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VERY HUGH CONTRACT
VJET: 1.5199 + 0.4899 (47.56%)
52 Week Range 1.0200 - 3.4000
Market Cap (intraday) 9.50M
Shares Outstanding 9.13M
Float 8 6.03M
voxeljet Selected for $14.9M Contract Alongside GE Research to Develop Advanced Manufacturing Technologies to Enable the U.S. Energy Transition
• Wed, October 11, 2023 at 3:15 PM GMT+2
•
• The DoE grant will fund the development and commercialization of a voxeljet (NASDAQ: VJET) sand binder jet 3D printer used to manufacture massive sand-casting molds
• The new manufacturing technology will produce metallic near net shape (NNS) components for the wind and hydro energy sectors, reducing production time and costs
• voxeljet will develop and build a 3D sand printer with breakthrough size for the additive manufacturing of sand molds for casting parts ranging from 10 tons to over 60 tons
FRIEDBERG, Germany, October 11, 2023--(BUSINESS WIRE)--GE Research has selected voxeljet (NASDAQ: VJET) as its partner for the U.S. Department of Energy’s (DoE) $14.9 million award in federal funding for the development and commercialization of a large sand binder jet 3D printer, called Advanced Casting Cell (ACC), to accelerate the United States’ transition to clean power. In addition to voxeljet, GE Research has also selected GE Hydro, GE Onshore Wind, GE Offshore Wind, Clemson University, Oak Ridge National Laboratory (ORNL), and Hodge Foundry as partners on the ACC project.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231011327841/en/
Offshore Windturbine from GE Renewable Energy (© GE Renewable Energy) (Photo: Business Wire)
The Advanced Casting Cell project was established to strengthen the U.S. manufacturing industry and expertise to boost the cost-effective domestic production of large metallic near net shape (NNS) components in alignment of the Biden Administration’s clean power-generation strategy. The ACC will be developed and deployed to produce sand molds to manufacture metallic NNS parts. With development of the ACC, the project includes the digital creation of mold designs via a digital foundry as well as the completion of a techno-economic analysis of cost and supply chain challenges.
The project aims to produce 3D-printed large scale sand molds to cast components for the nacelle of the GE Haliade-X Offshore Turbine. The nacelle, where mechanical components are housed, can weigh more than 60 metric tons. The goal is to reduce the time it takes to produce this pattern and mold, from around ten weeks to two weeks. According to Data Bridge Market Research, the global wind turbine nacelle market has estimated to be valued at $6.6 billion in 2021 and projected to be over $15 billion by 2029.
This novel manufacturing technology has the potential to reduce overall hydropower costs by 20% and lead times by four months. The project will also include the production optimization of a 16-ton rotor hub using the ACC as well as the development of a robotic welding process for the assembly of a >10-ton Francis runner. To help ensure successful implementation of ACC, an advanced manufacturing curriculum is being created for local workforce development to train and engage workers on the specifics of this 3D printing manufacturing technology.
"We’re excited to be a part of this future-driven and innovative project," said Dr. Ingo Ederer, CEO of voxeljet. "The development and cost-efficient manufacturing of clean power-generation technologies is in high-demand because it is key to meeting and overcoming global climate challenges. We are confident that additive manufacturing, and specifically our large-scale Binder Jetting technology, is the right choice to manufacture complex parts used in these next-generation wind turbines."
About voxeljet
voxeljet’s (NASDAQ: VJET) roots reach back to the year 1995 with the first successful dosing of UV-resins. In the context of a "hidden" project, initial 3D-printing tests are performed at the Technical University Munich. Our company was founded on May 5, 1999 as a spin-off from TUM in Munich with a clear vision in mind: to establish a new manufacturing standard by developing new generative processes for the series-production of complex components using 3D printing. In the beginning, operations are launched with four employees at the TUM. Today, we are a globally acting, leading provider of high-speed, large-format 3D printers and on-demand 3D printed parts to industrial and commercial customers. Components manufactured with the help of our technology are flying in space, make mobility more efficient and the production of new engineering solutions possible. Visit our website www.voxeljet.com, and follow us on Linkedin, or on Twitter.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements concerning our business, operations and financial performance. Any statements that are not of historical facts may be deemed forward-looking statements. You can identify these forward-looking statements by words such as ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ "projects" or other similar expressions that convey uncertainty of future events or outcomes. Forward-looking statements include statements regarding our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations concerning, among other things, our results of operations, financial condition, business outlook, the potential timeline for development of and application of new technology and new materials and their impact on future business, the industry in which we operate and the trends that may affect the industry or us. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance. All of our forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are in some cases beyond our control and that may cause our actual results to differ materially from our expectations, including those risks identified under the caption "Risk Factors" in voxeljet’s Annual Report on Form 20-F and in other reports voxeljet files with the U.S. Securities and Exchange Commission. Except as required by law, voxeljet undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.
GREAT NEWS!!!
Solidus Communications announced the acquisition of the Central Florida regional Fixed Wireless Access Internet Service Provider known as WiFIBER Corp.
Solidus Communications Inc. (SLDC) : 0.0059 + 47.5%
Mar 01, 2021 0.0900 0.1950 0.0500 0.0650 0.0650 104,739,210
Feb 01, 2021 0.0350 0.2250 0.0250 0.1000 0.1000 119,898,867
Authorized Shares
750,000,000
10/02/2023
Outstanding Shares
307,955,909
10/02/2023
Restricted
176,076,140
10/02/2023
Unrestricted
131,879,769
10/02/2023
Press Release | 10/03/2023
ORMOND BEACH, FL, UNITED STATES - Solidus Communications, Inc. completes its acquisition of Central Florida Regional Fixed Wireless Access Internet Service ProviderWiFIBERCorp.
Solidus Communications, Inc. (OTCBB: SLDC) announces that it has completed the acquisition of the Central Florida regional Fixed Wireless Access Internet Service Provider (WISP) WiFIBER Corp.
The acquisition of WiFIBER continues our pivot to become the leading Fixed Wireless Access Internet service provider in rural Florida. WiFIBERs current territory is yet to be fully realized and accelerates Solidus Communications, overall vision., stated William J Sanchez, CEO of Solidus Communications, Inc. (OTCBB: SLDC)
The acquisition adds over a million dollars of assets and annual revenues to Solidus Communications financial statements.
As part of the acquisition, Solidus Communications acquired real estate in the form of land and a communication tower in Bronson, Florida.
The diversification of revenue is a priority as we continue towards the goal of up-listing SLDC to NASDAQ.[/b] The addition of the communication tower to our holdings, enable us to take advantage of the ever-increasing interest in leasing space on communication towers. Solidus aims to both be a service provider of Fixed Wireless Internet Access as well as a service provider to other telecommunication providers. Our next phase of expansion will benefit from this new cog, and to continue our focus on diversification of revenue to propel the company towards NASDAQ., said William J Sanchez, CEO of Solidus Communications.
"The vision of our project, "Wireless Florida", is further escalated by this latest acquisition." - William Sanchez, CEO.
We are actively looking for acquisition candidates, and communication towers in Central Florida. We welcome any and all suggestions.
About WiFIBER Corp.
Based in Chiefland, Florida, WiFIBER Corp is a Fixed Wireless Access Internet service provider, serving Chiefland, Florida and nearby territories since 2005.
WiFIBER offers Internet services to residential, commercial, and governmental agencies in Gilchrist and Levy counties.
Proforma financial statements on WiFIBER Corp will be made available on SLDC's upcoming quarterly financial statement.
About Solidus Communications, Inc.
Based in Ormond Beach, Florida, Solidus Communications, Inc. is a company that specializes in the acquisition of technology infrastructure companies, currently comprised of Advanced Satellite Systems, Inc. a provider of Internet and television services to home owner associations, and WiFIBER CORP, a provider of Internet access to residential, commercial, and government entities.
GREAT NEWS!!!
Solidus Communications announced the acquisition of the Central Florida regional Fixed Wireless Access Internet Service Provider known as WiFIBER Corp.
Solidus Communications Inc. (SLDC) : 0.0059 + 47.5%
Mar 01, 2021 0.0900 0.1950 0.0500 0.0650 0.0650 104,739,210
Feb 01, 2021 0.0350 0.2250 0.0250 0.1000 0.1000 119,898,867
Authorized Shares
750,000,000
10/02/2023
Outstanding Shares
307,955,909
10/02/2023
Restricted
176,076,140
10/02/2023
Unrestricted
131,879,769
10/02/2023
Press Release | 10/03/2023
ORMOND BEACH, FL, UNITED STATES - Solidus Communications, Inc. completes its acquisition of Central Florida Regional Fixed Wireless Access Internet Service ProviderWiFIBERCorp.
Solidus Communications, Inc. (OTCBB: SLDC) announces that it has completed the acquisition of the Central Florida regional Fixed Wireless Access Internet Service Provider (WISP) WiFIBER Corp.
The acquisition of WiFIBER continues our pivot to become the leading Fixed Wireless Access Internet service provider in rural Florida. WiFIBERs current territory is yet to be fully realized and accelerates Solidus Communications, overall vision., stated William J Sanchez, CEO of Solidus Communications, Inc. (OTCBB: SLDC)
The acquisition adds over a million dollars of assets and annual revenues to Solidus Communications financial statements.
As part of the acquisition, Solidus Communications acquired real estate in the form of land and a communication tower in Bronson, Florida.
The diversification of revenue is a priority as we continue towards the goal of up-listing SLDC to NASDAQ.[/b] The addition of the communication tower to our holdings, enable us to take advantage of the ever-increasing interest in leasing space on communication towers. Solidus aims to both be a service provider of Fixed Wireless Internet Access as well as a service provider to other telecommunication providers. Our next phase of expansion will benefit from this new cog, and to continue our focus on diversification of revenue to propel the company towards NASDAQ., said William J Sanchez, CEO of Solidus Communications.
"The vision of our project, "Wireless Florida", is further escalated by this latest acquisition." - William Sanchez, CEO.
We are actively looking for acquisition candidates, and communication towers in Central Florida. We welcome any and all suggestions.
About WiFIBER Corp.
Based in Chiefland, Florida, WiFIBER Corp is a Fixed Wireless Access Internet service provider, serving Chiefland, Florida and nearby territories since 2005.
WiFIBER offers Internet services to residential, commercial, and governmental agencies in Gilchrist and Levy counties.
Proforma financial statements on WiFIBER Corp will be made available on SLDC's upcoming quarterly financial statement.
About Solidus Communications, Inc.
Based in Ormond Beach, Florida, Solidus Communications, Inc. is a company that specializes in the acquisition of technology infrastructure companies, currently comprised of Advanced Satellite Systems, Inc. a provider of Internet and television services to home owner associations, and WiFIBER CORP, a provider of Internet access to residential, commercial, and government entities.
SCILEX HOLDING COMPANY SCLX +1,83 16,58%
** Shares of drugmaker Scilex Holding rise ~16.6%
to $1.83 after brokerage H.C. Wainwright initiates stock
coverage with "buy" rating, sets PT at $12
** Price target represents a more than 7 fold upside to
stock's last close at $1.57
** Wainwright says Scilex's portfolio of non-opioid pain
relief agents facilitates market uptake due to the extensive
familiarity that specialist prescribers already have with these
compounds
** Including session moves, stock down ~55% YTD
SCILEX HOLDING COMPANY SCLX +1,83 16,58%
** Shares of drugmaker Scilex Holding rise ~16.6%
to $1.83 after brokerage H.C. Wainwright initiates stock
coverage with "buy" rating, sets PT at $12
** Price target represents a more than 7 fold upside to
stock's last close at $1.57
** Wainwright says Scilex's portfolio of non-opioid pain
relief agents facilitates market uptake due to the extensive
familiarity that specialist prescribers already have with these
compounds
** Including session moves, stock down ~55% YTD
SCILEX HOLDING (SCLX) : 1.8800+0.3100 (+19.7452%)
52w: 1.21 – 16.9
Oct 02, 2023 1.4200 1.5900 1.2100 1.5700 1.5700 3,280,600
Sep 25, 2023 1.5600 1.8500 1.3300 1.4000 1.4000 3,794,900
Sep 18, 2023 2.1900 2.2000 1.5400 1.5800 1.5800 4,671,300
Sep 11, 2023 2.6000 2.6700 2.1600 2.2500 2.2500 10,137,500
Sep 04, 2023 3.1000 3.2400 2.4050 2.5400 2.5400 2,105,400
Aug 28, 2023 2.9000 3.1200 2.5300 3.1000 3.1000 2,208,500
Aug 21, 2023 3.5900 3.7800 2.9000 3.2900 3.2900 2,553,100
Aug 14, 2023 4.0700 4.0900 3.1200 3.5500 3.5500 2,904,300
Aug 07, 2023 5.3100 5.4800 3.9600 3.9900 3.9900 2,415,200
Jul 31, 2023 5.3800 6.5500 5.0500 5.3500 5.3500 3,559,00
Scilex Holding Company (Nasdaq: SCLX, “Scilex” or “Company”), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, retains Warshaw Burstein, LLP and Christian Attar Law to investigate potential naked short selling activities, short positions, lending program activities and constitute market manipulation of its restricted shares of common stock that were part of the previously announced dividend of Scilex common stock (the “Restricted Dividend Shares”) then-held by Sorrento Therapeutics, Inc. (OTC: SRNEQ, “Sorrento”) that breach the restrictions on transfer which are currently in place through March 31, 2024 on these Restricted Dividend Shares.
As previously announced on October 3, 2023 and October 4, 2023, Scilex currently maintains two programs in place for short sellers and lenders having short positions of the Restricted Dividend Shares. Those two programs allow short sellers (the “Short Seller Proposal”) and lenders (the “Lender Proposal”) of short positions to opt into settlements of their short positions and related relief by purchasing shares in the open market in order to close or cover the short positions and close out the short lending programs. On October 3, 2023, Scilex notified all record holders of the Short Seller Proposal via email and express mail. This Short Seller Proposal was commenced on October 5, 2023 and continues until October 27, 2023. On October 4, 2023, Scilex notified all lenders of short positions via email and express mail. The Lender should notify the short sellers to follow the same procedures outlined in the Short Seller Proposal. This Lender Proposal shall commence on October 9, 2023 and continue until October 31, 2023.
