Shares of Sharps Technology Inc (STSS) are trading higher on Friday, with a heavy session volume of 15.17 million. The medical device and pharmaceutical packaging company recently received two purchase orders for approximately 1 million SecureGard ultra-low waste smart safety syringes produced at their manufacturing facility in Hungary. The first 100k syringe shipment is scheduled for the third week of July, with subsequent deliveries planned throughout the rest of 2024. The undisclosed customer is a Swiss-based provider of cosmetic, dental, and ophthalmic injectable therapies. This initial order marks the beginning of a collaboration that will utilize Sharps’ technology, portfolio of drug delivery solutions, and development expertise to support the customer’s expanding product offerings.
The demand for innovative injection solutions is increasing rapidly, with injectables being widely used in therapies such as vaccines, biologics, weight loss and maintenance, ophthalmic and cosmetic applications, gene therapies, and diabetes and inflammatory disease management. Sharps has gained attention due to market growth and issues with Chinese-supplied syringes, such as tariffs, recalls, and quality concerns. This has led to growing interest and potential demand for Sharps’ high-quality smart safety syringe products.
Specializing in the development and manufacturing of drug delivery systems, Sharps Technology focuses on low-waste and ultra-low-waste syringe technologies with active safety features and re-use prevention measures accredited by the World Health Organization. These features protect healthcare workers from needle stick injuries and the public from the risks of needle re-use. Additionally, Sharps has a manufacturing facility in Hungary and is in the process of finalizing an asset acquisition in South Carolina to expand their manufacturing capacity in the U.S.
Overall, the recent orders for SecureGard syringes highlight the potential for growth and collaboration for Sharps Technology Inc as they continue to develop innovative solutions to meet the evolving needs of the healthcare industry.