Sharps Technology, Inc. (the “Company”) (NASDAQ: “STSS” and
“STSSW”), is an innovative medical device company offering
patented, best-in-class, single use smart safety syringe products,
published a letter to shareholders. from Robert Hayes, CEO and from
Alan Blackman and Soren Christiansen on behalf of the board.
Dear Fellow Shareholders:
The completion of our IPO on Nasdaq, in April,
marked a major milestone in the ongoing evolution of Sharps
Technology and is a key catalyst driving our transformation from an
R&D focused company to revenue generating commercial
operations. Moreover, the capital we raised in our IPO will enable
us to scale operations in the coming quarters as we begin to meet
the strong and growing demand for smart safety syringes, a market
forecasted to reach $14 billion globally by 2026. As such, we
believe that recent Company share prices do not reflect our true
value.
Our team is now working toward our next major
milestone, the conclusion of our acquisition and the commencement
of commercial manufacturing at our FDA/CE Mark approved facility in
Hungary. We believe with the capital from our IPO we are in a
position to manufacture and deliver 100 million units of our
proprietary syringe products over the next 24 months.
Negotiations are well underway for an onshore US
based manufacturing collaboration with a major US University, which
includes substantive discussions with State and Federal funding
agencies. Our production targets are expected to grow significantly
into 2023/24. We look forward to providing additional updates on
these initiatives in the months ahead.
With our near-term path to commercial
manufacturing clear, our team is actively negotiating with
potential distribution partners in the US, and we anticipate
signing our first distributor agreement during the second half of
this year. This will represent another important milestone in our
transformation and should provide us with a solid foundation as we
seek to rapidly expand sales and grow market share.
As we have disclosed previously, our
commercialization and growth strategies also include a focus on
developing strategic alliances and joint ventures with
pharmaceutical companies. Such discussions are proceeding with the
aim of creating a collaboration which accelerates our goal of
developing enhanced pre-fillable drug delivery products.
Our Sharps Provensa Ultra-Low Waste™ syringes
are an attractive solution for drug companies, providing a way to
minimize vaccine or drug waste. Our goal is to incorporate our
features and benefits within a pre-fillable syringe product line,
providing unique solutions for the pharmaceutical industry.
According to independent testing*, in a 1 ml
syringe, high-dead-space syringes can wastean average of
approximately10% of medication per dose. As doses get smaller, the
percentage increases accordingly. With a 1 ml syringe,Sharps
Provensa ultra- low waste has under 1%. This can translate to a
savings of over $2,000 per patient, per year. And importantly, less
wasted medication means more lifesaving drugs are available for
family, country and the world. This shortfall has come to the
forefront as the world still grapples with rolling out COVID-19
vaccinations.
I believe we are well positioned to deliver on
our near-term initiatives. I want to thank our shareholders for
their support on this journey as we advance the future of drug
delivery systems.
We will post updates as we achieve our
goals.
Sincerely,Robert Hayes, CEO
Alan Blackman & Soren Christiansen on behalf
of the Board
*JAMA Internal Medicine. Dr. Syringes a
Surprising Source of Wasted Medication, UNC Study Finds. Christine
U. Oramasionwu, Ashley L Cole MPH, , Dr. Mathew S Dixon, et al.
About Sharps Technology,
Inc.
Sharps Technology, Inc. is a medical device
company addressing global issues while engineering a safer future
for healthcare providers and people everywhere through
compassionate innovation. Sharps Provensa™ is the Company’s premier
line of smart safety syringes that eliminate accidental needlestick
injuries, prevent improper needle reuse, and reduce wasted medicine
and vaccines—while retaining the intuitive simplicity of
traditional syringes. Please visit SharpsTechnology.com to learn
more.
Forward-looking StatementsThis
press release contains “forward-looking statements” Forward-looking
statements reflect our current view about future events. When used
in this press release, the words “anticipate,” “believe,”
“estimate,” “expect,” “future,” “intend,” “plan,” or the negative
of these terms and similar expressions, as they relate to us or our
management, identify forward-looking statements. Such statements,
include, but are not limited to, statements contained in this press
release relating to our business strategy, our future operating
results and liquidity and capital resources outlook.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions. Because forward–looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by the
forward-looking statements. They are neither statements of
historical fact nor guarantees of assurance of future performance.
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: Dave
Gentry RedChip Companies Inc. 1-800-RED-CHIP
(733-2447) Or
407-491-4498 STSS@redchip.com
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