Conferences. On behalf of the Life Sciences Investor Forum and our co-host, Zacks Small Cap Research, we are very pleased you have joined us for our quarterly life science conference. Our next presentation is from Sharps Technology. Please note you may submit questions for the presenter in the box to the left of the slides. You can also view a company's availability for a one-on-one meeting by clicking "Book Meeting" in the top toolbar. At this point, I'm very pleased to welcome Robert Hayes, Chief Executive Officer and Director of Sharps Technology, which trades on the Nasdaq under the symbol STSS. Welcome, Robert.
Thanks, Greg. I'd like to thank the Life Sciences Investor Forum and John for the invitation to participate today. This is the first time we've had the opportunity to present at this particular conference. A little bit about Sharps Technology: we are an innovative drug delivery company that specializes in smart safety syringe products and prefillable syringe products. I want to spend a little bit of time talking about the history for Sharps that might be important for investors and people listening in. Again, thanks for those that are supporting the call and listening in to the overview of Sharps. We were founded in 2017. We completed the IPO in 2022 with the plan to develop IP for the smart safety syringe market. The plan then was to work through a small manufacturing facility that we had interest in to further develop the technology.
The leadership team at that time, prior to the IPO, had identified this facility as a strategic opportunity in Europe also. We made the decision to purchase the facility at the completion of the IPO in the summer of 2022. We did the IPO with the intention of buying the facility and, as I mentioned, further developing the IP. The facility is actually located in Hungary. The interesting thing about the facility is that it was a fully operational syringe plant. It was vertically integrated, privately held, and completed everything from manufacturing of components to assembly to sterilization. We felt it was the right opportunity for us to be able to introduce our products to the market. These products and our products are FDA approved along with CE mark and WHO approval, which is very important for our particular space. Our syringes are considered specialized medical devices.
There is a lot of regulations and requirements around our products, around how we make them, how we commercialize them, how we bring them to market that sometimes people need to understand when they're investing in a healthcare company like ours. We'll talk a little bit about that as we go through the presentation. The three areas of focus that I want to spend some time on for this particular presentation are the recent agreement that we signed for $50 million to begin to supply some SoloGard products to a U.S. drug filler here in the States. We've begun shipments of that product to support that sales agreement through our first purchase orders. We're really excited to be able to talk about our first revenues for the company beginning this year, beginning this quarter.
The other opportunity was we were successful in raising $20 million at the end of the year, going into the first quarter of 2025. We needed to raise that money to be able to expand the facility in Europe to be able to support this $50 million sales agreement. We were successful to do that. It was a little complicated from the standpoint of the type of structure, but the $20 million has really allowed us to take next steps and be ready to support our customer that we have now and other customers that we're working with. The last bullet on the screen talks about the successful commercialization, not only of our SoloGard product, but the other two products, SecureGard, and then especially syringe that is used in auto injectors.
Not only have we been able to develop first revenues, but we've been able to successfully commercialize now three products at our facility in Europe. An exciting time for us, really a transformational time for us. A lot of our investors have waited for us to be able to get to this point. It's important that we talk about it today here, help people understand it, and then really answer any questions that they have. A little bit about the facilities that we're working within and then our future plans for the U.S. The facility on the right is our current facility in Europe. We own that facility outright. There's no debt on the facility. There's no debt within Sharps. This facility sits at about 40,000-45,000 sq ft now. It can be expanded to support not only our current sales agreement, but future sales agreements.
The Hungarian government has been very friendly to support Sharps in acquiring this facility and then investing in the facility. Europe has a very strong relationship with the United States through the Hungarian government. We feel like we have a great opportunity there to expand our business not only in the United States, but also in Europe. The other facility that we're working to acquire is located in South Carolina. This facility has the potential to be a specialized prefilled syringe operation. We'll talk about the differences in the facilities a little bit more, but this facility has the square footage of about 100,000 sq ft, and it will offer different clean room capabilities. We will be vertically integrated for its different products that we plan to try to make there. The facility in Europe is the one we own today.
That's where we will support the current sales agreement. The facility in South Carolina is the one we're trying to acquire through different types of agreements to be able to expand our footprint here in the States. A little bit about our products that we make, if you don't know much about Sharps. We work in two different platforms. Smart safety syringe technology, our products are on the screen here, and then we'll talk about prefilled syringes here in a minute. These are the products that we can produce at the facility in Europe. The SoloGard products to the right are the ones that have been in the news recently, where we have locked up a large sales agreement with the U.S. filler here. This is the product that we're starting up with.
