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ReShape Lifesciences and OpenLoop Sign Agreement to Provide Nationwide Virtual Health Services for Weight Loss and Wellness Through reshapecare™

·5 min read
ReShape Lifesciences Inc
ReShape Lifesciences Inc

Solution will Provide Physician-Led Virtual Weight Loss Coaching

SAN CLEMENTE, Calif. and DES MOINES, Iowa, May 26, 2022 (GLOBE NEWSWIRE) -- ReShape Lifesciences™ (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company and OpenLoop, an expert in full-stack virtual care delivery services, today announced the signing of an agreement to provide a nationwide, physician-led, telehealth solution for reshapecare™ virtual weight loss coaching.

reshapecare™ is a HIPAA-compliant, effective, convenient virtual health coaching program delivered through ReShape Lifesciences’™ innovative app, which enhances behavior change through patient engagement. reshapecare™ is doctor prescribed and may be covered by insurance for up 26 visits per reimbursement year. In partnership with physicians, the service utilizes video-based counseling with board certified health coaches in order to help patients both set and achieve their health and wellness goals including implementing behavioral changes to improve patients’ sleep, nutrition, exercise and stress levels. reshapecare™ is appropriate for all weight loss patients including medical weight loss patients, and pre- and post-surgical bariatric patients.

OpenLoop’s telehealth technology provides access to 7,000 in-network licensed clinicians, available 24x7 in all 50 states, including specialists in weight-loss and metabolic health solutions. Additionally, OpenLoop’s in-network clinicians now serve patients covered by over 600 payers including Medicare, Medicaid and every major private insurer.

“As the obesity epidemic continues to grow, affecting the expansion of the virtual weight loss market, we are emboldened by this agreement with OpenLoop, in that it will allow us to vastly extend the reach of reshapecare™, our proprietary, digital therapeutic weight loss and wellness program,” stated Bart Bandy, President and Chief Executive Officer of ReShape Lifesciences. “Importantly, reshapecare™ is reimbursed by major insurance plans, making it an effective and convenient virtual health coaching program to help patients achieve their health goals. The program is differentiated from the current virtual weight loss market through live, video-based counseling with doctors and board certified health coaches, to ensure the most comprehensive and customized care possible. We expect to fully launch reshapecare™, with easier patient access empowered by OpenLoop, over the coming months. We are confident that, together with the Lap-Band® program, we can provide a much needed continuum of physician prescribed, insurance reimbursed weight loss solutions.”

“OpenLoop is excited to partner with ReShape Lifesciences™, an innovative company dedicated to tackling the challenges faced by patients with obesity in the U.S.,” stated Jon Lensing, Chief Executive Officer and Co-Founder of OpenLoop. “As a premier, physician-led company, they are rethinking the way we view obesity. In order to move away from an aging, one-size-fits-all system, we are teaming up to help power patient coaching teams to offer patients more individualized plans. Together, we believe in putting the patient at the center of their care and building comprehensive health coaching and physician teams to support them on their weight loss journey.”

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® Program 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. The ReShape Vest™ System is an investigational (outside the U.S.) minimally invasive, laparoscopically implanted medical device that wraps around the stomach, emulating the gastric volume reduction effect of conventional weight-loss surgery. It helps enable rapid weight loss in obese and morbidly obese patients without permanently changing patient anatomy. 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. For more information, please visit www.reshapelifesciences.com

About OpenLoop
OpenLoop was co-founded by CEO, Dr. Jon Lensing, and COO, Christian Williams, with the vision to bring healing anywhere. Their solutions are thoughtfully designed to streamline and simplify go-to-market care delivery for companies offering virtual support to patients across an expansive array of specialties in all 50 states, with in-network insurance coverage. OpenLoop’s deep investment in compliant, easy-to-use telehealth technology and top-tier providers is what sets them apart in the industry. For more information on OpenLoop, visit OpenLoopHealth.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 that the agreement with OpenLoop will allow us to vastly extend the reach of reshapecare™ and that we expect to fully launch reshapecare™, with easier patient access empowered by OpenLoop, over the coming months. 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.

CONTACTS
ReShape Lifesciences Investor Contact:
Thomas Stankovich
Chief Financial Officer
949-276-6042
ir@ReShapeLifesci.com

Investor Relations Contact:
Rx Communications Group
Michael Miller
(917)-633-6086
mmiller@rxir.com