ReShape Lifesciences Inc. (RSLS) shares gained 3.31% in after-hours on Tuesday, July 13, 2021, and closed the day at $4.37 per share. Earlier in the morning session, RSLS’s stock lost 7.84% to close Tuesday’s session at $4.23. RSLS shares have risen 102.59% over the last 12 months, and they have moved up 1.20% in the past week. Over the past three months, the stock has lost 45.77%, while over the past six months, it has shed 6.62%. Further, the company has a current market of $31.30 million and its outstanding shares stood at 3.15 million.
Online Consumer Marketplace launched
On July 13, 2021, ReShape Lifesciences Inc launched the ReShape Marketplace as an extension of reshape care, the company’s reimbursed telehealth service for weight loss across any physician-prescribed therapy. ReShape Marketplace provides consumers with a collection of creative, competitively priced, yet practical wellness products in the areas of nutrition, exercise, sleep, and stress.
Lap-Band Manufacturing moved to the United States
On July 7, 2021, ReShape Lifesciences Inc completed their Lap-Band manufacturing transition from Apollo Endosurgery, Inc to a Massachusetts-based manufacturer, to reduce costs, improve margins and directly control the manufacturing process.
The Lap-Bandis the only FDA-approved, laparoscopic weight-loss device specifically indicated for a BMI of 30 or higher in the U.S.
ExceptionalLap-Band Growth due to Covid-19
On July 1, 2021, ReShape Lifesciences Inc announced that Lap-Band® utilization has increased since COVID-19 in response to patients’ increased desire for a reimbursed, effective, and sustainable weight-loss procedure that can be provided in outpatient surgery centres.
Warrant exercise agreement
On June 29, 2021, ReShape Lifesciences Inc entered into a warrant exercise agreement with existing accredited investors to exercise certain outstanding warrants to purchase up to an aggregate of 7.9 million shares of the company’s common stock. The exercising holders received new unregistered warrants to purchase up to an aggregate of 5.9 million shares of the company’s common stock. The investors paid a cash purchase price for the new warrants equal to $0.09375 per share of common stock underlying the new warrants. In connection with the exercise, the company also agreed to reduce the exercise price of certain of the existing warrants to $6.00, which is equal to the most recent closing price of the company’s common stock on The Nasdaq Capital Market before the execution of the warrant exercise agreement.
The company will get gross proceeds of approximately $46.2 million and plans to use the proceeds to expand patient direct marketing activities, advance their internal product pipeline, and general corporate purposes.
The launching of ReShape Marketplace was the reason behind its flip on Tuesday and we are hopeful that RSLS will continue its positive momentum in the coming days.