We have recently invested about $5 million with state-of-the-art equipment, molds, molding machines, high-speed assembly machines, clean room upgrades to be able to support that contract. We have started with pilot molds that the customer had for us to begin the qualification work and to get started while we ordered the large cavitation high-speed equipment to be able to support the larger portion of the sales agreement. This customer is in a place where they can take as much product as we can make. The current agreement sits at about $50 million, but there will be an opportunity to potentially expand this by another $25 million to be produced at our facility in Hungary. We're excited about that.
The team there has been working aggressively to complete the qualifications, get all of the work documented and approved so that way we could begin shipping product this month. Many thanks to our team in Europe and here in the States to be able to do that work. A little bit more about the products. In the smart safety syringe space, you have products that have needle attachment that typically focus on active or passive safety. We have integrated what we call ultra-low waste technology and reuse prevention into those products. The needle-free safety syringes also have the ability to work with pump systems or needle attachments. These two products here focus primarily on low waste and reuse prevention. A little bit about prefilled syringes. These are much different. These are what we call high-value products in the market.
The revenue potential, the margin potential, the importance to the market is much, much, much larger and much higher. These typically are made out of glass or copolymer material that works like glass. And these particular products require specialized manufacturing and typically are set up in a nest and tub configuration. You'll see a rendering of that later in the presentation where the drug manufacturer like Pfizer, Merck, Allergan, AbbVie, whoever the customer might be that owns the filling capabilities would actually preload the drug therapy into the syringe and then complete the actual final packaging of the loaded syringe and then ship it to point of use at the healthcare center for administration to the patient.
These prefilled syringes allow a lot of capability for the pharmaceutical companies to get to precise dosing, to get to better accuracy, better overall performance versus the glass vials and other forms of bulk packaging. This is actually one of the fastest growing spaces, and we'll talk about that later in the healthcare packaging space is the movement to prefilled syringes. This is the detailed slide that I wanted to talk about related to Hungary from the standpoint of what we do there, how we do it, a little bit more detail. You can see all the capabilities here from injection molding through sterilization and then also the products that we make and how we service the market. This facility in its past was relatively successful, was privately held. The facility was idled.
Then they approached us about the potential opportunity to purchase the facility, and we negotiated a very good price to purchase the plant back in 2022. We are very happy with this facility. A lot of capabilities were already there, which helped us get started much more quickly. This is the detail around the facility in South Carolina that we are talking about and currently under negotiations to acquire or to partnership with. It has 100,000 sq ft. Again, it specializes in prefilled syringes. You can see the rendering of the Barrigex product, which is the 1 mL and 0.5 mL syringe platform that we plan to launch in the market. We have already purchased molds. We have already made samples for this Barrigex product. We are trying to move this into the market as soon as we identify the right manufacturing location for prefilled syringes.
This is an exciting future product for Sharps. The nice thing about prefilled syringes made with the copolymer material, you can make them in many different sizes from 0.5 mL all the way up to 50 mL. Historically, prefilled syringes were made with specialized Type 1 borosilicate glass. They're very challenging to make due to the glass forming process. It's really considered an industrial type operation, very dirty, requires coolants and lubricants to draw the glass to form the glass, many processing steps, and a lot of aggressive cleaning, washing, sterilization to prepare the glass syringes for future use, where the specialized copolymer products are made in a much, what I would call, friendly environment from the standpoint of cleanliness, clean rooms, injection molding, precision molds that can be easily validated for the market and the ability to make different specialized configurations.
We see the future for prefilled syringes in glass also, but we see a transitioning to the COC polymer, copolymer products due to the fact that they have a lot of capabilities to specialize and to support future products in the market. The agreement that's important for investors, I think on this call, is to understand the large sales agreement we got for SoloGard for the U.S. customer. We received our first large purchase order to begin shipments that we started this month. We've made our first initial shipments that was announced a couple of weeks ago. We're preparing for additional shipments this month against the sales agreement. We're excited about that. We'll keep investors updated as we make those transitions. The high-speed equipment starts to arrive at our facility next month.
We're beginning to install that, qualify that, and prepare for the ramp-up in Q3 going into Q4 to be able to service this contract. Really a transformational step for us. Very excited about this for Sharps. I think a lot of the investors have been waiting for our first large sales agreement that we could actually ship against with purchase orders. The opportunity to ramp up to make about 120-130 million units per year beginning in year two is a transformational step, as I mentioned, for us. It will sell out the capacity for SoloGard. Our plan is to bring in additional packaging technology to allow us to pivot to future projects as we expand the facility and look to expand the facility for additional production. We're excited about this.
