ReShape Lifesciences Inc.
Under the Symbol:
ReShape Lifesciences Announces Appointment of Barton P. Bandy as President and Chief Executive Officer
Tuesday, March 26, 2019 8:00 AM
SAN CLEMENTE, CA / ACCESSWIRE / March 26, 2019 / ReShape Lifesciences Inc. (OTCQB: RSLS), a developer of minimally invasive medical devices to treat obesity and metabolic diseases, announced today the appointment of Barton P. Bandy as President and Chief Executive Officer effective April 1, 2019. As previously announced, Dan W. Gladney will step down as President and Chief Executive Officer on March 31, 2019 and will continue to serve as Chairman of the Board for ReShape Lifesciences.
''I am very pleased to welcome Bart to the ReShape team. His experience and success - particularly with the Lap-Band® business at Inamed and Allergan - in addition to his leadership track record since then make Bart the perfect next leader for ReShape,'' stated Dan W. Gladney, Chief Executive Officer and Chairman of the Board of ReShape Lifesciences. ''I would like to thank the ReShape team for the hard work and dedication during my time as CEO and I look forward to assisting in a smooth transition and continuing on as a dedicated Chairman of the Board.''
Mr. Bandy has extensive leadership experience in health care and specifically in the obesity and bariatric space. He spent ten years at Inamed, including during its acquisition by Allergan, which was the initial owner of the Lap-Band product. At Inamed / Allergan, Mr. Bandy built the U.S. and International commercial organizations, growing revenues of Lap-Band and their intragastric balloon from $3 million to over $280 million. Most recently Mr. Bandy was President and Chief Executive Officer of BroadSpot Imaging Corporation, a developer of medical devices for eye care, prior to which he served as President of Wellness at Alphaeon Corporation, where he was responsible for business development, commercial activities, strategy and acquisition integration.
''This is a very exciting time to be joining ReShape. My experience leading and building medical device organizations and the company's strategic shift to the proven Lap-Band product, which I know very well, present immediate growth opportunities.'' stated Mr. Bandy. ''It is also an incredibly exciting time to see the next-generation, revolutionary ReShape VestTM through clinical studies to commercialization. I am thrilled to be part of ReShape Lifesciences and to help drive its future success.''
About ReShape Lifesciences Inc.
ReShape Lifesciences™ is a medical device company focused on technologies to treat obesity and metabolic diseases. The FDA-approved Lap-Band® Adjustable Gastric Banding System is designed to provide minimally invasive long-term treatment of severe obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. The ReShape 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.
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 the Lap-Band system, including the risk of default under our security agreement with Apollo Endosurgery entered into in connection with the transaction; our ability to continue as a going concern if we are unable to improve our operating results or obtain additional financing; risks related to ownership of our securities as a result of our delisting from the Nasdaq Capital Market; our proposed ReShape Vest product may not be successfully developed and commercialized; our limited history of operations; our losses since inception and for the foreseeable future; our limited commercial sales experience; the competitive industry in which we operate; our dependence on third parties to initiate and perform our clinical trials; the need to obtain regulatory approval for our ReShape Vest and any modifications to our vBloc system and Lap-Band system; physician adoption of our products; 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 our annual report on Form 10-K filed April 2, 2018 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.
Chief Financial Officer
ReShape Lifesciences Inc.
SOURCE: ReShape Lifesciences Inc.