STSSW - Sharps Technology Secures SC Asset Purchase Exclusivity with $1 Million Escrow Deposit | Benzinga
InjectEZ acquisition establishing Sharps position in the prefillable syringe (PFS) industry in the U.S. has progressed with the payment of $1 million into third-party escrow account.
Closing on the Asset Purchase and the Syringe Sales Agreement, for product orders totaling over $200 million for the first five years of operation, is expected within the next 60 days.
Based on the most likely timeframe, product shipments from the SC facility are planned to begin by Q2 of 2025.
NEW YORK, June 05, 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, has transferred a $1 million escrow deposit for the exclusive rights to purchase the InjectEZ assets from Nephron Pharmaceuticals in West Columbia, South Carolina. Sharps Technology recently signed the Asset Purchase Agreement and an accompanying five-year, $200 million syringe Sales Agreement with Nephron. Through these agreements that are expected to close within the next 60 days, although there can be no assurance, Sharps will become the first fully dedicated, specialized polymer prefillable syringe manufacturing plant in North America. The state-of-the-art syringe facility will be on track to begin product deliveries in the second quarter of 2025, with projected revenue expected to exceed $35 million for the first 12 months of sales.
"The revised deal better supports both Sharps and Nephron, and we are excited that the deposit has been made. We are working toward the final closing of the agreements over the next 60 days. The signed deal will also allow for new commercial opportunities that will be announced after the closing of the purchase of the InjectEZ operation," commented Robert Hayes, Sharps Technology CEO. "There's a lot of work ahead of us, but with the deposit in place, Sharps has been given access to the facility to begin key start-up activities. The Sharps ...