The opportunity, as I mentioned before, for future growth for the facility with another 250 million units. This is a really nice story for us. Again, we've had a lot of questions around it in other conferences, so I wanted to make sure I spent some time talking about it. For those of you that don't know much about the market for syringes, it's really the disposable syringe space and the prefilled syringe space in the bottom left. You can see the growth curve to the right. As I mentioned before, syringes are one of the fastest growing segments for healthcare, specialized packaging, and drug delivery in the market. You also see news today around pen systems and other types of technology, auto injectors that are coming on the market.
When you combine the auto injectors, the pen systems, the syringes, the different types of syringes, it's a really nice space to be in, not only for growth, but for revenue and also for margins. There are some detailed slides here about the different spaces that we work in, the disposable syringe space for safety syringes. You can see how large it is. The prefillable syringe space, where you can see the bulk prefillable and then the nest and tub configurations that we'll talk about here. These products typically are sold for a much higher price compared to the standard syringe. You can see prices for these particular products of $1.50 to upwards of $6, depending on the technology and the size. The average syringe can be anywhere from 10 cents to 50 cents.
These prefillable syringes with the copolymer technology will sell anywhere from $1.50 all the way up to $6. We see this as the future for the market. We see this as the future for Sharps. We like the smart safety syringe segment that we're in, but we want to move quickly into this prefilled syringe market space. Like I mentioned in the previous slide, the growth is pretty rapid. You're seeing a lot of large pharmaceutical and healthcare companies investing in filling technology, acquiring facilities that have filling technology, bringing in high-speed filling technology to be able to process their drug therapies more quickly, more safely, and they need better packaging to do it. You see a rendering here of a typical nest and tub configuration for prefilled syringes in the copolymer material.
When you look at this and how they're made and how they're handled, you can understand why the piece price is so much better, why the quality is so much better. At the end of the day, we're doing all this to provide a safer product for the patient. Our end game is to be able to deliver technology to solve problems in the market and then be able to better serve the patients that our customers work with. To give people a sense for how big this opportunity is beyond the numbers, you can see examples here of what the global footprint looks like for the customer base. You can see for the prefillable syringe opportunities that are on the screen, they're heavily concentrated in the U.S. and in Europe. I'm sorry, and in Europe.
The opportunity to be able to service this market on both sides of the ocean is going to be really important for us. Having our facility in Europe already, it is expandable. It can support future growth for prefilled syringes and potentially working to acquire our first facility inside the U.S. becomes important as we try to target these different customers. One of the key points here for investors to understand is the prefilled syringes can be used for different drug platforms. Typically in the space, you will deal with specialized drugs, biologics, those types of therapies. You will deal with branded drugs. You will deal with generic drugs. These prefilled syringes can be set up to support any and all of those particular products in different configurations. Some of the news that is important that I mentioned to you earlier in the presentation is about how U.S.
Drug companies are buying injectable filling capacity. These are just a few that I felt were relevant that investors would recognize the names. That way people understand it's real. It's not just information I'm making up. When you see Eli Lilly, Novo Nordisk, and others buying up filling capacity, expanding filling capacity, and then you see large packaging companies like Schott expanding their footprint, hundreds of millions of dollars going into packaging, hundreds of millions of dollars going into acquisition for injectable sites. You see drug shortages because of the new drug therapies that are coming out, the new expanding platforms for generics as drugs come off patents. You're seeing the opportunity for different companies to participate in the market to be able to support people that need those different therapies.
We see this as the right space and the right time to be moving in this direction to be able to support customers. It is important to have a facility inside Europe and inside the U.S. Those facilities take capital. That was the reason we pushed so hard to raise as much money as we did when we did to be able to make some of our first steps. Last couple of slides. This is just a high-level overview of some of my team. It is important for investors to know that much of my team has a lot of experience in this space. I have been in the industry for more than 30 years, either making drugs or on the packaging side, working with almost every healthcare company directly or indirectly in the world.
I've had the opportunity to learn a lot about what they do, how they do it, what they need, and then been fortunate to work with a lot of great people that have helped me along the way that wanted to come to Sharps and be part of the team. I'm thankful for our team and some of the future team members that we'll be bringing over. A key slide that I felt was nice to end on was about our highlights and summary. We get a lot of questions around the information in these five boxes. I'll just go over them briefly because I know we're getting toward the end of time. The $20 million financing that we secured in Q1, the company is debt-free, and we are hitting a growth stride, growth cycle for our business.
We are completing the manufacturing upgrades in our facility in Europe to be able to support the sales and the marketing initiatives for our business. The $50 million sales agreement for SoloGard is key for us, our first large sales agreement that we have been able to act on quickly and begin to ship products. We have had a lot of requests for commercial activity to make products to bring sales to the market. Sometimes there are challenges depending on what the customer wants and how they want it. This was the first one we felt was the right first step for the business. We agreed to work on this particular project, make the investment, and upscale the facility to be able to support it. We see a strong relationship with this customer, a strong future relationship with this customer.