Scilex believes it has been targeted by stock manipulators to drive the market price of its securities downward. Scilex has decided to investigate any potential wrongdoing and is reserving all the rights to seek any damages from short sellers and lenders of short positions who have engaged in market manipulation schemes and have not fully participated in the two programs for voluntary settlements. Warshaw Burstein, LLP and Christian Attar Law have decades of experience investigating and successfully prosecuting claims of market manipulation against short sellers and lenders of short positions. Recently, on September 29, 2023, Warshaw Burstein and Christian Attar Law prevailed against formidable opposition from major banks and brokerage houses in a decision in the U.S. district court for the southern district of New York holding that broker-dealers could be held primarily liable for failing to fulfill their “Gatekeeping Responsibilities” of monitoring their clients’ trading activities. For further details see https://www.wbny.com/Warshaw-Burstein-Prevails-Against-Major-Banks-and-Brokerage-Houses-Opposition
About Warshaw Burstein, LLP
Warshaw Burstein, LLP is a full-service law firm in New York City, that since its formation 97 years ago, has distinguished itself through superior and cost-effective legal service and personalized client care and attention. For more information, please visit www.wbny.com or visit LinkedIn, Facebook and Twitter: @warshawburstein.
About Christian Attar Law
Christian Attar engages in all types of civil litigation, including shareholder and partnership disputes, and stock fraud. The Group operates domestically and internationally, with its corporate headquarters based in Houston, Texas.
To learn more about the company, visit ChristianAttarLaw.com.
About Scilex Holding Company
Scilex Holding Company is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Scilex is uncompromising in its focus to become the global pain management leader committed to social, environmental, economic, and ethical principles to responsibly develop pharmaceutical products to maximize quality of life. Results from the Phase III Pivotal Trial C.L.E.A.R. Program for SEMDEXATM, its novel, non-opioid product for the treatment of lumbosacral radicular pain (sciatica), were announced in March 2022. Scilex participated in the type C meeting for purposes of pre-NDA discussion with the FDA and is pending official minutes in writing from the FDA. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with moderate to severe pain. Scilex launched its first commercial product ZTlido® in October 2018, in-licensed a commercial product Gloperba® in June 2022, and launched its third FDA-approved product ElyxybTM in April 2023. It is also developing its late-stage pipeline, which includes a pivotal Phase 3 candidate, and one Phase 2 and one Phase 1 candidate. Its commercial product, ZTlido® (lidocaine topical system) 1.8%, or ZTlido®, is a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of pain associated with post-herpetic neuralgia, which is a form of post-shingles nerve pain. Scilex in-licensed the exclusive right to commercialize Gloperba® (colchicine USP) oral solution, an FDA-approved prophylactic treatment for painful gout flares in adults, in the U.S. Scilex in-licensed the exclusive rights to commercialize ElyxybTM (celecoxib oral solution) in the U.S. and Canada, the only FDA-approved ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults. Scilex launched ElyxybTM in April 2023, and is planning to commercialize Gloperba® by 2024, and is well-positioned to market and distribute those products. Scilex’s three product candidates are SP-102 (injectable dexamethasone sodium phosphate viscous gel product containing 10 mg dexamethasone), or SEMDEXA™, a Phase 3, novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, with FDA Fast Track status; SP-103 (lidocaine topical system) 5.4%, a Phase 2 study, triple-strength formulation of ZTlido®, for the treatment of acute low back pain, with FDA Fast Track status. We received our SP-103 Phase 2 top-line results in August 2023 and the trial achieved its objectives characterizing safety, tolerability and preliminary efficacy of SP-103 in acute low back pain associated with muscle spasms. SP-103 was safe and well-tolerated. Increase of lidocaine load in topical system by three times, compared with approved ZTLido, 5.4% vs. 1.8%, did not result in signs of systemic toxicity or increased application site reactions with daily applications over one month treatment. We will continue to analyze the SP-103 Phase 2 trial data along with a recently completed investigator study of ZTlido in patients with neck pain which also has showed promising top-line efficacy and safety results. Scilex is planning to initiate Phase 2/3 trial in neck pain in 2024.; and SP-104, 4.5 mg Delayed Burst Release Low Dose Naltrexone Hydrochloride (DBR-LDN) Capsule, for the treatment of chronic pain, fibromyalgia that has completed multiple Phase 1 trial programs and is expected to initiate Phase 2 trials in 2024.
Scilex Holding Company is headquartered in Palo Alto, California.
Forward-Looking Statements
This press release and any statements made for and during any presentation or meeting concerning the matters discussed in this press release contain forward-looking statements related to Scilex and its subsidiaries under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding Scilex retaining Warshaw Burstein, LLP and Christian Attar Law to investigate activities that constitute market manipulation of its stock price, the anticipated timing for completion of the Short Seller Proposal and Lender Proposal and procedures for participating in the Short Seller Proposal and Lender Proposal and executing a release agreement, Scilex’s beliefs of the scale of short selling, lending program activities and market manipulation of its stock price, Scilex’s belief that it is well positioned to continue its growth over the next several years, Scilex’s long-term objectives and commercialization plans, Scilex’s potential to attract new capital, future opportunities for Scilex, Scilex’s future business strategies, the expected cash resources of Scilex and the expected uses thereof; Scilex’s current and prospective product candidates, planned clinical trials and preclinical activities and potential product approvals, as well as the potential for market acceptance of any approved products and the related market opportunity; statements regarding ZTlido®, Gloperba®, ELYXYB®, SP-102 (SEMDEXA™), SP-103 or SP-104, if approved by the FDA; Scilex’s development and commercialization plans; and Scilex’s products, technologies and prospects.
Risks and uncertainties that could cause Scilex’s actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks associated with the unpredictability of trading markets and whether a market will be established for Scilex’s common stock; general economic, political and business conditions; risks related to the ongoing COVID-19 pandemic; the risk that the potential product candidates that Scilex develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; risks relating to uncertainty regarding the regulatory pathway for Scilex’s product candidates; the risk that Scilex will be unable to successfully market or gain market acceptance of its product candidates; the risk that Scilex’s product candidates may not be beneficial to patients or successfully commercialized; the risk that Scilex has overestimated the size of the target patient population, their willingness to try new therapies and the willingness of physicians to prescribe these therapies; risks that the outcome of the trials for SP-103 or SP-104 may not be successful; risks that the prior results of the clinical trials of SP-102 (SEMDEXA™), SP-103 or SP-104 may not be replicated; regulatory and intellectual property risks; and other risks and uncertainties indicated from time to time and other risks set forth in Scilex’s filings with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and Scilex undertakes no obligation to update any forward-looking statement in this press release except as may be required by law.
Contacts:
Investors and Media
Scilex Holding Company
960 San Antonio Road
Palo Alto, CA 94303
Office: (650) 516-4310
Email: investorrelations@scilexholding.com
Website: www.scilexholding.com
SCILEX HOLDING (SCLX) : 1.8800+0.3100 (+19.7452%)
52w: 1.21 – 16.9
Oct 02, 2023 1.4200 1.5900 1.2100 1.5700 1.5700 3,280,600
Sep 25, 2023 1.5600 1.8500 1.3300 1.4000 1.4000 3,794,900
Sep 18, 2023 2.1900 2.2000 1.5400 1.5800 1.5800 4,671,300
Sep 11, 2023 2.6000 2.6700 2.1600 2.2500 2.2500 10,137,500
Sep 04, 2023 3.1000 3.2400 2.4050 2.5400 2.5400 2,105,400
Aug 28, 2023 2.9000 3.1200 2.5300 3.1000 3.1000 2,208,500
Aug 21, 2023 3.5900 3.7800 2.9000 3.2900 3.2900 2,553,100
Aug 14, 2023 4.0700 4.0900 3.1200 3.5500 3.5500 2,904,300
Aug 07, 2023 5.3100 5.4800 3.9600 3.9900 3.9900 2,415,200
Jul 31, 2023 5.3800 6.5500 5.0500 5.3500 5.3500 3,559,00
Scilex Holding Company (Nasdaq: SCLX, “Scilex” or “Company”), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, retains Warshaw Burstein, LLP and Christian Attar Law to investigate potential naked short selling activities, short positions, lending program activities and constitute market manipulation of its restricted shares of common stock that were part of the previously announced dividend of Scilex common stock (the “Restricted Dividend Shares”) then-held by Sorrento Therapeutics, Inc. (OTC: SRNEQ, “Sorrento”) that breach the restrictions on transfer which are currently in place through March 31, 2024 on these Restricted Dividend Shares.
As previously announced on October 3, 2023 and October 4, 2023, Scilex currently maintains two programs in place for short sellers and lenders having short positions of the Restricted Dividend Shares. Those two programs allow short sellers (the “Short Seller Proposal”) and lenders (the “Lender Proposal”) of short positions to opt into settlements of their short positions and related relief by purchasing shares in the open market in order to close or cover the short positions and close out the short lending programs. On October 3, 2023, Scilex notified all record holders of the Short Seller Proposal via email and express mail. This Short Seller Proposal was commenced on October 5, 2023 and continues until October 27, 2023. On October 4, 2023, Scilex notified all lenders of short positions via email and express mail. The Lender should notify the short sellers to follow the same procedures outlined in the Short Seller Proposal. This Lender Proposal shall commence on October 9, 2023 and continue until October 31, 2023.
Scilex believes it has been targeted by stock manipulators to drive the market price of its securities downward. Scilex has decided to investigate any potential wrongdoing and is reserving all the rights to seek any damages from short sellers and lenders of short positions who have engaged in market manipulation schemes and have not fully participated in the two programs for voluntary settlements. Warshaw Burstein, LLP and Christian Attar Law have decades of experience investigating and successfully prosecuting claims of market manipulation against short sellers and lenders of short positions. Recently, on September 29, 2023, Warshaw Burstein and Christian Attar Law prevailed against formidable opposition from major banks and brokerage houses in a decision in the U.S. district court for the southern district of New York holding that broker-dealers could be held primarily liable for failing to fulfill their “Gatekeeping Responsibilities” of monitoring their clients’ trading activities. For further details see https://www.wbny.com/Warshaw-Burstein-Prevails-Against-Major-Banks-and-Brokerage-Houses-Opposition
About Warshaw Burstein, LLP
Warshaw Burstein, LLP is a full-service law firm in New York City, that since its formation 97 years ago, has distinguished itself through superior and cost-effective legal service and personalized client care and attention. For more information, please visit www.wbny.com or visit LinkedIn, Facebook and Twitter: @warshawburstein.
About Christian Attar Law
Christian Attar engages in all types of civil litigation, including shareholder and partnership disputes, and stock fraud. The Group operates domestically and internationally, with its corporate headquarters based in Houston, Texas.
To learn more about the company, visit ChristianAttarLaw.com.
About Scilex Holding Company
Scilex Holding Company is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Scilex is uncompromising in its focus to become the global pain management leader committed to social, environmental, economic, and ethical principles to responsibly develop pharmaceutical products to maximize quality of life. Results from the Phase III Pivotal Trial C.L.E.A.R. Program for SEMDEXATM, its novel, non-opioid product for the treatment of lumbosacral radicular pain (sciatica), were announced in March 2022. Scilex participated in the type C meeting for purposes of pre-NDA discussion with the FDA and is pending official minutes in writing from the FDA. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with moderate to severe pain. Scilex launched its first commercial product ZTlido® in October 2018, in-licensed a commercial product Gloperba® in June 2022, and launched its third FDA-approved product ElyxybTM in April 2023. It is also developing its late-stage pipeline, which includes a pivotal Phase 3 candidate, and one Phase 2 and one Phase 1 candidate. Its commercial product, ZTlido® (lidocaine topical system) 1.8%, or ZTlido®, is a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of pain associated with post-herpetic neuralgia, which is a form of post-shingles nerve pain. Scilex in-licensed the exclusive right to commercialize Gloperba® (colchicine USP) oral solution, an FDA-approved prophylactic treatment for painful gout flares in adults, in the U.S. Scilex in-licensed the exclusive rights to commercialize ElyxybTM (celecoxib oral solution) in the U.S. and Canada, the only FDA-approved ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults. Scilex launched ElyxybTM in April 2023, and is planning to commercialize Gloperba® by 2024, and is well-positioned to market and distribute those products. Scilex’s three product candidates are SP-102 (injectable dexamethasone sodium phosphate viscous gel product containing 10 mg dexamethasone), or SEMDEXA™, a Phase 3, novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, with FDA Fast Track status; SP-103 (lidocaine topical system) 5.4%, a Phase 2 study, triple-strength formulation of ZTlido®, for the treatment of acute low back pain, with FDA Fast Track status. We received our SP-103 Phase 2 top-line results in August 2023 and the trial achieved its objectives characterizing safety, tolerability and preliminary efficacy of SP-103 in acute low back pain associated with muscle spasms. SP-103 was safe and well-tolerated. Increase of lidocaine load in topical system by three times, compared with approved ZTLido, 5.4% vs. 1.8%, did not result in signs of systemic toxicity or increased application site reactions with daily applications over one month treatment. We will continue to analyze the SP-103 Phase 2 trial data along with a recently completed investigator study of ZTlido in patients with neck pain which also has showed promising top-line efficacy and safety results. Scilex is planning to initiate Phase 2/3 trial in neck pain in 2024.; and SP-104, 4.5 mg Delayed Burst Release Low Dose Naltrexone Hydrochloride (DBR-LDN) Capsule, for the treatment of chronic pain, fibromyalgia that has completed multiple Phase 1 trial programs and is expected to initiate Phase 2 trials in 2024.
Scilex Holding Company is headquartered in Palo Alto, California.
Forward-Looking Statements
This press release and any statements made for and during any presentation or meeting concerning the matters discussed in this press release contain forward-looking statements related to Scilex and its subsidiaries under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding Scilex retaining Warshaw Burstein, LLP and Christian Attar Law to investigate activities that constitute market manipulation of its stock price, the anticipated timing for completion of the Short Seller Proposal and Lender Proposal and procedures for participating in the Short Seller Proposal and Lender Proposal and executing a release agreement, Scilex’s beliefs of the scale of short selling, lending program activities and market manipulation of its stock price, Scilex’s belief that it is well positioned to continue its growth over the next several years, Scilex’s long-term objectives and commercialization plans, Scilex’s potential to attract new capital, future opportunities for Scilex, Scilex’s future business strategies, the expected cash resources of Scilex and the expected uses thereof; Scilex’s current and prospective product candidates, planned clinical trials and preclinical activities and potential product approvals, as well as the potential for market acceptance of any approved products and the related market opportunity; statements regarding ZTlido®, Gloperba®, ELYXYB®, SP-102 (SEMDEXA™), SP-103 or SP-104, if approved by the FDA; Scilex’s development and commercialization plans; and Scilex’s products, technologies and prospects.
