Sharps Technology - STSS | Nasdaq Listed!
Sharps Technology, Inc. Announces Closing of $16 Million Initial Public Offering
NEW YORK, April 19, 2022 (GLOBE NEWSWIRE) — Sharps Technology, Inc. (the “Company”) (NASDAQ: “STSS” and “STSSW”), an innovative medical device company offering patented, best-in-class, single use smart safety syringe products, today announced the closing of its initial public offering of 3,750,000 units at a public offering price of $4.25 per unit. Each unit consisted of a share of common stock and two warrants to purchase one share of common stock each with an exercise price of $4.25. The underwriter partially exercised its over-allotment option with respect to 1,125,000 warrants. At the closing, the Company issued an aggregate of 3,750,000 shares of common stock and 8,625,000 warrants. Gross proceeds for the offering were approximately $16 million, before deducting underwriting discounts and commissions and estimated offering expenses.
The common stock and warrants began trading on The Nasdaq Capital Market on April 14, 2022, under the symbols “STSS” and “STSSW,” respectively.
Aegis Capital Corp. acted as the sole book-running manager for the offering.
A registration statement on Form S-1 (No. 333-263715) relating to the securities sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on April 13, 2022. The offering is being made only by means of a prospectus. Copies of the final prospectus are available on the SEC’s website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at [email protected], or by telephone at (212) 813-1010.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction
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 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 Statements
This 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.
Contact:
Dave Gentry
Phone Number: +1 407-491-4498
Email: [email protected]
Sharps Technology Announces Pricing of Initial Public Offering
NEW YORK, April 13, 2022 (GLOBE NEWSWIRE) — Sharps Technology, Inc. (the “Company”), an innovative medical device company offering patented, best-in-class, single use smart safety syringe products, today announced the pricing of its initial public offering of 3,750,000 common units. Each common unit is being offered at a public offering price per common unit of $4.25 and consists of one share of common stock, par value $0.0001 and two warrants, to purchase one share of common stock for each whole warrant, with an initial exercise price of $4.25 per share. The gross proceeds of the offering are expected to be approximately $16 million before deducting underwriting discounts and commissions and offering expenses. The offering is expected to close on April 19, 2022, subject to satisfaction of customary closing conditions.
In addition, the Company has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to such number of (i) additional shares of common stock equal to 15% of number of units sold in the offering, and/or (ii) additional warrants equal to 15% of the number of warrants underlying units sold in the offering, in each case solely to cover over-allotments, if any. The purchase price to be paid per additional share of common stock will be equal to the public offering price of one common unit less the purchase price for the two warrants included within the common unit, as applicable, less the underwriting discount. The purchase price to be paid per additional warrant will be $0.01. If Aegis exercises the option to purchase only such warrants, additional proceeds will be nominal. If Aegis exercises the option in full for common stock, the total gross proceeds of the offering including overallotment are expected to be approximately $18.3 million before deducting underwriting discounts and commissions and offering expenses.
The common stock and warrants are expected to begin trading on The Nasdaq Capital Market on April 14, 2022, under the symbols “STSS” and “STSSW,” respectively.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
A registration statement on Form S-1 (No. 333-263715) relating to the securities sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on April 13, 2022. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC’s website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at [email protected], or by telephone at (212) 813-1010.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction
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 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 Statements
This 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
Contact:
Dave Gentry
Phone Number: +1 407-491-4498
Email: [email protected]
Sharps Technology Welcomes Robert Hayes to the Sharps Leadership Team
New York, NY – September 15, 2021 – Sharps Technology, an innovative medical device company offering patented, best in class, single use smart safety syringe product line, today announced Robert Hayes will be joining the Sharps leadership team as Chief Executive Officer.
About Robert Hayes
Chief Executive Officer
Before being named CEO at Sharps Technology, Robert Hayes most recently spent 11 years at Gerresheimer Pharmaceutical Glass where he led commercial sales through strategic partnerships and programs with top global healthcare companies. Most recently as the Senior Director of Innovation and Product Management, he was responsible for overseeing the development and commercialization of specialized pharmaceutical packaging products. Through this role and his previous position as Global Key Account Manager, he created market leading growth within the packaging industry.
Robert has over 25 years’ experience in the healthcare, medical device, and pharmaceutical manufacturing industry, working for companies such as Baxter Healthcare, Cardinal Healthcare, Covidien/Sherwood Medical producing monoject syringes, Boston Scientific, Hollister, Hill-Rom, Fresenius Medical, and CMO Operations, where he supported top leading pharmaceutical companies such as GSK, Pfizer and Merck.
His time in the industry has included leadership positions for plant operations, quality management, validation and technical services for healthcare and medical device manufacturing. He also has experience in development of innovative product and process technologies, production of cleanroom molding products and assemblies, ready to use sterile products, invasive medical devices and combination products with specialized drug and device platforms.
Robert earned a BA from the University of Toledo and holds ASQ Certifications in Quality Auditing, Engineering and Management.
