ReShape Lifesciences, Inc. - RSLS STOCK NEWS

ReShape Lifesciences (Nasdaq: RSLS) announced that the American Society for Metabolic and Bariatric Surgery (ASMBS) has issued a new Consensus Statement on the management of Lap-Band® patients. This consensus, developed by 39 expert surgeons, includes 34 statements focused on aftercare practices and the efficacy of Lap-Band® as a weight loss solution. The report emphasizes the importance of behavioral health and nutrition in post-surgery care, aligning with ReShape's reshapecare™ program designed to support patients through virtual health coaching.

ReShape Lifesciences (Nasdaq: RSLS) has received a $300,000 Small Business Innovation Research (SBIR) grant to develop the Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device for treating hypoglycemia. This device uses proprietary vagus nerve block technology in conjunction with a continuous glucose monitor. The funding will enable further development of the device, which aims to enhance glucose management and reduce hypoglycemia risks in diabetes patients. The technology is backed by 48 patents and has shown safety and efficacy in previous studies.

ReShape Lifesciences (Nasdaq: RSLS) announced participation in one-on-one meetings with institutional investors at the A.G.P. Virtual MedTech Conference on September 21, 2022. The company, focused on weight loss and metabolic health, offers various solutions, including the FDA-approved Lap-Band® Program and the ReShape Vest™ System. For more information, interested investors can contact their A.G.P. representative.

ReShape Lifesciences (Nasdaq: RSLS) has appointed Nick Ansari as Senior Vice President of Global Commercial Operations, effective September 6, 2022. Ansari brings over 30 years of experience in developing sales initiatives within the medical device industry, having previously held key roles at Enteromedics, Johnson & Johnson, and Medtronic. His leadership is expected to enhance sales growth for the Lap-Band® and strengthen ReShape's market presence globally. The Lap-Band® has successfully helped over one million patients achieve weight loss over the past two decades.

ReShape Lifesciences (RSLS) reported a 19% sequential revenue increase for Q2 2022, reaching $2.9 million, following decreased COVID-19 restrictions. The company secured FDA clearance for the GIBI HD calibration tube and appointed new CEO Paul F. Hickey, enhancing its leadership. Financially, RSLS experienced a decline in gross profit to $1.9 million, with adjusted EBITDA losses widening to $7.8 million. Expenses surged due to a robust DTC marketing campaign, though cash reserves of $11.5 million strengthen its position into 2023. The outlook remains cautiously optimistic as sales momentum builds.

ReShape Lifesciences (Nasdaq: RSLS) will report its Q2 2022 financial results on August 15, 2022, after-market. The company specializes in weight loss and metabolic health solutions. A conference call will be held on the same day at 4:30 pm ET, with access through their website. ReShape offers products like the FDA-approved Lap-Band Program and the investigational ReShape Vest System. Their services include reshapecare, a virtual weight-management program, and the ReShape Marketplace, an online wellness product collection.

ReShape Lifesciences (Nasdaq: RSLS) has received FDA 510(k) clearance for its Gastro Intestinal Balloon Indicator (GIBI HD™) calibration tube, designed for gastric and bariatric procedures. The GIBI HD™ will come in three sizes (32, 36, and 40 Fr) and aims to enhance surgical visibility and safety. U.S. commercial sales are set to commence in September 2022. The company plans to showcase the product at the IFSO 2022 World Congress in Miami. This advancement is part of ReShape's broader strategy to innovate weight loss solutions.

ReShape Lifesciences (Nasdaq: RSLS) has appointed Paul F. Hickey as its new President and CEO, effective August 15, 2022. He replaces Bart Bandy, who has left the company. Hickey brings over 25 years of medical device commercialization experience, notably serving as SVP of Marketing and Reimbursement at EnteroMedics, the predecessor to ReShape. Under his leadership, the company aims to advance its weight loss solutions, including the Lap-Band Program and reshapecare Virtual Health Coaching. Dan W. Gladney, chair of the Board, will take on a more active role as Executive Chair to support Hickey.

ReShape Lifesciences Inc. (Nasdaq: RSLS) announced a warrant exercise agreement enabling an existing investor to purchase up to 3.7 million shares of common stock for approximately $2.5 million. The exercise price was reduced to $0.6665 per share, aligning with the recent closing price. New warrants for the same number of shares will be issued, having a seven-and-a-half-year term. The funds from this agreement will extend the company's cash runway through 2023 and support its marketing initiatives, increasing demand for its Lap-Band procedures.