STSSW - Sharps Technology Receives $30 Million Purchase Order for Prefillable Copolymer Syringes to be Manufactured at SC Facility | Benzinga
Signed PO secures first 12 months of syringe product orders against Sharps and Nephron's five-year, $200 million Syringe Sales Agreement.
Current Asset Purchase Agreement closing timeline is on track for expected prefillable syringe product shipments to begin by Q2 of 2025.
NEW YORK, June 13, 2024 (GLOBE NEWSWIRE) -- Sharps Technology, Inc., (NASDAQ: "STSS" and "STSSW"), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, received a signed $30 million purchase order from Nephron Pharmaceuticals, representing their first 12 months of syringe purchase commitments. The purchase order includes deliveries for both the 10mL and 50mL specialty copolymer prefillable syringes that will be manufactured at the West Columbia site being acquired from Nephron. This assurance of supply is expected to support the planned expansion of the 503b operations at the Nephron site. The new copolymer syringe technology reflects the pharmaceutical and healthcare industry's trend toward transitioning injectable drug therapies into innovative polymer prefillable syringes and away from the older glass and standard plastic syringes.
Braden Miller, Sharps Director of Product Development, commented, "Sharps has developed an exciting alternative to glass syringes through the use of molded inert polymers, offering a high-quality solution compared to traditional glass syringe systems." Sharps prefillable polymer syringes have many of the same characteristics as traditional glass designs to support long term drug stability and increase shelf life for pharma and healthcare customers. However, polymer syringes can also be made into custom configurations with unique container closure systems; they can nearly eliminate breakage, minimize dead space, reduce contamination, excel in cold-chain storage, and support the development of novel devices including autoinjectors. The ability to produce these innovative syringe products using advanced manufacturing techniques creates additional advantages in the areas of quality, performance, and safety when compared to similar glass syringe products.
Sharps Technology recently signed, and is working to close on, an enhanced Asset Purchase Agreement and accompanying five-year, $200 million Syringe Sales Agreement with Nephron. These agreements are expected to close before the end of July, although there can be no assurance. The purchase order is ...