Sharps Technology Inc. to Introduce New Specialized Prefillable Syringe Systems in 2023
11 January 2023 - 12:00AM
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 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' specialized product pipeline and market
strategy will include a broad range of sizes, silicon free systems
that address contamination issues for the broader healthcare
market, dual chamber systems that improve drug shelf life while
reducing unnecessary packaging, and customized solutions for
systems that serve the growing autoinjector segment.
Sharps announced a manufacturing and research
partnership with Nephron Pharmaceuticals in November 2022 that will
support the manufacturing of the Company's new innovative
prefillable syringe systems, which will begin in the third quarter
of 2023 in South Carolina. Initial demand will be supported by
manufacturing capacity of 20+ million units, with additional
capacities that can be scaled by 2025 with an additional 100
million units annually. Products will be manufactured utilizing
state-of-the-art Injection molding technologies with highly
automated assembly lines. The products will be sterilized using an
ecofriendly clean sterilization option easily adaptable for the
pharmaceutical market. Sharps' PFS systems will utilize ISO
Standard Nest and Tubs that will be compatible with existing
fill-finish technologies to provide a drop-in solution for the
industry.
Robert Hayes, Sharps Chief Executive Officer,
commented: "Following years of research and development, 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 USA that provide
specialized solutions for customers that need optionality 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."
Growing Transition from the Use of Old
Bulk Syringes to New Innovative Prefillable Syringes: Over
the last 20 years, the pharmaceutical syringe operational model has
shifted from the use of bulk syringes to prefillable syringes,
increasing prefillables from 15% to 85%. By purchasing the
prewashed and sterile systems in specialty nest and tub packaging,
pharmaceutical operations can decrease their manufacturing
footprint by about 50%. With new technologies in fill-finish
equipment, syringe filling has become more accurate and faster in
this smaller footprint. This is the reason why prefillable syringe
systems are considered a high growth segment of the drug packaging
market.
There has been a rapid increase in demand for
these systems and with legacy drugs and including the COVID 19
vaccine moving into the more economical packaging of PFS. Lead
times for the procurement of PFS systems continue to rise with
pharmaceutical companies expected average lead times increasing to
12-24 months from their current suppliers. The most common PFS
systems are designed with pharmaceutical glass barrels which
require the use of a complex series of production, washing and
preparation processes prior to sterilization. A diminishing
workforce of the highly skilled operators needed to manufacture
glass syringes only adds speculation to the growing lead times for
customers. Even with significant advancements in statistical
modeling for production, the glass forming world is still
struggling to implement these key manufacturing principles
today.
Sharps Technology's solutions will support the
future demand of specialty polymer-based syringe drug filling
solutions, and its products should address the demand in the
growing market for them.
About Sharps TechnologySharps
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. For
additional information, please visit www.sharpstechnology.com.
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contains "forward-looking statements" Forward-looking statements
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We caution you therefore against relying on any of these
forward-looking statements. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include, without limitation, our ability
to raise capital to fund continuing operations; our ability to
protect our intellectual property rights; the impact of any
infringement actions or other litigation brought against us;
competition from other providers and products; our ability to
develop and commercialize products and services; changes in
government regulation; our ability to complete capital raising
transactions; and other factors relating to our industry, our
operations and results of operations. Actual results may differ
significantly from those anticipated, believed, estimated,
expected, intended, or planned. Factors or events that could cause
our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. We cannot guarantee
future results, levels of activity, performance, or achievements.
The Company assumes no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this release.
Investor Relations:
Adam Holdsworth, Managing DirectorTraDigital
IR917-497-9287adam@tradigitalir.comor
Dave GentryRedChip Companies Inc.1-800-RED-CHIP (733-2447)Or
407-491-4498STSS@redchip.com
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