ReShape Lifesciences Inc. RSLS was trading over 117% in the pre-market a day after it received the nod from the U.S. Patent And Trademark Office to issue a patent for its obesity treatment.
What Happened: ReShape, which offers products and services for managing and treating obesity and metabolic diseases, received approval to apply for a patent for its “intragastric devices” for treating obesity. However, this is subject to payment of a fee which is due on Aug. 26, 2024.
The approval comes at a time when global demand for ‘Miracle’ weight loss drugs like Ozempic and WeGovy is increasing.
More details on the devices are yet to be revealed. The team has yet to respond to queries sent by Benzinga at the time of writing.
At the time of writing, ReShape was trading 82.87% higher at $0.380 after it briefly went over 100%, according to Benzinga Pro.
Why It Matters: As the global weight-loss drug market is projected to reach $150 billion, companies like ReShape Lifesciences are stepping up their game. With giants like Novo Nordisk and Eli Lilly ramping up supply, the competition is heating up.
Novo Nordisk’s Wegovy has shown promising results in long-term studies, demonstrating sustained weight loss. Drugmakers are attempting to woo insurers and governments with these studies.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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