ReShape Lifesciences, Inc. - RSLS STOCK NEWS

ReShape Lifesciences (Nasdaq: RSLS) announced it will showcase data on its innovative Diabetes Bloc-Stim Neuromodulation (DBSN) device at the Keystone Symposia on Type 2 Diabetes from May 1-4, 2023, in Palm Springs, CA. The DBSN device aims to improve glycemic control in patients with early-stage diabetes by utilizing sub-diaphragmatic vagus nerve neuromodulation. Study results indicate significant improvements in glycemic control, allowing Fasting Plasma Glucose to decrease from an average of 102 mg/dL to 74 mg/dL. A survey showed that 82% of type 2 diabetes patients interested in lifestyle changes would consider a device like DBSN. Paul Hickey, the CEO, emphasized the market potential of this technology, which could reduce dependence on medications and enhance personalized treatment approaches.

ReShape Lifesciences (Nasdaq: RSLS) reported Q4 2022 revenues of $2.7 million, part of a total annual revenue of $11.2 million, down 17.4% from 2021. Despite this decline, the company showed sequential quarterly growth in the U.S. with operating expenses reduced by 27.9% or $5.1 million in the second half of 2022 compared to the first half. ReShape raised approximately $16.0 million over the past year, bolstering its balance sheet and extending its cash runway into 2024. The company is executing a profitability plan, supported by significant product pipeline developments and strategic input from a newly formed Scientific Advisory Board. A patent allowance related to the Obalon Balloon System provides additional protection for its product portfolio.

ReShape Lifesciences Inc. (Nasdaq: RSLS) has entered into a securities purchase agreement with an institutional investor to sell 800,695 shares of common stock at $3.07 per share in a registered direct offering, along with corresponding unregistered warrants. This offering is expected to generate approximately $2.5 million in gross proceeds, set to close around April 24, 2023, subject to standard conditions. The company also plans to amend existing warrants to an exercise price of $3.07. The securities will be offered under a previously effective shelf registration statement, and the associated warrants will be exercisable for 5.5 years. Maxim Group LLC is the sole placement agent for this transaction.

ReShape Lifesciences (NASDAQ: RSLS) announced on April 11, 2023, that it received a Notice of Allowance from the U.S. Patent and Trademark Office for patent application 16/792,094, which pertains to the Obalon® Balloon System. This patent offers additional claims and is expected to provide protection until at least January 2031, potentially extended further through a Patent Term Extension.

CEO Paul F. Hickey emphasized that this patent significantly bolsters their intellectual property portfolio, marking a key step in defending their innovations within the intragastric balloon market. Since their first patent application in 2011, ReShape has developed a comprehensive patent family aimed at protecting its product offerings in weight loss and metabolic health solutions.

ReShape Lifesciences (Nasdaq: RSLS) announced a delay in its earnings release for the year ended December 31, 2022. The earnings call, initially set for March 29, 2023, is postponed to provide additional time for the completion of the year-end audited financial information. The company will communicate a new date and time for the earnings release once the audit process is finalized. ReShape Lifesciences specializes in weight loss and metabolic health solutions, offering products like the FDA-approved Lap-Band System and the virtual weight-management program ReShapeCare.

ReShape Lifesciences (Nasdaq: RSLS) has established a Scientific Advisory Board (SAB) to enhance its leadership in weight loss and metabolic health solutions. The SAB comprises renowned experts in obesity and metabolic diseases, who will offer strategic guidance on the company's development activities and product pipeline.

Paul F. Hickey, CEO, emphasized that the SAB will provide invaluable insights as ReShape prepares to submit its next-generation Lap-Band 2.0 to the FDA in the first half of 2023. The advisory board includes distinguished professionals such as Dr. Jaime Ponce and Dr. Caroline Apovian, aimed at expanding the utilization of the FDA-approved Lap-Band system.

ReShape Lifesciences (Nasdaq: RSLS) announced it will report its financial results for the year ended December 31, 2022, on March 29, 2023, before the market opens.

Management will host a conference call at 8:00 am ET on the same day, providing an opportunity for stakeholders to engage directly.

ReShape Lifesciences focuses on weight loss and metabolic health solutions, including the FDA-approved Lap-Band Program and the virtual ReShapeCare weight-management program.