By David Willey, Benzinga
Medical device company Sharps Technology Inc. (NASDAQ: STSS) is taking stock as it approaches one year since its initial public offering (IPO). Since its IPO, the company has taken major strides in manufacturing and marketing, and is rolling out the first of its innovative syringe products.
The syringe market is worth over $6 billion. The pandemic raised public awareness about the importance of a strong and steady syringe supply. Now, pharmaceutical and manufacturing companies are turning to next-generation solutions like prefillable syringes, which deliver medicine utilizing enhanced features and benefits that will support a lower cost of total ownership (TCO) for healthcare companies.
Sharps Technology is a medical device and drug delivery company focusing on specialized and prefillable syringes. Public since April 2022, Sharps is looking to fulfill demand in the market and modernize syringe offerings through its line of polymer prefillable and ultra-low waste safety syringes. A year on from its IPO, Sharps can reflect on a series of robust company successes and exciting developments.
IPO, Manufacturing Successes, And A Key Partnership
IPO. Sharps launched its IPO of common stock in April 2022. The company issued 3.75 million units of public stock at $4.25 per unit, with proceeds from the IPO coming to around $16 million.
Hungary Facility. The company acquired a manufacturing facility in Hungary, which allows Sharps to manufacture its smart safety syringes with a production capacity of 50 million units. It shipped its first set of containers of smart safety syringes early this year, bringing them from its Hungarian facility to U.S. partner, Nephron Pharmaceuticals headquartered in South Carolina. Sharps CEO, Robert Hayes, commented on the shipment, “With the first shipments of Securegard underway to Nephron, we mark the beginning of commercial operations for Sharps. We are committed to executing on our manufacturing and distribution plan, and through this shipment the Company will transition to revenue in the first half of 2023.”
Nephron Collaboration. Sharps entered a major partnership with leading drug and manufacturing services company Nephron Pharmaceuticals Corporation. The collaboration will allow Sharps access to manufacturing and marketing solutions at Nephron, and will include full access to Nephron's analytical labs for continued product development. The partnership allows Sharps to accelerate the development and manufacturing of its product line of prefillable syringe systems.
Robert Hayes, Sharps Chief Executive Officer, recently stated: “Sharps is now in a position to commercialize and support the future of specialty syringe drug filling technology. The opportunity to advance our product and manufacturing strategy to include high-value prefillable syringe products will significantly accelerate our revenue growth for 2023 and beyond. The launch of these products could not come at a better time to support a market that is in demand for products produced in the U.S. that provide specialized solutions for customers that need options for their drug-filling operations. We look forward to providing updates as we commence manufacturing in South Carolina and introduce our new products to the market.”
Other companies working in the syringe market are Becton Dickson and Co. (NYSE: BDX), Cardinal Health (NYSE: CAH), Novo Nordisk N/S (NYSE: NVO), and Terumo Corporation (OTC: TRUMY).
This article was originally published on Benzinga here.
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.
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