ST. PAUL, Minn., Oct. 23, 2017 /PRNewswire/ -- EnteroMedics
Inc. (NASDAQ:ETRM), a developer of minimally invasive medical
devices to treat obesity and metabolic diseases, today announced
that the Company has formally changed its name to ReShape
Lifesciences Inc. (NASDAQ: RSLS).
The new name, effective today, reflects the Company's expansion
and growth into a full-scale provider of medical devices to address
the continuum of care for obesity and its associated health
conditions. The Company's portfolio, designed to help patients lose
weight and live a healthier life, includes two FDA-approved
devices, the vBloc® System and
ReShape® Integrated Dual Balloon
System, as well as the Gastric Vest System™, an
investigational device.
"Our new name, ReShape Lifesciences, conveys our commitment to
customers and patients as a long-term partner helping address
obesity and its associated comorbidities. The name exemplifies our
core mission of enhancing and extending life for patients," said
Dan Gladney, President, Chief
Executive Officer and Chairman of the Board. "With the recent
acquisitions of ReShape Medical, Inc. and BarioSurg, Inc., we have
transformed from a single-product company to a comprehensive
provider of multiple effective, innovative, and minimally-invasive
obesity solutions for our patients and physician-customers."
Visit www.reshapelifesciences.com for more information about the
company and its products.
About ReShape Lifesciences Inc.
ReShape Lifesciences
is a medical device company focused on technology to treat obesity
and metabolic diseases. vBloc® Neurometabolic Therapy, delivered by
an FDA-approved pacemaker-like device called the vBloc System, is
designed to help patients with a 35-45 Body Mass Index (BMI) feel
full and eat less by intermittently blocking hunger signals on the
vagus nerve. The FDA-approved ReShape® Integrated
Dual Balloon System involves a non-surgical weight loss procedure
that uses advanced balloon technology designed to take up room in
the stomach to help people with a 30-40 Body BMI, and at least one
co-morbidity, lose weight. The Gastric Vest™ System is an
investigational, minimally invasive, laparoscopically implanted
medical device that wraps around the stomach, emulating the gastric
volume reduction effect of conventional weight-loss surgery, and is
intended to enable rapid weight loss in obese and morbidly obese
patients without permanently changing patient anatomy.
The Company's name change does not affect the Company's
corporate structure. The rights of stockholders holding
certificated shares under currently outstanding stock certificates
and the number of shares represented by those certificates will
remain unchanged. The name change does not affect the validity or
transferability of any currently outstanding stock certificates nor
will it be necessary for stockholders with certificated shares to
surrender any stock certificates they currently hold as a
result.
Forward-Looking Safe Harbor Statement:
This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by the use
of words such as expect," "plan," "anticipate," "could," "may,"
"intend," "will," "continue," "future," other words of similar
meaning and the use of future dates. These forward-looking
statements are based on the current expectations of our management
and involve known and unknown risks and uncertainties that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such risks and uncertainties include, among others:
risks and uncertainties related to our acquisition of ReShape
Medical, Inc., including unexpected costs or liabilities, the
ability to recognize the benefits of the acquisition and that the
acquisition may involve unexpected costs or liabilities; our
limited history of operations; our losses since inception and for
the foreseeable future; our limited commercial sales experience
with our vBloc® System for the treatment of obesity in the United States or in any foreign market
other than Australia and the
European Community; the competitive industry in which we operate;
our ability to maintain compliance with the Nasdaq continued
listing requirements; our ability to commercialize our vBloc
System; our dependence on third parties to initiate and perform our
clinical trials; the need to obtain regulatory approval for any
modifications to our vBloc System; physician adoption of our vBloc
System and vBloc Neurometabolic Therapy; our ability to obtain
third party coding, coverage or payment levels; ongoing regulatory
compliance; our dependence on third party manufacturers and
suppliers; the successful development of our sales and marketing
capabilities; our ability to raise additional capital when needed;
international commercialization and operation; our ability to
attract and retain management and other personnel and to manage our
growth effectively; potential product liability claims; the cost
and management time of operating a public company; potential
healthcare fraud and abuse claims; healthcare legislative reform;
and our ability to obtain and maintain intellectual property
protection for our technology and products. These and additional
risks and uncertainties are described more fully in the Company's
filings with the Securities and Exchange Commission, particularly
those factors identified as "risk factors" in Exhibit 99.3 of our
current report on Form 8-K filed July 26, 2017. 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.
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SOURCE EnteroMedics Inc.