“Having worked closely with the founders of Sharps Technology over the past several years, I learned about the purpose and capabilities for their specialty syringe technology. The company’s ability to provide a product that could create additional vaccine doses at no additional cost and deliver a safe injection that would protect both patients and healthcare providers, resonated with my personal reasons for working within the healthcare industry for the past 25+ years. Sharps Technology is an innovative medical device company that is well positioned within the specialty syringe segment. The company’s FDA approved technologies support the immediate needs of the healthcare market including COVID-19 vaccinations. Through the passion of the company’s employees and the company’s commitment to quality and innovation, I am very optimistic as I look ahead to achieve the growth potential for Sharps Technology,” adds Robert Hayes.
Soren Christiansen, Chairman of the Board, said, “Sharps Technology has been seeking an engineering, manufacturing and sales-oriented executive to lead the company as we increase manufacturing and commercialization of our Sharps Provensa™ smart safety syringes to meet COVID-19, and market demands. We look forward to Robert leading our company.”
About Sharps Technology
Sharps Technology offers a solution to a global healthcare crisis. Sharps Provensa Ultra-Low Waste™smart safety syringes are the first of their kind designed to eliminate over two million potentially infectious, accidental needlestick injuries, as well as billions of dollars in medicine wasted with today’s inefficient syringes. Sharps Provensa™ syringes address the important needs of the global healthcare market:
- Provides automatic protection from accidental needlestick injury for clinicians and all who come in contact with contaminated needles.
- Prevents improper reuse of both needle and syringe by automatically locking the plunger and shielded needle following injection.
- Sharps Provensa Ultra Low-Waste™ dramatically reduces the number of costly medications discarded with inefficient injections.
- Facilitates extra doses from vials and pre-filled syringes.
Our proprietary Sharps Provensa™ safety syringes are the solution to urgent problems. We believe in caring through innovation. We believe that injections should not cause infections.
Karen Daley, PHD, RN, FAAN, Director at Sharps Technology, is a valued stakeholder in patient and occupational safety. She contributed to Moving the Sharps Safety in Healthcare Agenda Forward in the United States: 2020 Consensus Statement and Call to Action developed by the Sharps Injury Prevention Stakeholder group in collaboration with the International Safety Center.
Background:
The year 2020 marks the 20th anniversary of the Needlestick Safety and Prevention Act and its amendment to the Occupational Safety and Health Administration (OSHA) Bloodborne Pathogens Standard (29 CFR 1910.1030) (OSHA, 2001). Over the past 20 years, the standard continues to be effective in driving healthcare employers to significantly reduce needlesticks, sharps injuries, and blood and body fluid exposures, as well as the resulting infections from bloodborne viruses.
However, the risks of occupational exposure to blood, body fluids, and other potentially infectious materials (OPIM) are greater today than in decades past. The emergence of these previously unknown pathogens, such as COVID-19, highlights the critical role that the safety and health of healthcare workers play and the importance of protecting them from workplace hazards.
Moreover, data have demonstrated a decline in the rate of sharps injuries in the first decade after the BPS was revised in 2001. Data from the following decade shows that this decline has not continued, highlighting the need to focus attention to this potentially dangerous hazard.
Healthcare workers represent a critical national resource that must be protected from harm while they care for others. Healthcare worker safety is a crucial component of patient safety, and of the overall safety and quality of the healthcare environment.
The statement includes recommendations to guide healthcare employers, regulatory and accrediting bodies, labor unions, and advocacy groups to build safer workplaces for those providing patient care.
Click here to view the full statement.
COVID-19 Vaccine Timeline
Dr. Soren Christiansen, Merck’s former head of vaccine development and Sharps Technology CEO, joins CNBC ‘Squawk on the Street’ to discuss the timeline for a COVID-19 vaccine and the issues that could come up with a rollout.
CNBC, October 6, 2020
What to know about COVID-19
Dr. Soren Christiansen’s interview with Community Health about COVID-19.
Community Health, September 3, 2020
Moderna Reports Positive Vaccine results in Early-Stage Trial of Older Adults
'This is really a game changer': Dr. Soren Christiansen on Abbott's rapid coronavirus test
Why Most People Will Have to Wait Months to Get a COVID-19 Vaccine After It’s Available
“The COVID-19 vaccination will be in addition to the regular vaccine programs, like MMR, HPV, etc., so the need for a significant increase in syringes and needles are also needed,” Dr. Soren Bo Christiansen, chairman and CEO of Sharps Technology Inc., a safety syringe company, and a former head of vaccines at Merck, told Healthline.
Read the full story here.
Sharps Technology's CEO talks about COVID-19 vaccine with ABC10
Check out this ABC10 interview with our CEO, Soren Christiansen, about the latest on COVID-19 vaccines and how Sharps Technology’s safety syringes are cost-effective for vaccine delivery, while also offering accidental needle stick protection for our clinical providers.
