ReShape Lifesciences (NASDAQ:RSLS) stock is rising higher on Wednesday following approval from the U.S. Food and Drug Administration (FDA) for a PMA supplement.
That PMA supplement applies to the company’s Lap-Band 2.0 FLEX. This is the company’s minimally invasive, long-term treatment of obesity.
Paul Hickey, President and CEO of ReShape Lifesciences, explained the differences the come with its updated Lap-Band 2.0 FLEX product:
“Compared to our current Lap-Band, the Lap-Band® 2.0 has a new feature called FLEX Technology, which acts as a relief valve, allowing larger pieces of food to more easily pass through the narrowed passage (or stoma), created by the band. Specifically, the band momentarily relaxes before returning to its resting diameter, therefore, minimizing discomfort caused by passage of large food pieces through the stoma.”
What This Means for RSLS Stock
Improvement of its weight loss product is a positive for ReShape Lifesciences. The FDA approval also puts its product closer to market, which could mean more revenue for the company.
With this news comes heavy trading of RSLS stock. As of this writing, around 50 million shares have changed hands. That’s a massive leap in trading volume compared to the company’s daily average of about 4 million shares.
RSLS stock is up 67.7% as of Wednesday morning.
There’s more stock market news worth reading about below!
We have all of the hottest stock market news traders need to know about on Wednesday! Among that is what’s happening with shares of Pasithea Therapeutics (NASDAQ:KTTA), Loop Media (NYSEMKT:LPTV) and Innovative International Acquisition (NASDAQ:IOAC) stock. You can find out more on these matters down below!
More Wednesday Stock Market News
- Why Is Pasithea Therapeutics (KTTA) Stock Down 12% Today?
- Why Is Loop Media (LPTV) Stock Down 16% Today?
- Why Is Innovative International (IOAC) Stock Up 31% Today?
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