Risks and uncertainties that could cause Scilex’s actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks associated with the unpredictability of trading markets and whether a market will be established for Scilex’s common stock; general economic, political and business conditions; risks related to the ongoing COVID-19 pandemic; the risk that the potential product candidates that Scilex develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; risks relating to uncertainty regarding the regulatory pathway for Scilex’s product candidates; the risk that Scilex will be unable to successfully market or gain market acceptance of its product candidates; the risk that Scilex’s product candidates may not be beneficial to patients or successfully commercialized; the risk that Scilex has overestimated the size of the target patient population, their willingness to try new therapies and the willingness of physicians to prescribe these therapies; risks that the outcome of the trials for SP-103 or SP-104 may not be successful; risks that the prior results of the clinical trials of SP-102 (SEMDEXA™), SP-103 or SP-104 may not be replicated; regulatory and intellectual property risks; and other risks and uncertainties indicated from time to time and other risks set forth in Scilex’s filings with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and Scilex undertakes no obligation to update any forward-looking statement in this press release except as may be required by law.
Contacts:
Investors and Media
Scilex Holding Company
960 San Antonio Road
Palo Alto, CA 94303
Office: (650) 516-4310
Email: investorrelations@scilexholding.com
Website: www.scilexholding.com
GREAT NEWS!!!
Solidus Communications today announced the acquisition of the Central Florida regional Fixed Wireless Access Internet Service Provider known as WiFIBER Corp.
I hope we see at least 0.01 – 0.015 today
Solidus Communications Inc. (SLDC) : 0.0060
Mar 01, 2021 0.0900 0.1950 0.0500 0.0650 0.0650 104,739,210
Feb 01, 2021 0.0350 0.2250 0.0250 0.1000 0.1000 119,898,867
Authorized Shares
750,000,000
10/02/2023
Outstanding Shares
307,955,909
10/02/2023
Restricted
176,076,140
10/02/2023
Unrestricted
131,879,769
10/02/2023
Press Release | 10/03/2023
ORMOND BEACH, FL, UNITED STATES - Solidus Communications, Inc. completes its acquisition of Central Florida Regional Fixed Wireless Access Internet Service ProviderWiFIBERCorp.
Solidus Communications, Inc. (OTCBB: SLDC) announces that it has completed the acquisition of the Central Florida regional Fixed Wireless Access Internet Service Provider (WISP) WiFIBER Corp.
The acquisition of WiFIBER continues our pivot to become the leading Fixed Wireless Access Internet service provider in rural Florida. WiFIBERs current territory is yet to be fully realized and accelerates Solidus Communications, overall vision., stated William J Sanchez, CEO of Solidus Communications, Inc. (OTCBB: SLDC)
The acquisition adds over a million dollars of assets and annual revenues to Solidus Communications financial statements.
As part of the acquisition, Solidus Communications acquired real estate in the form of land and a communication tower in Bronson, Florida.
The diversification of revenue is a priority as we continue towards the goal of up-listing SLDC to NASDAQ.[/b] The addition of the communication tower to our holdings, enable us to take advantage of the ever-increasing interest in leasing space on communication towers. Solidus aims to both be a service provider of Fixed Wireless Internet Access as well as a service provider to other telecommunication providers. Our next phase of expansion will benefit from this new cog, and to continue our focus on diversification of revenue to propel the company towards NASDAQ., said William J Sanchez, CEO of Solidus Communications.
"The vision of our project, "Wireless Florida", is further escalated by this latest acquisition." - William Sanchez, CEO.
We are actively looking for acquisition candidates, and communication towers in Central Florida. We welcome any and all suggestions.
About WiFIBER Corp.
Based in Chiefland, Florida, WiFIBER Corp is a Fixed Wireless Access Internet service provider, serving Chiefland, Florida and nearby territories since 2005.
WiFIBER offers Internet services to residential, commercial, and governmental agencies in Gilchrist and Levy counties.
Proforma financial statements on WiFIBER Corp will be made available on SLDC's upcoming quarterly financial statement.
About Solidus Communications, Inc.
Based in Ormond Beach, Florida, Solidus Communications, Inc. is a company that specializes in the acquisition of technology infrastructure companies, currently comprised of Advanced Satellite Systems, Inc. a provider of Internet and television services to home owner associations, and WiFIBER CORP, a provider of Internet access to residential, commercial, and government entities.
GREAT NEWS!!!
Solidus Communications today announced the acquisition of the Central Florida regional Fixed Wireless Access Internet Service Provider known as WiFIBER Corp.
I hope we see at least 0.01 – 0.015 today
Solidus Communications Inc. (SLDC) : 0.0060
Mar 01, 2021 0.0900 0.1950 0.0500 0.0650 0.0650 104,739,210
Feb 01, 2021 0.0350 0.2250 0.0250 0.1000 0.1000 119,898,867
Authorized Shares
750,000,000
10/02/2023
Outstanding Shares
307,955,909
10/02/2023
Restricted
176,076,140
10/02/2023
Unrestricted
131,879,769
10/02/2023
Press Release | 10/03/2023
ORMOND BEACH, FL, UNITED STATES - Solidus Communications, Inc. completes its acquisition of Central Florida Regional Fixed Wireless Access Internet Service ProviderWiFIBERCorp.
Solidus Communications, Inc. (OTCBB: SLDC) announces that it has completed the acquisition of the Central Florida regional Fixed Wireless Access Internet Service Provider (WISP) WiFIBER Corp.
The acquisition of WiFIBER continues our pivot to become the leading Fixed Wireless Access Internet service provider in rural Florida. WiFIBERs current territory is yet to be fully realized and accelerates Solidus Communications, overall vision., stated William J Sanchez, CEO of Solidus Communications, Inc. (OTCBB: SLDC)
The acquisition adds over a million dollars of assets and annual revenues to Solidus Communications financial statements.
As part of the acquisition, Solidus Communications acquired real estate in the form of land and a communication tower in Bronson, Florida.
The diversification of revenue is a priority as we continue towards the goal of up-listing SLDC to NASDAQ.[/b] The addition of the communication tower to our holdings, enable us to take advantage of the ever-increasing interest in leasing space on communication towers. Solidus aims to both be a service provider of Fixed Wireless Internet Access as well as a service provider to other telecommunication providers. Our next phase of expansion will benefit from this new cog, and to continue our focus on diversification of revenue to propel the company towards NASDAQ., said William J Sanchez, CEO of Solidus Communications.
"The vision of our project, "Wireless Florida", is further escalated by this latest acquisition." - William Sanchez, CEO.
We are actively looking for acquisition candidates, and communication towers in Central Florida. We welcome any and all suggestions.
About WiFIBER Corp.
Based in Chiefland, Florida, WiFIBER Corp is a Fixed Wireless Access Internet service provider, serving Chiefland, Florida and nearby territories since 2005.
WiFIBER offers Internet services to residential, commercial, and governmental agencies in Gilchrist and Levy counties.
Proforma financial statements on WiFIBER Corp will be made available on SLDC's upcoming quarterly financial statement.
About Solidus Communications, Inc.
Based in Ormond Beach, Florida, Solidus Communications, Inc. is a company that specializes in the acquisition of technology infrastructure companies, currently comprised of Advanced Satellite Systems, Inc. a provider of Internet and television services to home owner associations, and WiFIBER CORP, a provider of Internet access to residential, commercial, and government entities.
Time for a strong rebound?
LORDSTOWN MOTORS CORP RIDEQ 1,385 -54,59%
More than 80 million cash and only 16 million shares.
Time for a strong rebound?
LORDSTOWN MOTORS CORP RIDEQ 1,385 -54,59%
More than 80 million cash and only 16 million shares.
WISH: 4.19
52w: 4.09 - 32.10
Balance Sheet
Shares Outstanding 23.78M
Total Cash (mrq) 531M
Total Cash Per Share (mrq) 22.33
Total Debt (mrq) 16M
Total Debt/Equity (mrq) 4.75%
Current Ratio (mrq) 2.39
Book Value Per Share (mrq) 14.17
WISH: 4.19
52w: 4.09 - 32.10
Balance Sheet
Shares Outstanding 23.78M
Total Cash (mrq) 531M
Total Cash Per Share (mrq) 22.33
Total Debt (mrq) 16M
Total Debt/Equity (mrq) 4.75%
Current Ratio (mrq) 2.39
Book Value Per Share (mrq) 14.17
Soon the new opgen?
ReShape Lifesciences Inc. (RSLS) 0.42
52 Week Range 0.41 – 22,40
Market Cap: 1.45M
As of August 28, 2023, 3,452,447 shares of the registrant’s Common Stock were outstanding.
Float : 2.54M
Book Value Per Share (mrq) 7.05
https://www.reshapelifesciences.com/lapbandvideos/
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
About ReShape Lifesciences®
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® System 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. 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. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
SAN CLEMENTE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the second quarter ended June 30, 2023 and provided a corporate strategic update.
Second Quarter 2023 and Subsequent Highlights
• In July, in response to the Company’s revenue shortfall caused by GLP-1 adoption and other market factors, ReShape made additional operational improvements to further invest in growth drivers and reduce expenses, with annualized savings estimated at more than $4 million.
• In June, the Company held its first Scientific Advisory Board meeting at which feedback affirmed market trends and the Company’s three growth pillars were discussed, including validation of the Lap-Band 2.0 design rationale and clinical publication strategies.
• In June, signed a preferred partner agreement with Hive Medical (Hive) for lead optimization software to improve patient engagement strategy, utilizing AI, machine-learning, SMS, and patient self-service technology to increase patient volume and, potentially, Lap-Band® surgeries.
• In June, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device, which selectively modulates vagal block and stimulation to the liver and pancreas to manage blood glucose, in an e-poster at the American Society for Metabolic and Bariatric Surgery (ASMBS) 2023 Annual Meeting.
• In June, submitted a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation Lap-Band® 2.0, with an enhanced band reservoir technology that serves as a relief valve, designed to alleviate discomfort from swallowing large pieces of food, which may require in-office band adjustments.
• In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
• In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System. The patent is expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
“Despite short-term headwinds as a result of the adoption of GLP-1 prescription therapy as a presurgical treatment option, we remain confident that this trend is expanding the medical weight loss market by promoting open discussions between physicians and the vast majority of those suffering from obesity, who have traditionally avoided surgery,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “The popularity of GLP-1’s has brought significant benefits to those suffering from type 2 diabetes and their use for weight loss has helped to normalize the stigma that often occurs around obesity and medical intervention. Excitingly, there is growing discussion regarding the application of GLP-1 therapy for patients who have plateaued with their weight loss following bariatric surgery, including Lap-Band® surgery patients. That said, as a standalone therapy, there is growing evidence that weight loss due to these pharmacological therapies levels off and can often lead to notable non-compliance due to their currently known side effects. From a continuum of care perspective, these patients are likely candidates for bariatric surgery as the next viable treatment.
Mr. Hickey continued, “During the second quarter, we took significant, tangible steps to further invest in our growth drivers by optimizing operational efficiencies and streamlining and enhancing our lead generation programs. As a direct result, we recognized a 53% reduction in operating expenses compared to last year’s second quarter and expect to see continued financial benefits throughout the rest of this year and into 2024. We are fully committed to attaining profitability by executing on our three growth pillars and are focused on being a disciplined and metrics driven organization, driving revenue by developing and expanding our pipeline, and validating our evidenced based products across the weight loss care continuum.
“To that end, in June, we submitted a PMA supplement application to the FDA for our next generation, Lap-Band® 2.0, developed with physician feedback to improve the patient experience using an enhanced band reservoir technology that serves as a relief valve and is designed to allow for increased Lap-Band® constriction and resultant satiety, without increasing discomfort due to swallowing large pieces of food that may require in-office band adjustments. We expect FDA feedback by year end or early 2024, at the latest. If approved, we believe that, based on discussions with physicians, there should be broad adoption by existing and new Lap-Band® surgeons.
“Also key is our recently signed agreement with Hive, which is expected to significantly improve our patient engagement strategy. Importantly, data generated during our testing of the Hive AI SMS platform in the first quarter, at select Lap-Band® accounts where we also have co-op marketing, revealed a more than 107% increase in medical consultations scheduled over the prior quarter. In conjunction with our highly targeted, direct-to-consumer marketing campaign, the Hive platform allows individuals to quickly and easily navigate new patient intake hurdles and book an appointment with a medical professional at any time. Taken together, we believe this strategy will better address patient leads, with the intent of increasing conversions and, ultimately, more Lap-Band® surgeries.”
Mr. Hickey concluded, “We believe our personalized, HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching, could be a meaningful adjunct for GLP-1 patients, helping them to make the necessary lifestyle changes to attain long-term weight loss. As the limitations of the use of GLP-1s become more evident, we are confident that our minimally invasive, adjustable Lap-Band® system, which remains broadly reimbursed, will continue to gain further acceptance as a long-term and safe weight loss solution. Going forward, we remain committed to continuing our collaborations with healthcare professionals to expand awareness and use of personalized treatments, including both our proprietary Lap-Band® and ReShapeCare™ programs, to ensure that patients can achieve durable long-term weight loss goals.”
Second Quarter and Six months Ended June 30, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended June 30, 2023, which represents a contraction of $0.6 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the three months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of 2023, as the company continues to focus on increasing the demand for the Lap-Band®.
Revenue totaled $4.5 million for the six months ended June 30, 2023, which represents a contraction of $0.8 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the six months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of the year, as the company continues to focus on increasing the demand for the Lap-Band®.
Gross Profit for the three months ended June 30, 2023 was $1.2 million, compared to $1.9 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the three months ended June 30, 2023 was 53.0%, compared to 65.1% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Gross profit for the six months ended June 30, 2023 was $2.4 million, compared to $3.1 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the six months ended June 30, 2023 was 53.2%, compared to 58.2% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Sales and Marketing Expenses for the three months ended June 30, 2023, decreased by $2.5 million, or 53.0% to $2.2 million, compared to $4.6 million for the same period in 2022. The decrease is primarily due to a decrease of $1.6 million in advertising and marketing expenses, due to the move to a targeted digital marketing campaign. There were also reductions in payroll expenditures, including commissions, stock-based compensation, travel and consulting related services all totaling $0.9 million.
Sales and marketing expenses for the six months ended June 30, 2023, decreased by $5.0 million, or 53.3%, to $4.3 million, compared to $9.3 million for the same period in 2022. The decline is primarily due to a decrease of $4.0 million in advertising and marketing expenses, as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a significant reduction of costs. The company also had reductions in payroll expenditures, including commissions, travel and stock-based compensation of $0.9 million, due to changes in sales personnel and lower sales.
