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By James Blacker, Benzinga
Some 42% of adults in the United States are affected by obesity, according to the U.S. CDC. At a global level, a new study released by the journal Lancet reveals that around 1 billion people are now living with obesity, with the number of obese adults having doubled since 1990 and quadrupled among children and adolescents.
The demand for solutions to escalating obesity rates is only growing. Goldman Sachs Research notes that the global market for anti-obesity drugs reached $6 billion on an annualized basis in 2023 and this global market is projected to experience a more than 16-fold increase to $100 billion by 2030. The global growth of anti-obesity drugs is expected to be led by drugs such as Ozempic and Wegovy, both manufactured by Novo Nordisk (NYSE: NVO), as well as Mounjaro, made by Eli Lilly And Co (NYSE: LLY).
However, there are concerns that GLP-1 drugs like Ozempic and Wegovy might lead to a loss of muscle mass along with fat mass. This potential side effect highlights a need for new or coinciding treatments that can address obesity while limiting such side effects.
Revolutionizing Obesity Treatment
Medical aesthetics and biopharmaceutical drug development company Elevai Labs Inc. (NASDAQ: ELAB) is working to address this problem. The firm announced on May 2 that it acquired exclusive rights to two new assets that have the potential to limit muscle loss prevention to develop in combination with GLP-1 obesity treatments namely EL-22, a clinical-stage engineered probiotic expressing myostatin, and EL-32, a preclinical engineered probiotic expressing dual myostatin & activin-A.
We believe the adoption and use of other GLP-1 drugs [] increases the desire for related aesthetic procedures linked to the side effects from these drugs, including significant unwanted muscle loss. We see the licensing of these two assets as an opportunity to provide an unmet need in the anti-obesity drug market and expand our brand into a large and growing multi-billion-dollar market, said Elevai Labs CEO Jordan R. Plews.
Elevai plans to test how effective and safe EL-22 is in combination with weight-loss medications currently available on the market. It expects to submit an Investigational New Drug application to the FDA in 2025 and hopes to initiate clinical trials in the U.S. soon thereafter.
New Subsidiaries
In line with its growth in the biotech industry, Elevai Labs announced on May 1 it launched two new wholly-owned subsidiaries Elevai Biosciences and Elevai Skincare.
Elevai Biosciences will focus on acquiring and developing cutting-edge aesthetic medicines, with EL-22 as its lead asset.
Elevai Skincare is a new entity that will continue to advance the companys skincare solutions. The company hopes that the reorganization of its skincare operations will boost focus, agility, and market penetration in order to capitalize on emerging opportunities in the medical aesthetics skincare market.
Commenting on the announcement, Co-founder and CEO Jordan R. Plews stated, The launch of Elevai Biosciences, Inc. and Elevai Skincare, Inc. as wholly-owned operating subsidiaries signifies a significant milestone in our journey towards reshaping the future of medical aesthetics and biotech. With Elevai Biosciences, we believe we are poised to lead the development of next-generation aesthetic medicines, while Elevai Skincare will continue to develop and deliver exceptional cosmetic solutions to our customers worldwide.
Featured photo by Prostock-studio on Shutterstock.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "believes," "expects," "plans," "potential," "would" and "future" or similar expressions such as "look forward" are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning: Elevai's expectations regarding its growth, strategy, progress and the design, objectives and timing of its clinical trials for EL-22; and the potential of EL-22 to treat obesity without an associated loss of muscle, both as a monotherapy and in combination with GLP-1 receptor agonists. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Elevai's limited operating history and historical losses; Elevai's ability to raise additional funding to complete the development and any commercialization of its product candidates; Elevai's dependence on the success of its product candidates EL-22 and EL-32; that Elevai may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar uses; Elevai's ability to obtain, maintain and protect its intellectual property; and Elevai's dependence on third parties in connection with manufacturing, clinical trials and preclinical studies.
These and other risks are described more fully in Elevai's filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024, and its other documents subsequently filed with or furnished to the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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