ReShape Lifesciences, Inc. - RSLS STOCK NEWS

ReShape Lifesciences Inc. (Nasdaq: RSLS) has closed its upsized public offering of 1,275,000 units, priced at $8.00 each, generating approximately $10.2 million in gross proceeds. Each unit includes one share or pre-funded warrant and one warrant for 1.5 shares of common stock, with an option for cashless exercise. The funds will support growth strategies and working capital. Additionally, underwriters have an option for 191,250 shares and 286,875 warrants, which have been exercised. This offering is pursuant to an SEC registration statement filed on February 3, 2023.

ReShape Lifesciences Inc. (Nasdaq: RSLS) announced a public offering of 1,275,000 units at $8.00 per unit, each consisting of one share of common stock and warrants. The offering, expected to raise approximately $10.2 million, is set to close on February 8, 2023. Funds will be used for growth strategies, working capital, and general corporate purposes. An over-allotment option allows underwriters to purchase an additional 191,250 shares and warrants for 286,875 shares. This offering is registered under SEC rules.

ReShape Lifesciences (Nasdaq: RSLS) has announced a 1-for-50 reverse stock split, effective December 23, 2022. This means that every 50 shares will be converted into one. Adjustments will be made to outstanding warrants, stock options, and convertible preferred stock accordingly. The company also increased its authorized shares to 300 million. This decision was approved by stockholders on December 14, 2022. Stockholders will receive instructions from the transfer agent regarding the exchange of existing certificates.

ReShape Lifesciences (Nasdaq: RSLS) reported Q3 2022 results with revenues of $2.8 million, down 24.5% year-over-year, primarily due to a focus shift towards U.S. sales. Gross profit margin increased to 75.1% as domestic sales rose. The company appointed Paul F. Hickey as CEO and launched a targeted digital marketing strategy, reducing patient lead costs by over 50%. Despite the revenue decline, the firm anticipates revenue growth due to recent FDA product clearances and updates from ASMBS supporting bariatric surgery, aiming for profitability through strategic adjustments.

ReShape Lifesciences (RSLS) has announced a securities purchase agreement with an institutional investor for a registered direct offering of 2,884,615 shares of common stock at $0.26 per share and 2,500 shares of Series D Preferred Stock. The offering is expected to close by November 9, 2022, with total gross proceeds expected to be approximately $750,000. The proceeds will be used for commercialization, clinical development, and working capital. Additionally, existing warrants will be amended to reduce the exercise price to $0.30 per share.

ReShape Lifesciences (Nasdaq: RSLS) will release its third quarter financial results on November 14, 2022, before market opening. A corporate update will accompany these results. Following the announcement, management will host a conference call at 8:00 am ET, available via their website. ReShape Lifesciences specializes in weight loss and metabolic health solutions, offering products like the FDA-approved Lap-Band® Program and the investigational ReShape Vest™ System, aimed at treating obesity and metabolic diseases.

ReShape Lifesciences (Nasdaq: RSLS) presented data on its Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device at the Obesity Society Annual Meeting in San Diego. The device demonstrated safety and efficacy in a swine model of type 2 diabetes, reducing glucose variability during tests. The DBSN™ device employs bioelectronic modulation to enhance insulin production while blocking glucose release from the liver. The CEO highlighted the technology's potential in treating diabetes and reducing medication dependence. The company continues development with a focus on metabolic disorders.

SAN CLEMENTE, Calif., Nov. 02, 2022 – ReShape Lifesciences (Nasdaq: RSLS) announces that CEO Paul F. Hickey and CFO Tom Stankovich will present at the Q4 Investor Summit on November 14 at 1:30 p.m. ET. They will highlight the next-generation Lap-Band® program and the reshape™ virtual health coaching initiative. Qualified investors can register for the complimentary conference. A live webcast will be available on ReShape's website, with an archived replay for 90 days. ReShape Lifesciences specializes in weight loss and metabolic health solutions.

ReShape Lifesciences (Nasdaq: RSLS) announced updated guidelines from the ASMBS and IFSO for metabolic and bariatric surgery, which now recommend surgery for individuals with a BMI of 35 or more, regardless of comorbidities. The Lap-Band® is highlighted as the only FDA-approved device for weight reduction in this category. The new guidelines may significantly increase the number of eligible patients, enhancing access to weight loss procedures, particularly for those with a BMI over 30 and related health issues. These changes are expected to positively impact demand for Lap-Band® procedures and potentially boost revenues.