Welcome to our dedicated page for Reshape Lifesciences news (Ticker: RSLS), a resource for investors and traders seeking the latest updates and insights on Reshape Lifesciences stock.
Reshape Lifesciences, Inc. is a medical device company focused on the development of non-surgical weight loss devices for obese or overweight patients. The company offers a range of innovative products, including LAP-BAND, ReShapeCare, Obalon Balloon System, and Diabetes Bloc-Stim Neuromodulation. Reshape Lifesciences aims to provide less invasive solutions for weight loss treatment, addressing the growing demand for safe and effective options in the market.
ReShape Lifesciences (Nasdaq: RSLS) has announced the pricing of an upsized $6.0 million public offering consisting of 2,575,107 units at $2.33 per unit. Each unit includes one common share (or pre-funded warrant) and one warrant to purchase one common share. The warrants will be exercisable at $5.83 per share after stockholder approval, with a one-time reset option and alternative cashless exercise provision.
The warrants will expire either 12 days after stockholder approval or within 60 days after approval, coinciding with the company's planned merger with Vyome Therapeutics. The offering is expected to close around February 18, 2025, with Maxim Group serving as the sole placement agent.
ReShape Lifesciences (RSLS) has been granted Patent Number 277949 in Israel for its Diabetes Neuromodulation technology, providing protection until December 4, 2039. The technology combines the company's proprietary vagus nerve block (vBloc™) platform with vagus nerve stimulation to treat Type 2 diabetes.
The system aims to reduce diabetics' medication dependence through personalized treatment, potentially lowering costs and complications associated with poor blood glucose control. The technology is supported by a strong intellectual property portfolio of 62 issued or pending patents related to vagal neuromodulation, glucose control, AI, and Bluetooth applications.
Pre-clinical development has been completed, demonstrating increased glycemic control in both Zucker rat and alloxan treated swine models of Type 2 Diabetes Mellitus (T2DM). The technology works by selectively modulating vagal block and stimulation to the liver and pancreas.
ReShape Lifesciences (Nasdaq: RSLS) provided updates on its merger agreement with Vyome Therapeutics and asset purchase agreement with Biorad Medisys. The all-stock merger will create a combined company renamed to Vyome Holdings, trading under ticker 'HIND'. The new board will include six Vyome-designated directors and one ReShape director.
Through the asset purchase agreement, Biorad will acquire substantially all of ReShape's assets, including the Lap-Band System, Obalon Gastric Balloon System, and DBSN System, assuming all related liabilities. The cash purchase price will count toward ReShape's net cash for post-merger ownership allocation.
ReShape filed an S-4 registration statement for the merger on October 1, 2024, with an amendment on December 6, and a Form S-1 registration statement for an Equity Line of Credit with Ascent Partners Fund on December 20. The combined company will focus on Vyome's immuno-inflammatory assets and opportunities between the U.S.-India innovation corridor.
ReShape Lifesciences (RSLS) reported Q3 2024 financial results, showing revenue growth of 16.6% over Q2 2024 and 6.4% year-over-year to $2.3 million. The company achieved a 40.6% reduction in operating expenses for the first nine months of 2024 compared to 2023. Gross profit margin improved to 62.8% in Q3 2024. The company entered into a merger agreement with Vyome Therapeutics and an asset purchase agreement with Biorad Medisys for $5.16 million. ReShape also completed a 1-for-58 reverse stock split and regained Nasdaq compliance.
ReShape Lifesciences (Nasdaq: RSLS) announced it will release its third quarter 2024 financial results on Thursday, November 14, 2024, after market close. The company will host a conference call at 4:30 pm ET the same day, featuring Krishna K. Gupta, current Director of Vyome Therapeutics and future Chairman of the combined company following their previously announced merger. A live webcast will be available on ReShape's website, and participants are encouraged to register and dial in fifteen minutes before the call.
ReShape Lifesciences (Nasdaq: RSLS) has received Health Canada approval for its next-generation Lap-Band® 2.0 FLEX and Tubing Kit. The enhanced device features new Flex technology that acts as a relief valve, allowing larger food pieces to pass through more easily by temporarily relaxing before returning to its resting diameter. Like its predecessor, the device can be adjusted post-operatively to optimize eating habits and comfort. The company has completed a market release in the U.S. with positive surgeon feedback and plans to launch the product in Canada soon.
ReShape Lifesciences (Nasdaq: RSLS) received a $241,000 supplementary grant from the NIH, in collaboration with USC's CARSS, to develop next-generation electrodes for their Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device. The grant will fund studies testing minimally invasive laparoscopic surgical implantation techniques and long-duration safety experiments. The DBSN™ device uses vagus nerve block technology to treat Type 2 diabetes. This fourth NIH grant brings total funding to $1.15 million, supporting the pre-clinical development of the technology that aims to regulate insulin production and manage blood glucose levels. The next-generation electrodes could potentially double nerve contact area while reducing power consumption.
ReShape Lifesciences Inc. (Nasdaq: RSLS) has announced a 1-for-58 reverse stock split of its common stock, effective for trading on September 23, 2024. This decision, approved by stockholders on February 23, 2024, will convert every 58 shares of issued and outstanding common stock into one share. The reverse split will also affect the company's outstanding warrants, stock options, and convertible preferred stock proportionally. Fractional shares will be rounded up, and the number of authorized shares will remain unchanged. Stockholders will receive instructions from Equiniti Trust Company, regarding the exchange of existing certificates. The new CUSIP number for RSLS common stock post-split will be 76090R309.
ReShape Lifesciences Inc. (Nasdaq: RSLS) reported Q2 2024 financial results and provided a corporate update. Key highlights include:
1. Entered into a merger agreement with Vyome Therapeutics and an asset purchase agreement with Biorad Medisys.
2. Revenue totaled $2.0 million for Q2 2024, down 12.8% year-over-year.
3. Gross profit margin improved to 57.7% in Q2 2024 from 53.0% in Q2 2023.
4. Significant reduction in operating expenses, down 45.4% in H1 2024 compared to H1 2023.
5. Cash and cash equivalents of $1.2 million as of June 30, 2024.
The company is focusing on maximizing shareholder value through strategic transactions and cost reduction initiatives.
ReShape Lifesciences Inc. (Nasdaq: RSLS), a leading weight loss and metabolic health-solutions company, has announced it will release its financial results for the second quarter ended June 30, 2024, along with a corporate update on August 14, 2024, after market close. The company will host a conference call on August 15 at 4:30 pm ET to discuss the results.
Notably, Krishna K. Gupta, a current Director of Vyome Therapeutics, will join the call. Gupta is set to become Chairman of the combined company following the completion of the previously announced merger between ReShape Lifesciences and Vyome Therapeutics.
Investors can access the live webcast through the company's website and participate in the conference call by registering via the provided link. An archived replay will also be available on the company's website after the call.
FAQ
What is the current stock price of Reshape Lifesciences (RSLS)?
What is the market cap of Reshape Lifesciences (RSLS)?
What is Reshape Lifesciences, Inc. focused on?
What are some of the products offered by Reshape Lifesciences?
What is the goal of Reshape Lifesciences?
How does Reshape Lifesciences contribute to the medical field?
