Business
Sharps Technology Begins Manufacturing at its Hungary Facility for the Company's Innovative Syringe Products
Company now transitions from a pre-revenue research & development start-up to a revenue generating manufacturing company Shipments to commence by the end of
About this update from Sharps Technology Inc.
[{"type":"text","content":"Company now transitions from a pre-revenue research & development start-up to a revenue generating manufacturing company Shipments to commence by the end of the year to support the recently announced distribution and sales agreement with Nephron Pharmaceuticals and its European customers NEW YORK, Dec. 20, 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, announces 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. Robert Hayes, Sharps Technology CEO commented: “This is a transformative point for our company as we move from a pre-revenue research & development start-up to a true manufacturing company that should generate revenue in the first half of 2023. Today’s healthcare providers are responsible for managing their supply chains and driving down their total cost of ownership (TCO) for medical treatments. Sharps Technology will be able to offer products that can directly support those programs. At Sharps Technology, we feel that by using better drug delivery technology, we can help create additional medical treatments at no additional cost for patients that need them.\" \"We look forward to a bright future at Sharps Technology,\" concluded Mr. Hayes. \"The recently signed distribution agreement with Nephron Pharmaceuticals accelerates the sales plan for our innovative syringe products that are currently being produced in the Sharps plant in Hungary...