Sharps Technology Corp. (STSS) shares rose on Friday, with trading volume high at 15.17 million shares.
On Wednesday, the medical device and drug packaging company received two orders for around one million of its SecureGuard smart safety syringes, which have very little waste, to be produced at Sharps’ manufacturing facility in Hungary.
The first shipment of 100,000 syringes is scheduled for the third week of July, with subsequent deliveries occurring throughout the remainder of 2024.
The undisclosed customer is a Switzerland-based company that provides cosmetic, dental and ophthalmic injectable therapies.
The initial order for 1mL SecureGard syringes marks the first step in a collaboration that can leverage Sharps’ technology, portfolio of drug delivery solutions and development expertise to support customers’ expanding product offerings.
The need for innovative injectable solutions continues to grow rapidly as injectables have become the first choice for a wide range of treatments, including vaccines, biologics, weight loss and maintenance, ophthalmic and cosmetic applications, gene therapy, diabetes and inflammatory disease management.
Due to this market growth, combined with the impact of tariffs, recalls and quality issues on Chinese-made syringes, Sharps feels there is growing interest and potential demand for its high-quality Smart Safety Syringe products.
Also read: FDA Investigates China-Made Syringes: Becton Dickinson Increases Syringe Production in the US Following Concerns.
Sharps Technology specializes in the development and manufacturing of drug delivery systems.
The company’s SecureGard and SoloGard product lines focus on low-waste and ultra-low-waste syringe technologies that incorporate active safety features and World Health Organization-certified anti-reuse measures.
These features protect frontline healthcare workers from life-threatening needlestick injuries and protect the general public from the dangers of needle reuse.
Sharps has a manufacturing facility in Hungary and is working to complete a recent asset acquisition in South Carolina to expand its U.S. manufacturing capabilities.
Price Action: STSS shares were up 8.76% at $0.2520 as of last check on Friday.
Photo by Shutterstock
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