General and Administrative Expenses for the three months ended June 30, 2023, decreased by $2.9 million, or 54.4%, to approximately $2.5 million, compared to $5.4 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.9 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.4 million and a reduction in payroll-related expenditures of $0.4 million, due to changes within personnel. The company had a decrease in intangible asset amortization, as it impaired the finite intangible assets during the fourth quarter of 2022. The company also had a decrease in rent and insurance of $0.2 million due to its lease of the Carlsbad, CA location expiring.
General and administrative expenses for the six months ended June 30, 2023, decreased by $2.6 million, or 28.0%, to approximately $6.7 million, compared to $9.3 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.7 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.8 million and a reduction in payroll related expenditures of $0.6 million, due to changes within personnel. The company had a decrease in intangible asset amortization of $0.9 million, as it impaired the finite intangible assets during the fourth quarter. The company also had a decrease in rent and insurance of $0.4 million due to the lease of its Carlsbad, CA location expiring. This was offset by an increase in audit and professional services of approximately $1.9 million, primarily due to the offerings the company completed in February 2023 and April 2023.
Research and Development Expenses for the three months ended June 30, 2023, decreased by $0.2 million, or 22.2%, to $0.6 million, compared to approximately $0.8 million for the same period in 2022. The decline is primarily due to a decrease of $0.1 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Research and development expenses for the six months ended June 30, 2023, decreased by $0.5 million, or 30.8%, to $1.0 million, compared to $1.5 million for the same period in 2022. The decline is primarily due to a decrease of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses. The company also had minor decreases in both stock-based compensation expense and depreciation expense.
Non-GAAP adjusted EBITDA loss was $3.7 million for the three months ended June 30, 2023, compared to a loss of $7.8 million for the same period last year.
Non-GAAP adjusted EBIDTA loss was $9.1 million for the six months ended June 30, 2023, compared to a loss of $15.0 million for the same period last year.
Cash and Cash Equivalents as of June 30, 2023, were $4.7 million and the company remains debt free on its balance sheet.
Conference Call Information
Management will host a conference call to discuss ReShape’s financial and operational results today at 5:00 pm ET and will be joined by a member of ReShape’s Scientific Advisory Board, Christine Ren-Fielding, M.D., Professor of Surgery at NYU Grossman School of Medicine, Director of the NYU Langone Weight Management Program and Chief of the Division of Bariatric Surgery.
To participate in the conference call please register with the following Registration Link, and dial-in details will be provided. Participants using this feature are requested to dial into the conference call fifteen minutes ahead of time to avoid delays.
An archived replay will also be available on the “Events and Presentations” section of ReShape’s website at: https://ir.reshapelifesciences.com/events-and-presentations.
About ReShape Lifesciences®
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® System 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. 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. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
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. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. 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 the company’s expected path to profitability, the expected timing of the FDA review process for the Lap-Band® 2.0, the expected adoption of the Lap-Band® 2.0 by surgeons, and the expectation for increased revenue. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as "risk factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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.
Non-GAAP Disclosures
In addition to the financial information prepared in conformity with GAAP, we provide certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, and amortization methods, which provides a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented in this release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Adjusted EBITDA
Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time costs. Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Soon the new opgen?
ReShape Lifesciences Inc. (RSLS) 0.42
52 Week Range 0.41 – 22,40
Market Cap: 1.45M
As of August 28, 2023, 3,452,447 shares of the registrant’s Common Stock were outstanding.
Float : 2.54M
Book Value Per Share (mrq) 7.05
https://www.reshapelifesciences.com/lapbandvideos/
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
About ReShape Lifesciences®
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® System 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. 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. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
SAN CLEMENTE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the second quarter ended June 30, 2023 and provided a corporate strategic update.
Second Quarter 2023 and Subsequent Highlights
• In July, in response to the Company’s revenue shortfall caused by GLP-1 adoption and other market factors, ReShape made additional operational improvements to further invest in growth drivers and reduce expenses, with annualized savings estimated at more than $4 million.
• In June, the Company held its first Scientific Advisory Board meeting at which feedback affirmed market trends and the Company’s three growth pillars were discussed, including validation of the Lap-Band 2.0 design rationale and clinical publication strategies.
• In June, signed a preferred partner agreement with Hive Medical (Hive) for lead optimization software to improve patient engagement strategy, utilizing AI, machine-learning, SMS, and patient self-service technology to increase patient volume and, potentially, Lap-Band® surgeries.
• In June, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device, which selectively modulates vagal block and stimulation to the liver and pancreas to manage blood glucose, in an e-poster at the American Society for Metabolic and Bariatric Surgery (ASMBS) 2023 Annual Meeting.
• In June, submitted a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation Lap-Band® 2.0, with an enhanced band reservoir technology that serves as a relief valve, designed to alleviate discomfort from swallowing large pieces of food, which may require in-office band adjustments.
• In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
• In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System. The patent is expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
“Despite short-term headwinds as a result of the adoption of GLP-1 prescription therapy as a presurgical treatment option, we remain confident that this trend is expanding the medical weight loss market by promoting open discussions between physicians and the vast majority of those suffering from obesity, who have traditionally avoided surgery,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “The popularity of GLP-1’s has brought significant benefits to those suffering from type 2 diabetes and their use for weight loss has helped to normalize the stigma that often occurs around obesity and medical intervention. Excitingly, there is growing discussion regarding the application of GLP-1 therapy for patients who have plateaued with their weight loss following bariatric surgery, including Lap-Band® surgery patients. That said, as a standalone therapy, there is growing evidence that weight loss due to these pharmacological therapies levels off and can often lead to notable non-compliance due to their currently known side effects. From a continuum of care perspective, these patients are likely candidates for bariatric surgery as the next viable treatment.
Mr. Hickey continued, “During the second quarter, we took significant, tangible steps to further invest in our growth drivers by optimizing operational efficiencies and streamlining and enhancing our lead generation programs. As a direct result, we recognized a 53% reduction in operating expenses compared to last year’s second quarter and expect to see continued financial benefits throughout the rest of this year and into 2024. We are fully committed to attaining profitability by executing on our three growth pillars and are focused on being a disciplined and metrics driven organization, driving revenue by developing and expanding our pipeline, and validating our evidenced based products across the weight loss care continuum.
“To that end, in June, we submitted a PMA supplement application to the FDA for our next generation, Lap-Band® 2.0, developed with physician feedback to improve the patient experience using an enhanced band reservoir technology that serves as a relief valve and is designed to allow for increased Lap-Band® constriction and resultant satiety, without increasing discomfort due to swallowing large pieces of food that may require in-office band adjustments. We expect FDA feedback by year end or early 2024, at the latest. If approved, we believe that, based on discussions with physicians, there should be broad adoption by existing and new Lap-Band® surgeons.
“Also key is our recently signed agreement with Hive, which is expected to significantly improve our patient engagement strategy. Importantly, data generated during our testing of the Hive AI SMS platform in the first quarter, at select Lap-Band® accounts where we also have co-op marketing, revealed a more than 107% increase in medical consultations scheduled over the prior quarter. In conjunction with our highly targeted, direct-to-consumer marketing campaign, the Hive platform allows individuals to quickly and easily navigate new patient intake hurdles and book an appointment with a medical professional at any time. Taken together, we believe this strategy will better address patient leads, with the intent of increasing conversions and, ultimately, more Lap-Band® surgeries.”
Mr. Hickey concluded, “We believe our personalized, HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching, could be a meaningful adjunct for GLP-1 patients, helping them to make the necessary lifestyle changes to attain long-term weight loss. As the limitations of the use of GLP-1s become more evident, we are confident that our minimally invasive, adjustable Lap-Band® system, which remains broadly reimbursed, will continue to gain further acceptance as a long-term and safe weight loss solution. Going forward, we remain committed to continuing our collaborations with healthcare professionals to expand awareness and use of personalized treatments, including both our proprietary Lap-Band® and ReShapeCare™ programs, to ensure that patients can achieve durable long-term weight loss goals.”
Second Quarter and Six months Ended June 30, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended June 30, 2023, which represents a contraction of $0.6 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the three months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of 2023, as the company continues to focus on increasing the demand for the Lap-Band®.
Revenue totaled $4.5 million for the six months ended June 30, 2023, which represents a contraction of $0.8 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the six months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of the year, as the company continues to focus on increasing the demand for the Lap-Band®.
Gross Profit for the three months ended June 30, 2023 was $1.2 million, compared to $1.9 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the three months ended June 30, 2023 was 53.0%, compared to 65.1% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Gross profit for the six months ended June 30, 2023 was $2.4 million, compared to $3.1 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the six months ended June 30, 2023 was 53.2%, compared to 58.2% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Sales and Marketing Expenses for the three months ended June 30, 2023, decreased by $2.5 million, or 53.0% to $2.2 million, compared to $4.6 million for the same period in 2022. The decrease is primarily due to a decrease of $1.6 million in advertising and marketing expenses, due to the move to a targeted digital marketing campaign. There were also reductions in payroll expenditures, including commissions, stock-based compensation, travel and consulting related services all totaling $0.9 million.
Sales and marketing expenses for the six months ended June 30, 2023, decreased by $5.0 million, or 53.3%, to $4.3 million, compared to $9.3 million for the same period in 2022. The decline is primarily due to a decrease of $4.0 million in advertising and marketing expenses, as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a significant reduction of costs. The company also had reductions in payroll expenditures, including commissions, travel and stock-based compensation of $0.9 million, due to changes in sales personnel and lower sales.
General and Administrative Expenses for the three months ended June 30, 2023, decreased by $2.9 million, or 54.4%, to approximately $2.5 million, compared to $5.4 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.9 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.4 million and a reduction in payroll-related expenditures of $0.4 million, due to changes within personnel. The company had a decrease in intangible asset amortization, as it impaired the finite intangible assets during the fourth quarter of 2022. The company also had a decrease in rent and insurance of $0.2 million due to its lease of the Carlsbad, CA location expiring.
General and administrative expenses for the six months ended June 30, 2023, decreased by $2.6 million, or 28.0%, to approximately $6.7 million, compared to $9.3 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.7 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.8 million and a reduction in payroll related expenditures of $0.6 million, due to changes within personnel. The company had a decrease in intangible asset amortization of $0.9 million, as it impaired the finite intangible assets during the fourth quarter. The company also had a decrease in rent and insurance of $0.4 million due to the lease of its Carlsbad, CA location expiring. This was offset by an increase in audit and professional services of approximately $1.9 million, primarily due to the offerings the company completed in February 2023 and April 2023.
Research and Development Expenses for the three months ended June 30, 2023, decreased by $0.2 million, or 22.2%, to $0.6 million, compared to approximately $0.8 million for the same period in 2022. The decline is primarily due to a decrease of $0.1 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Research and development expenses for the six months ended June 30, 2023, decreased by $0.5 million, or 30.8%, to $1.0 million, compared to $1.5 million for the same period in 2022. The decline is primarily due to a decrease of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses. The company also had minor decreases in both stock-based compensation expense and depreciation expense.
Non-GAAP adjusted EBITDA loss was $3.7 million for the three months ended June 30, 2023, compared to a loss of $7.8 million for the same period last year.
Non-GAAP adjusted EBIDTA loss was $9.1 million for the six months ended June 30, 2023, compared to a loss of $15.0 million for the same period last year.
Cash and Cash Equivalents as of June 30, 2023, were $4.7 million and the company remains debt free on its balance sheet.
Conference Call Information
Management will host a conference call to discuss ReShape’s financial and operational results today at 5:00 pm ET and will be joined by a member of ReShape’s Scientific Advisory Board, Christine Ren-Fielding, M.D., Professor of Surgery at NYU Grossman School of Medicine, Director of the NYU Langone Weight Management Program and Chief of the Division of Bariatric Surgery.
To participate in the conference call please register with the following Registration Link, and dial-in details will be provided. Participants using this feature are requested to dial into the conference call fifteen minutes ahead of time to avoid delays.
An archived replay will also be available on the “Events and Presentations” section of ReShape’s website at: https://ir.reshapelifesciences.com/events-and-presentations.
About ReShape Lifesciences®
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® System 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. 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. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
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. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. 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 the company’s expected path to profitability, the expected timing of the FDA review process for the Lap-Band® 2.0, the expected adoption of the Lap-Band® 2.0 by surgeons, and the expectation for increased revenue. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as "risk factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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.
Non-GAAP Disclosures
In addition to the financial information prepared in conformity with GAAP, we provide certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, and amortization methods, which provides a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented in this release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Adjusted EBITDA
Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time costs. Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Big party tomorrow
QNCX: 1.16
After-hours high: 1.6 (+37.93%)
Partial hold lifted by FDA on a billion dollar drug EryDex which is in phase 3 that was recently acquired. The company has $87 million in cash reserves and only $42 million marketcap.
SOUTH SAN FRANCISCO, Calif., September 28, 2023--(BUSINESS WIRE)--Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, today announced that the U.S. Food and Drug Administration (FDA or the "Agency") has lifted the partial clinical hold on EryDel S.p.A’s Investigational New Drug (IND) application for its lead Phase 3 asset, EryDex. Pending the closing of Quince’s acquisition of EryDel, Quince intends to advance the global Phase 3 NEAT (Neurologic Effects of EryDex on Subjects with A-T) clinical trial evaluating the safety and efficacy of EryDex for the potential treatment of a rare, fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T). Currently, there are no approved treatments for patients with A-T and the market represents a $1+ billion estimated peak sales opportunity.
Dirk Thye, M.D., Quince’s Chief Executive Officer, said, "We are pleased with the FDA’s decision to lift the partial clinical hold related to EryDel’s lead asset, EryDex. We look forward to completing the clinical and regulatory activities necessary to advance EryDex into the Phase 3 NEAT study – with patient enrollment beginning as soon as the second quarter of 2024. Notably, this pivotal trial will be conducted under a Special Protocol Assessment (SPA) that has already been reviewed with the FDA, which should allow for the submission of a New Drug Application (NDA) following completion of this single study, assuming positive results."
The Agency had requested additional information on extractables and leachables related to a change in plastics utilized in the EryKit. The change in plastic bags and tubing in the EryKit were implemented in order to be compliant with recent European regulations regarding the type of plastics used in various products. The commercial version of the EryKit treatment consumables is already approved for clinical trial use in Europe.
Quince’s acquisition of EryDel is subject to certain regulatory approvals, including the foreign direct investment screening clearance in Italy, and other closing conditions and is expected to close in the fourth quarter of 2023.
