Business
Sharps Technology and Nephron Pharmaceuticals Sign Distribution Agreement for its Innovative Syringe Products
Company anticipates products to be available in the first quarter of 2023 with initial revenue from this agreement expected in the first half of the year
About this update from Sharps Technology Inc.
[{"type":"text","content":"Company anticipates products to be available in the first quarter of 2023 with initial revenue from this agreement expected in the first half of the year Strengthens the collaboration between Sharps and Nephron to advance the previously announced Inject-EZ startup in South Carolina in early 2023 NEW YORK, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (the “Company”, \"Sharps\") (NASDAQ: “STSS” and “STSSW”), an innovative medical device and drug delivery Company offering patented, best-in-class syringe products, is pleased to announce 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.” The agreement also allows for Sharps Technology to utilize Nephron's sales and marketing teams to further support the sale of the Company’s innovative products to targeted customers within the Nephron customer network. Nephron’s customer network includes a reach of more than 3,000 customers through a combination of direct and online sales through their web-based electronic portal system. This hybrid sales environment will allow for targeted marketing plans for the different types of customers within the network. Sharps will support the sales strategy with customer product in-servicing to facilitate specialized customer opportunities, which include the development of custom drug delivery solutions and private labeled product configuration needs. The collaboration between Sharps and Nephron is expected to continue to grow as previously announced, as the companies move forward with the startup of the Inject-EZ operation in South Carolina in early 2023. We believe that this opportunity to support Nephron and co-manufacture a portfolio of specialized copolymer prefilled syringe systems will fur...