Ben has done a great job, and Braden has done a great job in strengthening that partnership already. The potential to grow the business beyond the original commitment is there. Purchase orders. It's nice to have the purchase orders. We expect additional purchase orders in July to further support the SoloGard agreement. Like I mentioned, we're completing the manufacturing enhancements in Europe to be able to support those future sales agreements. The key takeaway from the SoloGard agreement is that we can make and ship, and they will buy as much product as we can get to them. We can actually accelerate this and do more with this than what's on the page. The InjectEZ opportunity, people have asked about that.
This has been a complex opportunity due to the size, due to the relationship, due to some of the challenges that have been outside of our control. The good news is the partner is still wanting to work with us. We received an updated proposal yesterday. We are going through that with them to see if we can try to find a way to make this work to make prefilled syringes here in the U.S. If not, for some reason, we have strong customer demand for prefilled syringes. We are committed to those products, and we plan to either make them here in the U.S. or we plan to make them in Hungary through a small expansion. There will be more news around the prefilled syringe strategy later this year. Briefly about our stock, we have about 1 million shares in the float.
The Series A warrants that were part of the last financial transaction are out of the money. There's no way those can be exercised. The B warrants that were a little bit more complex pretty much have been eliminated. All of those have been closed out. We are sitting on close to $12 million in cash with no debt. Our recent market cap was estimated around $6 million. With that, I want to thank everyone for their time, and we'll try to answer a few questions. A question about tariffs having an impact on our margin on the deal. We do not see that being hurtful for the business. The nice thing about our products, the SoloGard, is that with the investment in the high cavitation tools and then the high-speed machines, we see our cost of goods going down significantly.
We will be able to flex temporarily if we need to manage the margins once we get that equipment running. Obviously, there is upside for us as Hungary works with the U.S. government to try to resolve that. Part of the reason we are in Hungary and chose to stay there is because of the favorable relationship that Hungary has with the United States. Details about the partnership in South Carolina, yes, it is still active. We are talking with them. As I mentioned, part of the delay was outside of our control. It had to do with our partner and things that they had to work through. We are hopeful that we can get this back on track and find a way to make this work. I talked about the SoloGard already. On the financing, the financing was a little complex that we completed.
Unfortunately, it was challenging all the way around to be able to raise that kind of money for our business. We were fortunate that we were able to do that. We knew we had a good strategy because we had sales agreements and future purchase orders. To be able to execute against the sales agreement, we had to raise that level of money. It was unfortunate that it had to be done that way. For a company our size, it was not easy. Unfortunately, things were complicated, but we worked through that. We maintained Nasdaq compliance. We were able to work through all of the things that we needed to do to be able to bring these sales forward. A couple more questions. Current quarter had $400,000 in revenue for the SoloGard agreement. Do you expect this to increase next year, next quarter? Yes.
As I mentioned, we can ramp up after the implementation of the new equipment. We expect to be able to make about 130 million-120 million units a year. That agreement is actually expandable based on our success. Those syringes work within healthcare medical pump systems to deliver drug therapies in the different hospital areas for different products. The qualification work had to be done upfront to make sure there was not going to be any risk for our customer. Fortunately for us, the designs that we had and with help from our customer were able to be set up and modified to work with that technology.
The $20 million financing for future growth, as I mentioned, we took a large portion of that money to be able to invest to support the SoloGard agreement and some of the other business that we have short term. It will be part of the initial money to support the next steps for prefilled syringes. Revenue growth for the popularity of GLP-1 drugs. Yep. We have some news that we haven't released yet around how we're going to approach that. Obviously, pen systems, auto injectors, prefilled syringes are the preferred methodology for GLP-1s. What we see happening with GLP-1s is that you have the branded products now, but obviously you understand when they go generic, there's going to be a lot more opportunity to be able to see growth in that space, which is going to trigger the packaging growth.
Our products, the prefilled syringes, and then some of the news around pens that we'll share later in the year will be able to support the GLP-1s going forward for customers that want to work with us. A little bit about prefilled syringes and smart safety syringes. As I mentioned, smart safety syringes typically sell anywhere from $0.10 to maybe upwards of $0.50 for advanced technology. Depending where they're made and the technology, your cost of goods will adjust. The prefilled syringes are much more set up in the market for what I would consider to be high-value products, high-revenue products with typically a market price anywhere from around $1.50-$6.
The margins for those are in the upwards of 50%-80% depending on how they're made, where they're made, and what kind of technology is there. I think I'm close to time, John, Greg, but again, I want to thank investors for your time. Hopefully, I answered most of your questions. If there's other questions in here that we need to follow up with, I'll be glad to do that.