About EryDex and the Phase 3 NEAT Trial
EryDex utilizes a unique drug/device combination that enables a fully automated process at the point of patient care for the autologous intracellular drug encapsulation (AIDE) of dexamethasone sodium phosphate (DSP; a pro-drug) into a patient’s red blood cells. Dexamethasone-loaded red blood cells are then re-infused into the patient, resulting in the circulation of controlled, slow release, low doses of dexamethasone, intended to provide efficacious dosing while avoiding the long-term toxicity typically associated with chronic steroid administration.
The Phase 3 NEAT clinical trial is a double blind, randomized, placebo-controlled, global study in approximately 86 A-T patients aged six to nine years-old – with up to an additional 20 patients aged 10 years or older to potentially expand the label. The study’s primary endpoint will measure neurological function based on a rescored modified International Cooperative Ataxia Rating Scale (RmICARS) from baseline to month six of treatment. NDA submission is currently targeted for the end of 2025, assuming positive Phase 3 study results. EryDex has received orphan drug designation for the treatment of A-T from both the FDA and the European Medicines Agency (EMA).
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform the lives of patients suffering from debilitating and rare diseases. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter.
Big party tomorrow
QNCX: 1.16
After-hours high: 1.6 (+37.93%)
Partial hold lifted by FDA on a billion dollar drug EryDex which is in phase 3 that was recently acquired. The company has $87 million in cash reserves and only $42 million marketcap.
SOUTH SAN FRANCISCO, Calif., September 28, 2023--(BUSINESS WIRE)--Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, today announced that the U.S. Food and Drug Administration (FDA or the "Agency") has lifted the partial clinical hold on EryDel S.p.A’s Investigational New Drug (IND) application for its lead Phase 3 asset, EryDex. Pending the closing of Quince’s acquisition of EryDel, Quince intends to advance the global Phase 3 NEAT (Neurologic Effects of EryDex on Subjects with A-T) clinical trial evaluating the safety and efficacy of EryDex for the potential treatment of a rare, fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T). Currently, there are no approved treatments for patients with A-T and the market represents a $1+ billion estimated peak sales opportunity.
Dirk Thye, M.D., Quince’s Chief Executive Officer, said, "We are pleased with the FDA’s decision to lift the partial clinical hold related to EryDel’s lead asset, EryDex. We look forward to completing the clinical and regulatory activities necessary to advance EryDex into the Phase 3 NEAT study – with patient enrollment beginning as soon as the second quarter of 2024. Notably, this pivotal trial will be conducted under a Special Protocol Assessment (SPA) that has already been reviewed with the FDA, which should allow for the submission of a New Drug Application (NDA) following completion of this single study, assuming positive results."
The Agency had requested additional information on extractables and leachables related to a change in plastics utilized in the EryKit. The change in plastic bags and tubing in the EryKit were implemented in order to be compliant with recent European regulations regarding the type of plastics used in various products. The commercial version of the EryKit treatment consumables is already approved for clinical trial use in Europe.
Quince’s acquisition of EryDel is subject to certain regulatory approvals, including the foreign direct investment screening clearance in Italy, and other closing conditions and is expected to close in the fourth quarter of 2023.
About EryDex and the Phase 3 NEAT Trial
EryDex utilizes a unique drug/device combination that enables a fully automated process at the point of patient care for the autologous intracellular drug encapsulation (AIDE) of dexamethasone sodium phosphate (DSP; a pro-drug) into a patient’s red blood cells. Dexamethasone-loaded red blood cells are then re-infused into the patient, resulting in the circulation of controlled, slow release, low doses of dexamethasone, intended to provide efficacious dosing while avoiding the long-term toxicity typically associated with chronic steroid administration.
The Phase 3 NEAT clinical trial is a double blind, randomized, placebo-controlled, global study in approximately 86 A-T patients aged six to nine years-old – with up to an additional 20 patients aged 10 years or older to potentially expand the label. The study’s primary endpoint will measure neurological function based on a rescored modified International Cooperative Ataxia Rating Scale (RmICARS) from baseline to month six of treatment. NDA submission is currently targeted for the end of 2025, assuming positive Phase 3 study results. EryDex has received orphan drug designation for the treatment of A-T from both the FDA and the European Medicines Agency (EMA).
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform the lives of patients suffering from debilitating and rare diseases. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter.
Time for a strong recovery
Opgen OPGN : 0.25
52w: 0.17 – 9.06
Mktcap: 2 M
Total assets $ 22,434,962
Total liabilities $ 15,575,072
Total stockholders’ equity $ 6,859,890
Weighted average shares outstanding - basic and diluted 6,246,326
= $1.10 share
Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to approximately $1.44 million in the first half of 2022
Signed FIND R&D collaboration contract extension
Entered distribution agreement with Fisher Healthcare for the distribution of the Unyvero A50 platform in the U.S.
Cash and cash equivalents were approximately $3.2 million as of June 30, 2023
In the reporting quarter and year to date, the Company reached the following key milestones:
OpGen subsidiary, Curetis, and FIND signed an extension to their R&D collaboration agreement for the development of an AMR panel on the Unyvero A30 RQ platform for low- and middle-income countries. This next phase covers full development of AMR assay and cartridge, analytical testing and software development.
Curetis successfully completed the first phase of its FIND collaboration, including the expanded scope of the FIND project in Q1 and Q2, respectively. The FIND collaboration contributed $609 thousand to first half 2023 revenue.
In June 2023, OpGen received ten Unyvero A30 C-Series instruments which will be used in the next phase of the FIND collaboration.
Curetis announced the completion of two interim milestones of its collaboration project with InfectoGnostics under the PREPLEX grant.
The Company submitted a De Novo classification request to the FDA for marketing authorization of the Unyvero Urinary Tract Infection (UTI) panel. Following the FDA’s substantive review of the Company’s submission, the Company received a formal communication from the FDA requesting certain additional information on June 30, 2023. The FDA has provided OpGen with 180 days to fully respond to their requests.
OpGen entered into a distribution agreement with Fisher Healthcare, a division of Thermo Fisher Scientific, for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections in the U.S. During the second quarter and year-to-date, the Company successfully completed vendor set-up of OpGen under Fisher Healthcare’s systems, trained the Fisher Healthcare sales teams across the U.S., created digital marketing campaigns, and identified several hundred potential high priority leads with the Fisher Healthcare team. In several territories, the teams are already working towards commercial customer contract opportunities.
With the assistance of a U.S.-Chinese strategic advisory firm, OpGen continues to have an active strategic corporate business development campaign to over 40 Chinese corporate IVD companies potentially interested in the Unyvero A30 RQ.
Following a successful feasibility assessment, the Ares team recently signed an annual genomic surveillance contract with a major U.S. healthcare network to sequence and analyze pathogen isolates on a twice weekly basis. In addition, the team has signed multiple new ARESiss contracts for isolate sequencing and new AREScloud subscriptions for web-based sequence analysis.
On the IP front, OpGen’s subsidiary, Ares Genetics, successfully defended a key patent that was being contested in Europe. In the ruling, the European Patent Office ruled in favor of maintaining the patent, which broadly covers the prediction of AMR in pathogens based on any genetic determinants involving two or more nucleotides.
Ares recently announced a new feature release for its AREScloud software designed to enhance genomic surveillance. These features include a Single Nucleotide Polymorphism (SNP) analysis module and interpretation of plasmids with reporting customized for the needs of hospital epidemiologists.
more info: https://www.opgen.com/
Taoping Reports First Half 2023 Financial Results
Fri, September 1, 2023 at 2:00 PM
93% Increase in Revenue Compared to First Half of 2022
10% Improvement in Net Loss Compared to First Half of 2022
Company Expects Continued Growth in Second Half of 2023
SHENZHEN, China, Sept. 1, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company") today reported financial results for the first six months of its fiscal year ending December 31, 2023.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
Mr. Lin Jianghuai, Chairman and CEO of the Company, said: "We started off 2023 at a record pace, with stability coming back following the numerous challenges, closures and tragedies of the COVID pandemic worldwide. Our Team remained focused and continued to execute on our two core business competencies, the Taoping national sales network, and its compatible, highly scalable Smart Cloud platform, which helped drive a Company record 93% increase in revenue for the first six months of 2023, compared to the same period of last year."
Mr. Lin Jianghuai, continued, "We are on track for further growth in the second half of 2023, led by the rebound in demand from our city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful Cloud Nest AI system and intelligent Cloud platform. In addition to our intelligent software and Cloud platform, we have been investing in and expanding our AI-driven portfolio, including AI-related products and servers, to provide customers with fully integrated seamless solutions, as we target opportunities in this fast-growing segment. We are also benefitting from increased business momentum as we capture new business opportunities in the Smart City and new energy sectors. Our impressive progress in 2023 has already resulted in us entering into a series of long-term strategic cooperation agreements with various customers to provide Taoping's Cloud-based intelligent product solutions, including smart large screen, IoT Smart rest station and off-grid wastewater treatment solutions. We have built an advantageous competitive position and distinctive portfolio of products, which we expect will combine to help us generate significant revenue growth and operating cashflow for the Company and shareholders for year 2023 and beyond."
Financial Results for the First Six Months of Fiscal Year 2023
Revenue increased 93% to $14.1 million for the first six months of 2023, compared to $7.3 million for the same period of last year. The increase was primarily due to increased revenue from both products and software revenue, as the Company continues to execute on its two core business competencies, the Taoping national sales network, and its compatible, highly scalable cloud platform. The Company expects that revenue for the second half of 2023 will increase as a result of the growth of advertising businesses, as well as product sales of its cloud-based screens, terminals, and other new applications led by the advancement of its cutting-edge Smart City solutions, which seamlessly integrate with the Company's AI-driven intelligent Cloud platform.
Cost of revenue was $10.2 million for the six months ended June 30, 2023, compared to $4.7 million for the same period of 2022. Gross margin was 27.5% for the first six months ended June 30, 2023 compared with 35.4% for the same period of 2022 reflecting higher costs as the Company focuses on growth and new revenue opportunities. The Company expects that the gross margin for the second half of 2023 will be consistent with the first half of the year.
Administrative expenses increased by $0.8 million, or 24.9%, to $3.8 million for the first six months of 2023, from $3.0 million for the same period of 2022, primarily due to an increase in share-based compensation expense, which was partially offset by a decrease in professional service fees. As a percentage of revenue, administrative expenses decreased to 26.6% for the first six months of 2023, from 41.1% for the same period of 2022. The Company expects that the administrative expenses for the second half of 2023 will decrease as a result of the decrease of share-based compensation.
Research and development ("R&D") expenses decreased by $0.5 million, or 22.7%, to $1.6 million for the first six months of 2023, from $2.1 million for the same period of 2022, primarily due to the decrease in depreciation expenses of purchased software, and the decrease in payroll and benefits to R&D staff. As a percentage of revenue, R&D expenses decreased to 11.3% for the first six months of 2023, from 28.1% for the same period of last year. R&D expenses for the second half of 2023 are expected to be consistent with revenue growth.
Selling expenses decreased by $0.1 million, or 37.3%, to $0.2 million for the first six months of 2023, from $0.3 million for the same period of 2022. The decrease was primarily due to the decrease of sales related costs. Selling expenses for the second half of 2023 are expected to be consistent with revenue growth.
The Company reduced its net loss by 10% to $1.8 million or $1.10 per basic and diluted share for the six months ended June 30, 2023, compared to a net loss of $2.0 million or $1.26 per basic and diluted share for the same period of 2022, reflecting the higher revenue level and cost containment efforts. On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company's issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Reports First Half 2023 Financial Results
Fri, September 1, 2023 at 2:00 PM
93% Increase in Revenue Compared to First Half of 2022
10% Improvement in Net Loss Compared to First Half of 2022
Company Expects Continued Growth in Second Half of 2023
SHENZHEN, China, Sept. 1, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company") today reported financial results for the first six months of its fiscal year ending December 31, 2023.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
Mr. Lin Jianghuai, Chairman and CEO of the Company, said: "We started off 2023 at a record pace, with stability coming back following the numerous challenges, closures and tragedies of the COVID pandemic worldwide. Our Team remained focused and continued to execute on our two core business competencies, the Taoping national sales network, and its compatible, highly scalable Smart Cloud platform, which helped drive a Company record 93% increase in revenue for the first six months of 2023, compared to the same period of last year."
Mr. Lin Jianghuai, continued, "We are on track for further growth in the second half of 2023, led by the rebound in demand from our city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful Cloud Nest AI system and intelligent Cloud platform. In addition to our intelligent software and Cloud platform, we have been investing in and expanding our AI-driven portfolio, including AI-related products and servers, to provide customers with fully integrated seamless solutions, as we target opportunities in this fast-growing segment. We are also benefitting from increased business momentum as we capture new business opportunities in the Smart City and new energy sectors. Our impressive progress in 2023 has already resulted in us entering into a series of long-term strategic cooperation agreements with various customers to provide Taoping's Cloud-based intelligent product solutions, including smart large screen, IoT Smart rest station and off-grid wastewater treatment solutions. We have built an advantageous competitive position and distinctive portfolio of products, which we expect will combine to help us generate significant revenue growth and operating cashflow for the Company and shareholders for year 2023 and beyond."
Financial Results for the First Six Months of Fiscal Year 2023
Revenue increased 93% to $14.1 million for the first six months of 2023, compared to $7.3 million for the same period of last year. The increase was primarily due to increased revenue from both products and software revenue, as the Company continues to execute on its two core business competencies, the Taoping national sales network, and its compatible, highly scalable cloud platform. The Company expects that revenue for the second half of 2023 will increase as a result of the growth of advertising businesses, as well as product sales of its cloud-based screens, terminals, and other new applications led by the advancement of its cutting-edge Smart City solutions, which seamlessly integrate with the Company's AI-driven intelligent Cloud platform.
Cost of revenue was $10.2 million for the six months ended June 30, 2023, compared to $4.7 million for the same period of 2022. Gross margin was 27.5% for the first six months ended June 30, 2023 compared with 35.4% for the same period of 2022 reflecting higher costs as the Company focuses on growth and new revenue opportunities. The Company expects that the gross margin for the second half of 2023 will be consistent with the first half of the year.
Administrative expenses increased by $0.8 million, or 24.9%, to $3.8 million for the first six months of 2023, from $3.0 million for the same period of 2022, primarily due to an increase in share-based compensation expense, which was partially offset by a decrease in professional service fees. As a percentage of revenue, administrative expenses decreased to 26.6% for the first six months of 2023, from 41.1% for the same period of 2022. The Company expects that the administrative expenses for the second half of 2023 will decrease as a result of the decrease of share-based compensation.
