ReShape spikes 29% after getting NOA from USPTO on Obalon Balloon System

Shares of ReShape Lifesciences are up 76c per share or 29% in late afternoon trading on Tuesday, after the company announced that the company has 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 its Obalon Balloon System. The patent will cover additional claims for the Obalon Balloon System and is expected to provide protection into at least January 2031, without accounting for a potential Patent Term Extension. "Allowance of this patent significantly strengthens our intellectual property portfolio around innovations for the Obalon Intragastric Balloon System," stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences. "Since filing our first patent application in 2011, ReShape has pioneered the field, amassing a patent family around the intragastric balloon system, supported by a variety of novel, pending and protected inventions. Going forward, we will continue to build a defensive ‘moat’ around our product portfolio and commercialization efforts, while also taking offensive action to defend our patent position, when necessary."