ReShape Lifesciences Moves Lap-Band Manufacturing to United States
ReShape Lifesciences (NASDAQ:RSLS) announced the completion of its Lap-Band manufacturing transition from Apollo Endosurgery to a Massachusetts-based manufacturer. This shift is expected to reduce costs and improve margins by enhancing control over the manufacturing process. The FDA-approved Lap-Band is the only laparoscopic weight-loss device for a BMI of 30 or higher in the U.S. with over a million procedures performed globally. The company aims to support growing weight-loss needs and contribute to job creation in the U.S.
- Cost reduction and improved margins expected from increased control over manufacturing.
- Lap-Band is the only FDA-approved device for BMI of 30+ in the U.S., supported by extensive clinical data.
- None.
SAN CLEMENTE, CA / ACCESSWIRE / July 7, 2021 / ReShape Lifesciences Inc. (NASDAQ:RSLS), the premier physician-led weight loss and metabolic health-solutions company, today announced it has completed their Lap-Band® manufacturing transition from Apollo Endosurgery, Inc to a Massachusetts-based manufacturer. ReShape Lifesciences™ expects this change to enable it to reduce costs, improve margins and directly control the manufacturing process.
The Lap-Band, now manufactured by ReShape Lifesciences, is the only FDA-approved, laparoscopic weight-loss device specifically indicated for a BMI of 30 or higher in the U.S. The procedure has been performed worldwide over one million times since 1993 and is reimbursed for eligible patients by most insurance companies. The Lap-Band is proven to be the safest bariatric procedure available on the market,[i] backed by 20 years of clinical data demonstrating lower complication and mortality rates compared to other surgical weight-loss procedures.
"Moving Lap-Band production under our direct operations allows us to have better control of the manufacturing process for significant cost reductions, anticipated scale and improved efficiencies," commented Bart Bandy, President and Chief Executive Officer at ReShape Lifesciences. "As we all emerge from the recent pandemic, we are proud to provide products that are able to help a growing population of people with weight-loss needs and to support the addition of new manufacturing and logistics jobs in the United States."
ABOUT RESHAPE LIFESCIENCES INC.
ReShape Lifesciences™ is America's premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® Program provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. The ReShape Vest™ System is an investigational (outside the U.S.) minimally invasive, laparoscopically implanted medical device that wraps around the stomach, emulating the gastric volume reduction effect of conventional weight-loss surgery. It helps enable rapid weight loss in obese and morbidly obese patients without permanently changing patient anatomy. reshapecare™ is a virtual weight-management program that supports lifestyle changes for all weight-loss patients led by board certified health coaches to help them keep the weight off over time. The recently launched ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals.
Forward-Looking Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by the use of words such as "expect," "plan," "anticipate," "could," "may," "intend," "will," "continue," "future," other words of similar meaning and the use of future dates. Forward-looking statements in this press release include statements about our commitment to establishing ReShape Lifesciences as the predominant access source for best-in-class weight loss pathways, products and services. These forward-looking statements are based on the current expectations of our management and involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties are described more fully in the Company's filings with the Securities and Exchange Commission, particularly those factors identified as "risk factors" in our annual report on Form 10-K filed March 11, 2021. We are providing this information as of the date of this press release and do not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise, except as required by law.
CONTACTS:
ReShape Lifesciences Investor Contact:
Thomas Stankovich
Chief Financial Officer
949-276-6042
ir@ReShapeLifesci.com
Investor Contacts:
James Salierno/Daniel Kontoh-Boateng
Vice President
The Ruth Group
646-536-7028/7019
jsalierno@theruthgroup.com
dboateng@theruthgroup.com
[i] ASMBS. Bariatric Surgery Procedures. https://asmbs.org/patients/bariatric-surgery-procedures
SOURCE: ReShape Lifesciences Inc.
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