Research and development ("R&D") expenses decreased by $0.5 million, or 22.7%, to $1.6 million for the first six months of 2023, from $2.1 million for the same period of 2022, primarily due to the decrease in depreciation expenses of purchased software, and the decrease in payroll and benefits to R&D staff. As a percentage of revenue, R&D expenses decreased to 11.3% for the first six months of 2023, from 28.1% for the same period of last year. R&D expenses for the second half of 2023 are expected to be consistent with revenue growth.
Selling expenses decreased by $0.1 million, or 37.3%, to $0.2 million for the first six months of 2023, from $0.3 million for the same period of 2022. The decrease was primarily due to the decrease of sales related costs. Selling expenses for the second half of 2023 are expected to be consistent with revenue growth.
The Company reduced its net loss by 10% to $1.8 million or $1.10 per basic and diluted share for the six months ended June 30, 2023, compared to a net loss of $2.0 million or $1.26 per basic and diluted share for the same period of 2022, reflecting the higher revenue level and cost containment efforts. On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company's issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) : 2.44
Premarket: 2.87 + 0.43 (17.68%)
Shares Outstanding 1.86M
marketcap less than 4.5M
Float 1.09M
52w: 2.14 – 11.90
Very high volatility
Aug 28, 2023 2.4700 2.4700 2.2600 2.2900 2.2900 13,200
Aug 25, 2023 2.5000 2.5100 2.3000 2.3400 2.3400 20,000
Aug 24, 2023 2.7600 2.9000 2.4900 2.5000 2.5000 35,700
Aug 23, 2023 2.8200 2.8900 2.6600 2.7400 2.7400 50,700
Aug 22, 2023 2.7900 2.9000 2.7400 2.7400 2.7400 9,200
Aug 21, 2023 2.7500 2.9000 2.7200 2.7800 2.7800 8,600
Aug 18, 2023 2.8000 2.8800 2.7500 2.8000 2.8000 22,300
Aug 17, 2023 3.0700 3.2000 2.8900 2.8900 2.8900 29,000
Aug 16, 2023 2.8600 3.3700 2.8200 3.1100 3.1100 122,300
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) : 2.44
Premarket: 2.87 + 0.43 (17.68%)
Shares Outstanding 1.86M
marketcap less than 4.5M
Float 1.09M
52w: 2.14 – 11.90
Very high volatility
Aug 28, 2023 2.4700 2.4700 2.2600 2.2900 2.2900 13,200
Aug 25, 2023 2.5000 2.5100 2.3000 2.3400 2.3400 20,000
Aug 24, 2023 2.7600 2.9000 2.4900 2.5000 2.5000 35,700
Aug 23, 2023 2.8200 2.8900 2.6600 2.7400 2.7400 50,700
Aug 22, 2023 2.7900 2.9000 2.7400 2.7400 2.7400 9,200
Aug 21, 2023 2.7500 2.9000 2.7200 2.7800 2.7800 8,600
Aug 18, 2023 2.8000 2.8800 2.7500 2.8000 2.8000 22,300
Aug 17, 2023 3.0700 3.2000 2.8900 2.8900 2.8900 29,000
Aug 16, 2023 2.8600 3.3700 2.8200 3.1100 3.1100 122,300
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
ATENOR (ATEB) : 18.5
ISIN: BE0003837540
18.10 - 52.8
Atenor SA is a Belgium-based company that develops real estate promotion projects in the area of office and residential buildings. Its project portfolio includes: UP-SITE, a mixed-use project; TREBEL, an office building; BRUSSELS EUROPA, a mixed-use project; VICTOR, a mixed-use project; CITY DOCKS, a mixed-use project; PORT DU BON DIEU, a residential building; AU FIL DES GRANDS PRES, a mixed-use project; LA SUCRERIE, a residential building; LES BRASSERIES DE NEUDORF, a residential project; AIR, an office project; HERMES BUSINESS CAMPUS, an office project, and SOUTH CITY HOTEL. The Company operates in Belgium and Luxembourg, as well as in Central Europe, such as Hungary and Romania. It operates through Hexaten SA.
FCEL: 1.50
Aug 28 (Reuters) - FuelCell Energy said on Monday it would extend a carbon capture joint development agreement with a unit of Exxon Mobil to March 31 next year.
The agreement, effective as of Aug. 31, will be extended for the fourth time and would increase research costs for Exxon to $67 million from $60 million.
FuelCell has been developing carbonate fuel cells to reduce carbon dioxide emissions from industrial and power sources, in exchange for fees from the oil major since 2019 when the companies first signed the agreement.
Carbonate fuel cells can capture carbon dioxide and generate additional power in the process, unlike other conventional cells.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini Ganguli)
Aug 01, 2023 2.1600 2.1800 1.3100 1.3300 1.3300 239,090,400
Jul 01, 2023 2.1500 2.5400 1.9900 2.1900 2.1900 333,048,400
Jun 01, 2023 2.1300 2.9400 2.0700 2.1600 2.1600 366,747,700
May 01, 2023 1.9800 2.6100 1.9500 2.1200 2.1200 256,817,600
Apr 01, 2023 2.8600 2.9200 1.7700 1.8800 1.8800 186,059,300
Mar 01, 2023 3.3700 4.0200 2.6100 2.8500 2.8500 248,156,700
Feb 01, 2023 3.6300 4.3600 3.1700 3.3400 3.3400 175,153,800
Jan 01, 2023 2.8500 3.8400 2.6000 3.6600 3.6600 220,356,200
Dec 01, 2022 3.4600 3.8300 2.4700 2.7800 2.7800 265,866,300
Nov 01, 2022 3.2000 3.9500 2.9200 3.4600 3.4600 179,650,100
Oct 01, 2022 3.4600 3.7700 2.7700 3.1200 3.1200 228,177,300
Sep 01, 2022 4.0700 4.4900 3.3000 3.4100 3.4100 221,445,700
Aug 01, 2022 3.5200 5.5000 3.3500 4.1900 4.1900 346,418,100
Jul 01, 2022 3.7400 4.3900 3.1800 3.5900 3.5900 299,464,400
Jun 01, 2022 4.1400 4.5300 3.1500 3.7500 3.7500 300,394,700
May 01, 2022 4.0700 4.7800 2.8700 4.1000 4.1000 349,223,600
Apr 01, 2022 5.8500 6.3600 3.9300 4.0800 4.0800 277,017,800
Mar 01, 2022 6.0900 7.3300 5.3900 5.7600 5.7600 556,047,800
Feb 01, 2022 4.3300 6.1300 3.9900 6.0000 6.0000 423,321,500
Jan 01, 2022 5.3500 5.8900 3.4000 4.2400 4.2400 508,365,300
Dec 01, 2021 8.8600 9.0000 4.8300 5.2000 5.2000 542,389,600
Nov 01, 2021 8.2800 11.6300 8.1500 8.6800 8.6800 768,144,600
Oct 01, 2021 6.7400 8.9300 5.8600 7.9900 7.9900 876,124,400
Sep 01, 2021 6.2100 7.8600 5.3400 6.6900 6.6900 692,649,800
Aug 01, 2021 6.4700 8.3100 5.6800 6.2400 6.2400 404,642,900
Jul 01, 2021 8.9800 8.9900 6.0500 6.3300 6.3300 307,364,700
Jun 01, 2021 9.9600 12.6200 8.4900 8.9000 8.9000 508,588,300
May 01, 2021 9.7600 10.5800 6.4200 9.8200 9.8200 438,609,600
Apr 01, 2021 15.3000 15.5500 7.9400 9.7100 9.7100 546,309,300
Mar 01, 2021 18.2000 19.1200 11.0700 14.4100 14.4100 734,987,900
Feb 01, 2021 21.5600 29.4400 13.8900 16.9400 16.9400 579,579,400
Taoping Inc. (TAOP) : 2.45
Shares Outstanding 1.86M
marketcap less than 4M
Float 1.09M
52w: 2.14 – 11.90
Very high volatility
Aug 28, 2023 2.4700 2.4700 2.2600 2.2900 2.2900 13,200
Aug 25, 2023 2.5000 2.5100 2.3000 2.3400 2.3400 20,000
Aug 24, 2023 2.7600 2.9000 2.4900 2.5000 2.5000 35,700
Aug 23, 2023 2.8200 2.8900 2.6600 2.7400 2.7400 50,700
Aug 22, 2023 2.7900 2.9000 2.7400 2.7400 2.7400 9,200
Aug 21, 2023 2.7500 2.9000 2.7200 2.7800 2.7800 8,600
Aug 18, 2023 2.8000 2.8800 2.7500 2.8000 2.8000 22,300
Aug 17, 2023 3.0700 3.2000 2.8900 2.8900 2.8900 29,000
Aug 16, 2023 2.8600 3.3700 2.8200 3.1100 3.1100 122,300
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
FCEL: 1.50
Aug 28 (Reuters) - FuelCell Energy said on Monday it would extend a carbon capture joint development agreement with a unit of Exxon Mobil to March 31 next year.
The agreement, effective as of Aug. 31, will be extended for the fourth time and would increase research costs for Exxon to $67 million from $60 million.
FuelCell has been developing carbonate fuel cells to reduce carbon dioxide emissions from industrial and power sources, in exchange for fees from the oil major since 2019 when the companies first signed the agreement.
Carbonate fuel cells can capture carbon dioxide and generate additional power in the process, unlike other conventional cells.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini Ganguli)
Aug 01, 2023 2.1600 2.1800 1.3100 1.3300 1.3300 239,090,400
Jul 01, 2023 2.1500 2.5400 1.9900 2.1900 2.1900 333,048,400
Jun 01, 2023 2.1300 2.9400 2.0700 2.1600 2.1600 366,747,700
May 01, 2023 1.9800 2.6100 1.9500 2.1200 2.1200 256,817,600
Apr 01, 2023 2.8600 2.9200 1.7700 1.8800 1.8800 186,059,300
Mar 01, 2023 3.3700 4.0200 2.6100 2.8500 2.8500 248,156,700
Feb 01, 2023 3.6300 4.3600 3.1700 3.3400 3.3400 175,153,800
Jan 01, 2023 2.8500 3.8400 2.6000 3.6600 3.6600 220,356,200
Dec 01, 2022 3.4600 3.8300 2.4700 2.7800 2.7800 265,866,300
Nov 01, 2022 3.2000 3.9500 2.9200 3.4600 3.4600 179,650,100
Oct 01, 2022 3.4600 3.7700 2.7700 3.1200 3.1200 228,177,300
Sep 01, 2022 4.0700 4.4900 3.3000 3.4100 3.4100 221,445,700
Aug 01, 2022 3.5200 5.5000 3.3500 4.1900 4.1900 346,418,100
Jul 01, 2022 3.7400 4.3900 3.1800 3.5900 3.5900 299,464,400
Jun 01, 2022 4.1400 4.5300 3.1500 3.7500 3.7500 300,394,700
May 01, 2022 4.0700 4.7800 2.8700 4.1000 4.1000 349,223,600
Apr 01, 2022 5.8500 6.3600 3.9300 4.0800 4.0800 277,017,800
Mar 01, 2022 6.0900 7.3300 5.3900 5.7600 5.7600 556,047,800
Feb 01, 2022 4.3300 6.1300 3.9900 6.0000 6.0000 423,321,500
Jan 01, 2022 5.3500 5.8900 3.4000 4.2400 4.2400 508,365,300
Dec 01, 2021 8.8600 9.0000 4.8300 5.2000 5.2000 542,389,600
Nov 01, 2021 8.2800 11.6300 8.1500 8.6800 8.6800 768,144,600
Oct 01, 2021 6.7400 8.9300 5.8600 7.9900 7.9900 876,124,400
Sep 01, 2021 6.2100 7.8600 5.3400 6.6900 6.6900 692,649,800
Aug 01, 2021 6.4700 8.3100 5.6800 6.2400 6.2400 404,642,900
Jul 01, 2021 8.9800 8.9900 6.0500 6.3300 6.3300 307,364,700
Jun 01, 2021 9.9600 12.6200 8.4900 8.9000 8.9000 508,588,300
May 01, 2021 9.7600 10.5800 6.4200 9.8200 9.8200 438,609,600
Apr 01, 2021 15.3000 15.5500 7.9400 9.7100 9.7100 546,309,300
Mar 01, 2021 18.2000 19.1200 11.0700 14.4100 14.4100 734,987,900
Feb 01, 2021 21.5600 29.4400 13.8900 16.9400 16.9400 579,579,400
Taoping Inc. (TAOP) : 2.45
Shares Outstanding 1.86M
marketcap less than 4M
Float 1.09M
52w: 2.14 – 11.90
Very high volatility
Aug 28, 2023 2.4700 2.4700 2.2600 2.2900 2.2900 13,200
Aug 25, 2023 2.5000 2.5100 2.3000 2.3400 2.3400 20,000
Aug 24, 2023 2.7600 2.9000 2.4900 2.5000 2.5000 35,700
Aug 23, 2023 2.8200 2.8900 2.6600 2.7400 2.7400 50,700
Aug 22, 2023 2.7900 2.9000 2.7400 2.7400 2.7400 9,200
Aug 21, 2023 2.7500 2.9000 2.7200 2.7800 2.7800 8,600
Aug 18, 2023 2.8000 2.8800 2.7500 2.8000 2.8000 22,300
Aug 17, 2023 3.0700 3.2000 2.8900 2.8900 2.8900 29,000
Aug 16, 2023 2.8600 3.3700 2.8200 3.1100 3.1100 122,300
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
ReShape Lifesciences Inc. (RSLS) 1.05 – 2.78%
52 Week Range 1.03 - 40.0000
Market Cap: 3.55M
As of August 3, 2023, 3,452,447 shares of the registrant’s Common Stock were outstanding.
Float : 2.54M
Book Value Per Share (mrq) 7.05
https://www.reshapelifesciences.com/lapbandvideos/
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
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® System 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. 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. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Aug 21, 2023 1.1930 1.2200 1.0800 1.0800 1.0800 84,300
Aug 14, 2023 1.1100 1.2500 1.0600 1.2050 1.2050 207,600
Aug 07, 2023 1.4500 1.4500 1.1300 1.1500 1.1500 312,800
Jul 31, 2023 1.4500 1.5100 1.4000 1.4500 1.4500 228,200
Jul 24, 2023 1.4200 1.6600 1.3300 1.4300 1.4300 493,000
Jul 17, 2023 1.5000 1.5600 1.4000 1.4200 1.4200 221,200
Jul 10, 2023 1.4400 1.6600 1.4200 1.5000 1.5000 480,500
Jul 03, 2023 1.4700 1.5500 1.3600 1.4400 1.4400 485,200
Jun 26, 2023 1.7000 1.8100 1.3100 1.4800 1.4800 5,421,200
Jun 19, 2023 2.1100 2.4480 1.6500 1.6800 1.6800 1,003,500
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
SAN CLEMENTE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the second quarter ended June 30, 2023 and provided a corporate strategic update.
