NEWPORT BEACH, Calif. - Elevai Labs, Inc. (NASDAQ: ELAB), a company specializing in medical aesthetics and biopharmaceutical drug development, announced today the filing of two patent applications for its lead candidate, EL-22, targeting muscle loss in obese patients. The applications, which include a monotherapy and a combination therapy with GLP-1 receptor agonists, represent a potential advancement in obesity treatment.
The filings aim to protect the use of EL-22, an engineered probiotic expressing myostatin, in the preservation of muscle mass during weight loss. Myostatin inhibition is a key feature of EL-22, which has completed a Phase 1 clinical trial in South Korea, confirming its safety and tolerability.
Deniel Mero, Co-Founder of Elevai Biosciences, highlighted the importance of maintaining muscle mass for metabolism and overall health, emphasizing the gap in current obesity treatments that EL-22 seeks to fill. The company plans further studies to evaluate EL-22's efficacy in combination with existing weight-loss therapies.
The two patent applications, titled "Fusion Protein of MYO-2 for Use in Treating Muscle Loss in Obese Patients" and "Combination Therapy of a Fusion Protein of MYO-2 with a GLP-1 Receptor Agonist for Treating Muscle Loss in Obese Patients," are part of Elevai's growing intellectual property portfolio. This portfolio now includes four patent applications and five issued patents across key markets such as the USA, Japan, China, and Korea.
Elevai Biosciences, an Elevai Labs subsidiary, focuses on developing aesthetic medicines, with EL-22 being its leading asset in addressing obesity-related muscle preservation. The company's broader portfolio spans three wholly-owned subsidiaries in the medical aesthetics and biopharmaceutical sectors.
This announcement is based on a press release statement and further details on the company and its pipeline can be found on their official websites. Investors are advised to refer to the SEC filings for a comprehensive understanding of the risks involved.
In other recent news, Elevai Labs, a medical aesthetics company, has commenced a clinical study to evaluate the efficacy of their exosome-based skincare products. The company has also priced its public offering at $8 million, expecting to raise this amount before fees and expenses. Elevai Labs has released findings suggesting its exosome-based products may enhance the effects of laser therapy in treating melasma. However, the company is currently facing potential delisting from Nasdaq due to compliance issues but is actively pursuing an appeal process.
In addition, Elevai Labs has reported promising results from a hair restoration study conducted in partnership with the National Hair Loss Medical Aesthetics. The company has also filed two patents for new hair and scalp care technology in collaboration with Yuva Biosciences. Furthermore, Elevai Labs has reported positive results from a skincare study using its product, Elevai enfinity™, indicating significant improvement in various skin appearance metrics.
On the corporate side, Elevai Labs has modified its license agreement with INmune Bio Inc., secured a $200,000 unsecured credit line from NorthStrive Fund II LLP, and announced the formation of two wholly owned subsidiaries. The company has acquired exclusive licensing rights for two novel drug candidates from South Korean company MOA Life Plus Co., Ltd., and entered into an exclusive distribution agreement with ILIA International Ltd. for its exosome-based skincare products in Taiwan. These are recent developments from Elevai Labs.
InvestingPro Insights
Elevai Labs' recent patent filings for EL-22 come at a critical time for the company, as reflected in its financial metrics and market performance. According to InvestingPro data, Elevai Labs has experienced impressive revenue growth, with a 140.04% increase in the last twelve months as of Q2 2024. This growth aligns with the company's innovative efforts in the medical aesthetics and biopharmaceutical sectors.
However, the company faces significant challenges. An InvestingPro Tip indicates that Elevai Labs is "quickly burning through cash," which is a concern given its focus on research and development for products like EL-22. This cash burn is reflected in the company's operating income margin of -195.46% for the same period.
Despite these financial pressures, Elevai Labs maintains a strong gross profit margin of 69.25%, which an InvestingPro Tip describes as "impressive gross profit margins." This suggests that if the company can successfully bring products like EL-22 to market, it has the potential for substantial profitability.
The market's reaction to Elevai Labs' recent developments has been mixed. The stock has experienced significant volatility, with a 73.38% price decline over the past month. This performance aligns with another InvestingPro Tip noting that the "stock generally trades with high price volatility."
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Elevai Labs, providing a deeper understanding of the company's financial health and market position.
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