Tuesday, July 21, 2020
Amid Global Pandemic, Launch of Smart Safety Syringe to Maximize Availability of Life-Saving Medicine
SHARPS PROVENSA™ Can Speed Millions of Extra Doses of Vaccine to the Public
New York, NY, July 6, 2020 — Sharps Technology, Inc., (www.sharpstechnology.com) today announced plans to manufacture its patented SHARPS PROVENSA™ smart safety syringes for use throughout the United States. Sharps Provensa safety syringes have received Food and Drug Administration (FDA) consent for marketing in the U.S.
Independent testing shows medications presently thrown away with each inefficient injection are virtually eliminated by the SHARPS PROVENSA™ technology.
The Company expects production of its products to commence in Q4 2020 with fulfillment to pharmaceutical and healthcare partners in Q2 2021. Its 40,000 square foot manufacturing plant in the EU is being refitted to be able to produce 100 million units annually. The Company is awaiting CE Mark approval for Europe.
There are approximately 14 billion injections delivered worldwide each year, and a vaccine for COVID-19 could add another 6 billion before accounting for government stockpiling. A more efficient syringe system, with only miniscule waste space, results in more doses of costly and hard-to-manufacture injectable drugs delivered more affordably and rapidly to hospitals and doctors.
“Our multiple syringe designs have the potential to protect 40 million healthcare workers by eliminating infectious needlestick injuries and at the same time, scale up the delivery of life-saving vaccines and medicines globally,” said Soren Christiansen, MD, Chairman and CEO of Sharps Technology. “With vaccine demand likely to soar, this medical innovation could not come at a more crucial time. SHARPS PROVENSA™ helps our partners in the drug manufacturing sector to more efficiently and cost-effectively deliver medicines, ultimately benefitting the people receiving the treatments.” Dr. Christiansen is a former senior executive with Merck responsible for $10 billion a year in sales.
Pharmaceutical companies must over-fill each vial and pre-filled syringe dose they provide, to overcome waste space in the typical syringe. Overfilling increases manufacturer cost and reduces the doses yielded per production batch. With an estimated 1 billion Covid-19 doses recently announced by J&J, if paired with SHARPS PROVENSA Ultra Low-Waste™, may translate to 50-100 million additional doses from the same bulk vaccine material.
Barry Berler, Sharps Chief Technology Officer and Inventor said, “We are in a race to produce the maximum number of units in the shortest period. To maximize supply, we have teamed up with Gerresheimer, major suppliers of glass and plastic medical devices and injection vials to the pharmaceutical industry.”
Tony Mulone, Sharps Executive Vice President, and former GM of Covidien’s Custom Product Solutions, a $250 million division which marketed needles and syringes said, “This ultra-low waste technology can save billions of dollars each year, by preventing wasted injectable medicine from winding up in landfills. Instead that medicine will be effectively administered to patients who need it, and countless millions waiting for vaccines to counteract dangerous diseases, including COVID-19 should a vaccine become available.”
Syringe delivery-system pairing is essential in determining availability and cost for any manufacturer’s vaccine or injectable drug supply – both to patients, government, and insurers. SHARPS PROVENSA™ is also the first and only safety syringe designed for one hand use and ultra-low waste engaging all safety features automatically as the injection is given.
This safety syringe technology is designed to eliminate 2 million accidental needlestick injuries each year, including 600,000 occurring to U.S. medical personnel. SHARPS PROVENSA™ deploys a unique, proprietary shield that covers the needle point even before the needle is withdrawn from the skin, rendering it incapable of reuse and virtually eliminating accidental needlestick injuries.
More than 20 viruses can be spread by contaminated needles, including Hepatitis and HIV. In fact, according to the WHO, 37.6% of Hepatitis B, 39% of Hepatitis C and 4.4% of HIV/AIDS cases in healthcare workers worldwide are due to infectious needlestick injuries. A study cited by the WHO of 20 countries found that healthcare workers each experienced an average of up to 9 needle stick injuries a year.
“This is a potentially life-saving technology for doctors, nurses and other healthcare workers including EMT’s and other first responders throughout world,” said Dr. Steven Hertz, Sharps Chief Medical Officer. “In many developing countries, staff shortages and lack of training protocols can put healthcare workers and patients at increased risk. SHARPS PROVENSA can eliminate the silent scourge of needlestick infections and prevent dangerous and improper syringe and needle reuse.”
The new SHARPS PROVENSA syringe and needle technology allows healthcare workers to simply deliver a normal one-handed injection. Karen Daley, Ph.D., Former President of the American Nurses Association. Dr. Daley, who contracted HIV from an accidental infectious needle stick while working in an emergency room, said SHARPS PROVENSA™ would prevent similar infections in the future. “I have never seen safety syringe technology this effective,” she said. “If workers are not safe, patients are not safe.”
The WHO has listed Merck, Pfizer, GSK, Sanofi, and Moderna as having the best candidates for a Covid- 19 vaccine.
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