Second Quarter 2023 and Subsequent Highlights
• In July, in response to the Company’s revenue shortfall caused by GLP-1 adoption and other market factors, ReShape made additional operational improvements to further invest in growth drivers and reduce expenses, with annualized savings estimated at more than $4 million.
• In June, the Company held its first Scientific Advisory Board meeting at which feedback affirmed market trends and the Company’s three growth pillars were discussed, including validation of the Lap-Band 2.0 design rationale and clinical publication strategies.
• In June, signed a preferred partner agreement with Hive Medical (Hive) for lead optimization software to improve patient engagement strategy, utilizing AI, machine-learning, SMS, and patient self-service technology to increase patient volume and, potentially, Lap-Band® surgeries.
• In June, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device, which selectively modulates vagal block and stimulation to the liver and pancreas to manage blood glucose, in an e-poster at the American Society for Metabolic and Bariatric Surgery (ASMBS) 2023 Annual Meeting.
• In June, submitted a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation Lap-Band® 2.0, with an enhanced band reservoir technology that serves as a relief valve, designed to alleviate discomfort from swallowing large pieces of food, which may require in-office band adjustments.
• In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
• In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System. The patent is expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
“Despite short-term headwinds as a result of the adoption of GLP-1 prescription therapy as a presurgical treatment option, we remain confident that this trend is expanding the medical weight loss market by promoting open discussions between physicians and the vast majority of those suffering from obesity, who have traditionally avoided surgery,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “The popularity of GLP-1’s has brought significant benefits to those suffering from type 2 diabetes and their use for weight loss has helped to normalize the stigma that often occurs around obesity and medical intervention. Excitingly, there is growing discussion regarding the application of GLP-1 therapy for patients who have plateaued with their weight loss following bariatric surgery, including Lap-Band® surgery patients. That said, as a standalone therapy, there is growing evidence that weight loss due to these pharmacological therapies levels off and can often lead to notable non-compliance due to their currently known side effects. From a continuum of care perspective, these patients are likely candidates for bariatric surgery as the next viable treatment.
Mr. Hickey continued, “During the second quarter, we took significant, tangible steps to further invest in our growth drivers by optimizing operational efficiencies and streamlining and enhancing our lead generation programs. As a direct result, we recognized a 53% reduction in operating expenses compared to last year’s second quarter and expect to see continued financial benefits throughout the rest of this year and into 2024. We are fully committed to attaining profitability by executing on our three growth pillars and are focused on being a disciplined and metrics driven organization, driving revenue by developing and expanding our pipeline, and validating our evidenced based products across the weight loss care continuum.
“To that end, in June, we submitted a PMA supplement application to the FDA for our next generation, Lap-Band® 2.0, developed with physician feedback to improve the patient experience using an enhanced band reservoir technology that serves as a relief valve and is designed to allow for increased Lap-Band® constriction and resultant satiety, without increasing discomfort due to swallowing large pieces of food that may require in-office band adjustments. We expect FDA feedback by year end or early 2024, at the latest. If approved, we believe that, based on discussions with physicians, there should be broad adoption by existing and new Lap-Band® surgeons.
“Also key is our recently signed agreement with Hive, which is expected to significantly improve our patient engagement strategy. Importantly, data generated during our testing of the Hive AI SMS platform in the first quarter, at select Lap-Band® accounts where we also have co-op marketing, revealed a more than 107% increase in medical consultations scheduled over the prior quarter. In conjunction with our highly targeted, direct-to-consumer marketing campaign, the Hive platform allows individuals to quickly and easily navigate new patient intake hurdles and book an appointment with a medical professional at any time. Taken together, we believe this strategy will better address patient leads, with the intent of increasing conversions and, ultimately, more Lap-Band® surgeries.”
Mr. Hickey concluded, “We believe our personalized, HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching, could be a meaningful adjunct for GLP-1 patients, helping them to make the necessary lifestyle changes to attain long-term weight loss. As the limitations of the use of GLP-1s become more evident, we are confident that our minimally invasive, adjustable Lap-Band® system, which remains broadly reimbursed, will continue to gain further acceptance as a long-term and safe weight loss solution. Going forward, we remain committed to continuing our collaborations with healthcare professionals to expand awareness and use of personalized treatments, including both our proprietary Lap-Band® and ReShapeCare™ programs, to ensure that patients can achieve durable long-term weight loss goals.”
Second Quarter and Six months Ended June 30, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended June 30, 2023, which represents a contraction of $0.6 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the three months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of 2023, as the company continues to focus on increasing the demand for the Lap-Band®.
Revenue totaled $4.5 million for the six months ended June 30, 2023, which represents a contraction of $0.8 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the six months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of the year, as the company continues to focus on increasing the demand for the Lap-Band®.
Gross Profit for the three months ended June 30, 2023 was $1.2 million, compared to $1.9 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the three months ended June 30, 2023 was 53.0%, compared to 65.1% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Gross profit for the six months ended June 30, 2023 was $2.4 million, compared to $3.1 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the six months ended June 30, 2023 was 53.2%, compared to 58.2% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Sales and Marketing Expenses for the three months ended June 30, 2023, decreased by $2.5 million, or 53.0% to $2.2 million, compared to $4.6 million for the same period in 2022. The decrease is primarily due to a decrease of $1.6 million in advertising and marketing expenses, due to the move to a targeted digital marketing campaign. There were also reductions in payroll expenditures, including commissions, stock-based compensation, travel and consulting related services all totaling $0.9 million.
Sales and marketing expenses for the six months ended June 30, 2023, decreased by $5.0 million, or 53.3%, to $4.3 million, compared to $9.3 million for the same period in 2022. The decline is primarily due to a decrease of $4.0 million in advertising and marketing expenses, as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a significant reduction of costs. The company also had reductions in payroll expenditures, including commissions, travel and stock-based compensation of $0.9 million, due to changes in sales personnel and lower sales.
General and Administrative Expenses for the three months ended June 30, 2023, decreased by $2.9 million, or 54.4%, to approximately $2.5 million, compared to $5.4 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.9 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.4 million and a reduction in payroll-related expenditures of $0.4 million, due to changes within personnel. The company had a decrease in intangible asset amortization, as it impaired the finite intangible assets during the fourth quarter of 2022. The company also had a decrease in rent and insurance of $0.2 million due to its lease of the Carlsbad, CA location expiring.
General and administrative expenses for the six months ended June 30, 2023, decreased by $2.6 million, or 28.0%, to approximately $6.7 million, compared to $9.3 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.7 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.8 million and a reduction in payroll related expenditures of $0.6 million, due to changes within personnel. The company had a decrease in intangible asset amortization of $0.9 million, as it impaired the finite intangible assets during the fourth quarter. The company also had a decrease in rent and insurance of $0.4 million due to the lease of its Carlsbad, CA location expiring. This was offset by an increase in audit and professional services of approximately $1.9 million, primarily due to the offerings the company completed in February 2023 and April 2023.
Research and Development Expenses for the three months ended June 30, 2023, decreased by $0.2 million, or 22.2%, to $0.6 million, compared to approximately $0.8 million for the same period in 2022. The decline is primarily due to a decrease of $0.1 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Research and development expenses for the six months ended June 30, 2023, decreased by $0.5 million, or 30.8%, to $1.0 million, compared to $1.5 million for the same period in 2022. The decline is primarily due to a decrease of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses. The company also had minor decreases in both stock-based compensation expense and depreciation expense.
Non-GAAP adjusted EBITDA loss was $3.7 million for the three months ended June 30, 2023, compared to a loss of $7.8 million for the same period last year.
Non-GAAP adjusted EBIDTA loss was $9.1 million for the six months ended June 30, 2023, compared to a loss of $15.0 million for the same period last year.
Cash and Cash Equivalents as of June 30, 2023, were $4.7 million and the company remains debt free on its balance sheet.
Conference Call Information
Management will host a conference call to discuss ReShape’s financial and operational results today at 5:00 pm ET and will be joined by a member of ReShape’s Scientific Advisory Board, Christine Ren-Fielding, M.D., Professor of Surgery at NYU Grossman School of Medicine, Director of the NYU Langone Weight Management Program and Chief of the Division of Bariatric Surgery.
To participate in the conference call please register with the following Registration Link, and dial-in details will be provided. Participants using this feature are requested to dial into the conference call fifteen minutes ahead of time to avoid delays.
An archived replay will also be available on the “Events and Presentations” section of ReShape’s website at: https://ir.reshapelifesciences.com/events-and-presentations.
About ReShape Lifesciences®
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® System 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. 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. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
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. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. 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 the company’s expected path to profitability, the expected timing of the FDA review process for the Lap-Band® 2.0, the expected adoption of the Lap-Band® 2.0 by surgeons, and the expectation for increased revenue. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as "risk factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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.
Non-GAAP Disclosures
In addition to the financial information prepared in conformity with GAAP, we provide certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, and amortization methods, which provides a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented in this release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Adjusted EBITDA
Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time costs. Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
ReShape Lifesciences Inc. (RSLS) 1.05 – 2.78%
52 Week Range 1.03 - 40.0000
Market Cap: 3.55M
As of August 3, 2023, 3,452,447 shares of the registrant’s Common Stock were outstanding.
Float : 2.54M
Book Value Per Share (mrq) 7.05
https://www.reshapelifesciences.com/lapbandvideos/
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
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® System 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. 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. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Aug 21, 2023 1.1930 1.2200 1.0800 1.0800 1.0800 84,300
Aug 14, 2023 1.1100 1.2500 1.0600 1.2050 1.2050 207,600
Aug 07, 2023 1.4500 1.4500 1.1300 1.1500 1.1500 312,800
Jul 31, 2023 1.4500 1.5100 1.4000 1.4500 1.4500 228,200
Jul 24, 2023 1.4200 1.6600 1.3300 1.4300 1.4300 493,000
Jul 17, 2023 1.5000 1.5600 1.4000 1.4200 1.4200 221,200
Jul 10, 2023 1.4400 1.6600 1.4200 1.5000 1.5000 480,500
Jul 03, 2023 1.4700 1.5500 1.3600 1.4400 1.4400 485,200
Jun 26, 2023 1.7000 1.8100 1.3100 1.4800 1.4800 5,421,200
Jun 19, 2023 2.1100 2.4480 1.6500 1.6800 1.6800 1,003,500
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
SAN CLEMENTE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the second quarter ended June 30, 2023 and provided a corporate strategic update.
Second Quarter 2023 and Subsequent Highlights
• In July, in response to the Company’s revenue shortfall caused by GLP-1 adoption and other market factors, ReShape made additional operational improvements to further invest in growth drivers and reduce expenses, with annualized savings estimated at more than $4 million.
• In June, the Company held its first Scientific Advisory Board meeting at which feedback affirmed market trends and the Company’s three growth pillars were discussed, including validation of the Lap-Band 2.0 design rationale and clinical publication strategies.
• In June, signed a preferred partner agreement with Hive Medical (Hive) for lead optimization software to improve patient engagement strategy, utilizing AI, machine-learning, SMS, and patient self-service technology to increase patient volume and, potentially, Lap-Band® surgeries.
• In June, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device, which selectively modulates vagal block and stimulation to the liver and pancreas to manage blood glucose, in an e-poster at the American Society for Metabolic and Bariatric Surgery (ASMBS) 2023 Annual Meeting.
• In June, submitted a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation Lap-Band® 2.0, with an enhanced band reservoir technology that serves as a relief valve, designed to alleviate discomfort from swallowing large pieces of food, which may require in-office band adjustments.
• In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
• In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System. The patent is expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
“Despite short-term headwinds as a result of the adoption of GLP-1 prescription therapy as a presurgical treatment option, we remain confident that this trend is expanding the medical weight loss market by promoting open discussions between physicians and the vast majority of those suffering from obesity, who have traditionally avoided surgery,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “The popularity of GLP-1’s has brought significant benefits to those suffering from type 2 diabetes and their use for weight loss has helped to normalize the stigma that often occurs around obesity and medical intervention. Excitingly, there is growing discussion regarding the application of GLP-1 therapy for patients who have plateaued with their weight loss following bariatric surgery, including Lap-Band® surgery patients. That said, as a standalone therapy, there is growing evidence that weight loss due to these pharmacological therapies levels off and can often lead to notable non-compliance due to their currently known side effects. From a continuum of care perspective, these patients are likely candidates for bariatric surgery as the next viable treatment.
Mr. Hickey continued, “During the second quarter, we took significant, tangible steps to further invest in our growth drivers by optimizing operational efficiencies and streamlining and enhancing our lead generation programs. As a direct result, we recognized a 53% reduction in operating expenses compared to last year’s second quarter and expect to see continued financial benefits throughout the rest of this year and into 2024. We are fully committed to attaining profitability by executing on our three growth pillars and are focused on being a disciplined and metrics driven organization, driving revenue by developing and expanding our pipeline, and validating our evidenced based products across the weight loss care continuum.
“To that end, in June, we submitted a PMA supplement application to the FDA for our next generation, Lap-Band® 2.0, developed with physician feedback to improve the patient experience using an enhanced band reservoir technology that serves as a relief valve and is designed to allow for increased Lap-Band® constriction and resultant satiety, without increasing discomfort due to swallowing large pieces of food that may require in-office band adjustments. We expect FDA feedback by year end or early 2024, at the latest. If approved, we believe that, based on discussions with physicians, there should be broad adoption by existing and new Lap-Band® surgeons.
“Also key is our recently signed agreement with Hive, which is expected to significantly improve our patient engagement strategy. Importantly, data generated during our testing of the Hive AI SMS platform in the first quarter, at select Lap-Band® accounts where we also have co-op marketing, revealed a more than 107% increase in medical consultations scheduled over the prior quarter. In conjunction with our highly targeted, direct-to-consumer marketing campaign, the Hive platform allows individuals to quickly and easily navigate new patient intake hurdles and book an appointment with a medical professional at any time. Taken together, we believe this strategy will better address patient leads, with the intent of increasing conversions and, ultimately, more Lap-Band® surgeries.”
Mr. Hickey concluded, “We believe our personalized, HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching, could be a meaningful adjunct for GLP-1 patients, helping them to make the necessary lifestyle changes to attain long-term weight loss. As the limitations of the use of GLP-1s become more evident, we are confident that our minimally invasive, adjustable Lap-Band® system, which remains broadly reimbursed, will continue to gain further acceptance as a long-term and safe weight loss solution. Going forward, we remain committed to continuing our collaborations with healthcare professionals to expand awareness and use of personalized treatments, including both our proprietary Lap-Band® and ReShapeCare™ programs, to ensure that patients can achieve durable long-term weight loss goals.”
