides front line healthcare workers with life-saving protection from needle stick injuries and the public from needle re-use.
From specialized prefilled syringe systems to ready to use processing, Sharps Technology has the expertise to deliver quality products. The company operates a manufacturing facility in Hungary and recently partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the US.