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Sharps Technology's CEO Issues Corporate Update Highlighting Agreements for SecureGard and SoloGard and Revenue Developments from Manufacturing Operations in Hungary
STSSSharps Technology(STSS) GlobeNewswire News Room·2025-03-06 12:00

Core Insights - The company has successfully raised 20millioninfinancing,whichhasstrengtheneditsbalancesheetandallowedittopaydowndebttozero,positioningitforgrowthin2025andbeyond[1]−ThecompanyisfocusedonadvancingoperationsinHungarythroughagreementsforSoloGardandSecureGardproducts,whilealsopursuingbusinessdevelopmentinitiativesintheU.S.[1]Group1:FinancialPositionandStrategy−Therecentfinancingprovidesworkingcapitalforoperatingandcapitalexpenditures,enablingthecompanytoenhancemanufacturingcapabilitiesandacceleratequalificationandshipmentsunderexistingagreements[1]−Thecompanyaimstodriverevenuefromitsagreementsandiscommittedtostrategicgrowth,operationalefficiency,andvaluecreation[1]Group2:ProductDevelopmentandAgreements−Afive−yearagreementwithaU.S.medicalproductscompanyforSoloGardsyringesisexpectedtogenerateapproximately20 million in financing, which has strengthened its balance sheet and allowed it to pay down debt to zero, positioning it for growth in 2025 and beyond [1] - The company is focused on advancing operations in Hungary through agreements for SoloGard and SecureGard products, while also pursuing business development initiatives in the U.S. [1] Group 1: Financial Position and Strategy - The recent financing provides working capital for operating and capital expenditures, enabling the company to enhance manufacturing capabilities and accelerate qualification and shipments under existing agreements [1] - The company aims to drive revenue from its agreements and is committed to strategic growth, operational efficiency, and value creation [1] Group 2: Product Development and Agreements - A five-year agreement with a U.S. medical products company for SoloGard syringes is expected to generate approximately 50 million over its lifetime, with revenue generation anticipated in the second half of 2025 [2] - Deliveries for SecureGard safety syringes have commenced for qualification purposes in Europe, particularly with Penta Hospitals International, the largest hospital chain in Central and Eastern Europe [3] Group 3: Manufacturing Expansion - The financing allows the company to expand operations in Hungary by adding advanced machinery and increasing workforce to meet the growing demand for its products [4] - The company is collaborating with government and private investment sources in Hungary to enhance its manufacturing footprint [4] Group 4: Market Demand and Innovation - There is a growing demand for innovative injection solutions, with injectables being the preferred delivery method for various therapies, including vaccines and biologics [5] - The company is committed to advancing innovation in the syringe space and will continue to update stakeholders on its expansion efforts [5] Group 5: Future Growth Opportunities - The company is focused on driving significant revenue from both SecureGard and SoloGard projects, with early production on track for the second half of 2025 [7] - SecureGard shipments are expected to begin in the second quarter of 2025, indicating a positive revenue transition for the company [7]