Second Quarter and Six months Ended June 30, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended June 30, 2023, which represents a contraction of $0.6 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the three months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of 2023, as the company continues to focus on increasing the demand for the Lap-Band®.
Revenue totaled $4.5 million for the six months ended June 30, 2023, which represents a contraction of $0.8 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the six months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of the year, as the company continues to focus on increasing the demand for the Lap-Band®.
Gross Profit for the three months ended June 30, 2023 was $1.2 million, compared to $1.9 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the three months ended June 30, 2023 was 53.0%, compared to 65.1% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Gross profit for the six months ended June 30, 2023 was $2.4 million, compared to $3.1 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the six months ended June 30, 2023 was 53.2%, compared to 58.2% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Sales and Marketing Expenses for the three months ended June 30, 2023, decreased by $2.5 million, or 53.0% to $2.2 million, compared to $4.6 million for the same period in 2022. The decrease is primarily due to a decrease of $1.6 million in advertising and marketing expenses, due to the move to a targeted digital marketing campaign. There were also reductions in payroll expenditures, including commissions, stock-based compensation, travel and consulting related services all totaling $0.9 million.
Sales and marketing expenses for the six months ended June 30, 2023, decreased by $5.0 million, or 53.3%, to $4.3 million, compared to $9.3 million for the same period in 2022. The decline is primarily due to a decrease of $4.0 million in advertising and marketing expenses, as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a significant reduction of costs. The company also had reductions in payroll expenditures, including commissions, travel and stock-based compensation of $0.9 million, due to changes in sales personnel and lower sales.
General and Administrative Expenses for the three months ended June 30, 2023, decreased by $2.9 million, or 54.4%, to approximately $2.5 million, compared to $5.4 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.9 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.4 million and a reduction in payroll-related expenditures of $0.4 million, due to changes within personnel. The company had a decrease in intangible asset amortization, as it impaired the finite intangible assets during the fourth quarter of 2022. The company also had a decrease in rent and insurance of $0.2 million due to its lease of the Carlsbad, CA location expiring.
General and administrative expenses for the six months ended June 30, 2023, decreased by $2.6 million, or 28.0%, to approximately $6.7 million, compared to $9.3 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.7 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.8 million and a reduction in payroll related expenditures of $0.6 million, due to changes within personnel. The company had a decrease in intangible asset amortization of $0.9 million, as it impaired the finite intangible assets during the fourth quarter. The company also had a decrease in rent and insurance of $0.4 million due to the lease of its Carlsbad, CA location expiring. This was offset by an increase in audit and professional services of approximately $1.9 million, primarily due to the offerings the company completed in February 2023 and April 2023.
Research and Development Expenses for the three months ended June 30, 2023, decreased by $0.2 million, or 22.2%, to $0.6 million, compared to approximately $0.8 million for the same period in 2022. The decline is primarily due to a decrease of $0.1 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Research and development expenses for the six months ended June 30, 2023, decreased by $0.5 million, or 30.8%, to $1.0 million, compared to $1.5 million for the same period in 2022. The decline is primarily due to a decrease of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses. The company also had minor decreases in both stock-based compensation expense and depreciation expense.
Non-GAAP adjusted EBITDA loss was $3.7 million for the three months ended June 30, 2023, compared to a loss of $7.8 million for the same period last year.
Non-GAAP adjusted EBIDTA loss was $9.1 million for the six months ended June 30, 2023, compared to a loss of $15.0 million for the same period last year.
Cash and Cash Equivalents as of June 30, 2023, were $4.7 million and the company remains debt free on its balance sheet.
Conference Call Information
Management will host a conference call to discuss ReShape’s financial and operational results today at 5:00 pm ET and will be joined by a member of ReShape’s Scientific Advisory Board, Christine Ren-Fielding, M.D., Professor of Surgery at NYU Grossman School of Medicine, Director of the NYU Langone Weight Management Program and Chief of the Division of Bariatric Surgery.
To participate in the conference call please register with the following Registration Link, and dial-in details will be provided. Participants using this feature are requested to dial into the conference call fifteen minutes ahead of time to avoid delays.
An archived replay will also be available on the “Events and Presentations” section of ReShape’s website at: https://ir.reshapelifesciences.com/events-and-presentations.
About ReShape Lifesciences®
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® System 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. 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. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
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. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. 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 the company’s expected path to profitability, the expected timing of the FDA review process for the Lap-Band® 2.0, the expected adoption of the Lap-Band® 2.0 by surgeons, and the expectation for increased revenue. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as "risk factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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.
Non-GAAP Disclosures
In addition to the financial information prepared in conformity with GAAP, we provide certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, and amortization methods, which provides a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented in this release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Adjusted EBITDA
Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time costs. Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Time for a strong rebound
FCEL: 1.38
52w :1.32 – 4.62
Technical progress continues towards commercialization of carbonate fuel cell technology for carbon capture
DANBURY, Conn., Aug. 28, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) and ExxonMobil Technology and Engineering Company (EMTEC) have agreed to extend their ongoing joint development agreement through March 31, 2024. The extension enables further development related to manufacturing scale-up and work towards advancing the carbonate fuel cell technology for point source carbon capture applications against a broader set of carbon capture opportunities including lower carbon intensity flue streams. The extended development work will also enable continued joint marketing and sales efforts as well as performance improvement and cost optimization.
FuelCell Energy and EMTEC will continue to work on finalization of engineering and cost elements of a potential demonstration of the technology with ExxonMobil; a final investment decision on the demonstration project is expected later this year.
Jason Few, CEO and president of FuelCell Energy commented, “We are extremely pleased that our jointly-developed carbon capture technology has been found to be feasible for the commercial usage we are targeting and look forward to working with ExxonMobil towards a potential demonstration project.”
He added, “The focus on solutions for industrial businesses to reduce their emissions continues to grow, and we are excited about the promise of this technology to capture CO2 emissions from industrial and commercial exhaust streams. We are confident that the carbonate fuel cell technology can play a key role as part of integrated carbon abatement solutions, which include carbon utilization and sequestration. We are committed as a company to help reduce carbon emissions worldwide.”
Carbonate fuel cells can efficiently capture and concentrate carbon dioxide from external sources. CO2-containing flue streams, like combustion exhaust, can be directed to the fuel cell, where electrochemical reactions produce electricity and hydrogen while capturing and concentrating carbon dioxide for utilization or permanent sequestration. The modular design of the technology allows it to be used in a number of applications in a wide range of locations and enables high efficiency operation while permitting businesses in hard-to-decarbonize industrial and commercial sectors to advance their goals.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. It collectively holds more than 450 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. The Company’s solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe.
Aug 25, 2023 1.3300 1.4200 1.3200 1.3800 1.3800 9,587,400
Aug 24, 2023 1.4500 1.4500 1.3200 1.3300 1.3300 10,638,600
Aug 23, 2023 1.4500 1.4800 1.4000 1.4200 1.4200 8,303,100
Aug 22, 2023 1.5500 1.5800 1.4100 1.4400 1.4400 12,998,200
Aug 21, 2023 1.6100 1.6200 1.5400 1.5400 1.5400 7,789,500
Aug 18, 2023 1.5700 1.6300 1.5500 1.6100 1.6100 9,465,300
Aug 17, 2023 1.7200 1.7300 1.6200 1.6300 1.6300 11,502,300
Aug 16, 2023 1.8000 1.8000 1.6700 1.7000 1.7000 13,834,200
Aug 15, 2023 1.8600 1.8600 1.7800 1.7800 1.7800 6,761,900
Aug 14, 2023 1.8400 1.8900 1.8000 1.8800 1.8800 7,629,500
Aug 11, 2023 1.8700 1.8800 1.8300 1.8700 1.8700 8,083,200
Aug 10, 2023 1.8800 1.9500 1.8300 1.9000 1.9000 11,721,100
Aug 09, 2023 1.9200 1.9600 1.8900 1.9100 1.9100 12,287,900
Aug 08, 2023 1.8800 1.9100 1.8200 1.9100 1.9100 10,679,300
Aug 07, 2023 1.9900 1.9900 1.8700 1.9100 1.9100 14,701,700
Aug 04, 2023 2.0500 2.0700 1.9600 1.9900 1.9900 13,526,500
Aug 03, 2023 2.0300 2.0800 2.0200 2.0300 2.0300 12,206,100
Aug 02, 2023 2.1000 2.1000 1.9300 2.0100 2.0100 24,709,400
Aug 01, 2023 2.1600 2.1800 2.1200 2.1300 2.1300 13,664,300
Jul 31, 2023 2.1800 2.2100 2.1300 2.1900 2.1900 17,719,900
Jul 28, 2023 2.1800 2.2000 2.1000 2.1500 2.1500 11,169,700
Jul 27, 2023 2.2000 2.2600 2.0800 2.0900 2.0900 16,843,500
Jul 26, 2023 2.1700 2.2100 2.1200 2.1600 2.1600 15,410,300
Jul 25, 2023 2.2600 2.2700 2.1500 2.1700 2.1700 11,817,200
Jul 24, 2023 2.2700 2.3200 2.2400 2.2500 2.2500 9,892,500
Jul 21, 2023 2.3200 2.3300 2.2200 2.2600 2.2600 13,045,400
Jul 20, 2023 2.3400 2.3600 2.2500 2.3000 2.3000 13,245,600
Jul 19, 2023 2.4000 2.4500 2.3500 2.4000 2.4000 11,950,500
Jul 18, 2023 2.4900 2.5400 2.3100 2.3400 2.3400 20,201,800
Time for a strong rebound
WNBD: 0.0002
0.0001 - 0.0013
https://www.winningbrandscorporation.com/index.html
2 times big news:
https://twitter.com/WinningCEO/status/1693732735389511793/photo/1
$WNBD #GestureTek @TruthToPower23 Hello Fresh - The relationship with the Progressive Grocer media organization begins with a double page spread in their industry magazine in September. It will introduce the subject of GestureTek interactive projections to grocery aisles. The… https://t.co/BqcNy9D7oV
— Eric Lehner (@WinningCEO) August 21, 2023
Time for a strong rebound
WNBD: 0.0002
0.0001 - 0.0013
https://www.winningbrandscorporation.com/index.html
2 times big news:
https://twitter.com/WinningCEO/status/1693732735389511793/photo/1
$WNBD #GestureTek @TruthToPower23 Hello Fresh - The relationship with the Progressive Grocer media organization begins with a double page spread in their industry magazine in September. It will introduce the subject of GestureTek interactive projections to grocery aisles. The… https://t.co/BqcNy9D7oV
— Eric Lehner (@WinningCEO) August 21, 2023
Opgen (OPGN): 0,3193 + 69.8%
very huge volume: 4.499.144
somebody buying the company???
They need money
Company exploring alternatives to improve cash position, including restructuring or refinancing debt, seeking additional debt or equity capital, reduction of business activities, strategic transactions or other measures,...
Opgen (OPGN): 0,3193 + 69.8%
Volume 4.133.493
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
Volume more than have of the free float???
Opgen (OPGN): 0,3193 + 69.8%
Volume 4.133.493
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
Volume more than have of the free float???
Very high risk but very high potential
Opgn: 0.188
52 Week Range 0.1800 - 11.2000
https://ir.opgen.com/static-files/77ecaaec-38df-443c-937c-20dc3b67b9c8
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
= marketcap: 1.67 M
June 30, 2023
Cash and cash equivalents $ 3,237,176
Total assets $ 22,434,962
Total current liabilities 12,415,551
4 years ago: Curetis and OpGen Enter Into Definitive Agreement to Combine Businesses
reflecting a valuation of the combined business of roughly $24 million.
Aug 17, 2023 0.2200
Aug 16, 2023 0.2500
Aug 15, 2023 0.2600
Aug 14, 2023 0.3010
Aug 11, 2023 0.3050
Aug 10, 2023 0.4650
Aug 09, 2023 0.5450
Aug 08, 2023 0.5700
Aug 07, 2023 0.6100
Aug 04, 2023 0.6100
Aug 03, 2023 0.6200
Aug 02, 2023 0.6100
Aug 01, 2023 0.6280
Jul 31, 2023 0.6180
Jul 28, 2023 0.5700
Jul 27, 2023 0.5780
Jul 26, 2023 0.6100
Jul 25, 2023 0.6180
Jul 24, 2023 0.6100
Jul 21, 2023 0.6490
Jul 20, 2023 0.6800
Jul 19, 2023 0.7000
Jul 18, 2023 0.7200
Jul 17, 2023 0.8300
Jul 14, 2023 0.9000
Jul 13, 2023 0.9000
Jul 12, 2023 0.9600
Very high risk but very high potential
Opgn: 0.188
52 Week Range 0.1800 - 11.2000
https://ir.opgen.com/static-files/77ecaaec-38df-443c-937c-20dc3b67b9c8
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
= marketcap: 1.67 M
June 30, 2023
Cash and cash equivalents $ 3,237,176
Total assets $ 22,434,962
Total current liabilities 12,415,551
4 years ago: Curetis and OpGen Enter Into Definitive Agreement to Combine Businesses
reflecting a valuation of the combined business of roughly $24 million.
Aug 17, 2023 0.2200
Aug 16, 2023 0.2500
Aug 15, 2023 0.2600
Aug 14, 2023 0.3010
Aug 11, 2023 0.3050
Aug 10, 2023 0.4650
Aug 09, 2023 0.5450
Aug 08, 2023 0.5700
Aug 07, 2023 0.6100
Aug 04, 2023 0.6100
Aug 03, 2023 0.6200
Aug 02, 2023 0.6100
Aug 01, 2023 0.6280
Jul 31, 2023 0.6180
Jul 28, 2023 0.5700
Jul 27, 2023 0.5780
Jul 26, 2023 0.6100
Jul 25, 2023 0.6180
Jul 24, 2023 0.6100
Jul 21, 2023 0.6490
Jul 20, 2023 0.6800
Jul 19, 2023 0.7000
Jul 18, 2023 0.7200
Jul 17, 2023 0.8300
Jul 14, 2023 0.9000
Jul 13, 2023 0.9000
Jul 12, 2023 0.9600
LORDSTOWN MOTORS (RIDEQ) : 3.8 + 15.85%
$4 tomorrow??
LORDSTOWN MOTORS (RIDEQ) : 3.8 + 15.85%
$4 tomorrow??