24/7 Market News Snapshot 03 October, 2024 – Elevai Labs, Inc. Common Stock (NASDAQ:ELAB)

October 3, 2024

DENVER, Colo., 03 October, 2024 (247marketnews.com) – (NASDAQ:ELAB) are discussed in this article.
Elevai Labs, Inc. (ELAB) is experiencing significant market activity, with shares recently opening at $0.157 and currently trading at $0.131, reflecting a dramatic increase of 53.76% following a previous close of $0.085. This notable uptick in share value, accompanied by a robust trading volume of 497.49 million shares, indicates heightened interest from both day traders and long-term investors eager to engage with an innovative company poised for growth.

In conjunction with this market momentum, Elevai Labs has also announced the filing of two ground-breaking patent applications for its lead candidate, EL-22, which is designed to address muscle loss in obese patients. This development represents a key advancement in Elevai’s ongoing dedication to pioneering effective therapies within the obesity treatment landscape. EL-22, an engineered probiotic that expresses myostatin, is aimed at preserving muscle mass while promoting fat loss, effectively bridging a critical gap in current weight-loss strategies.

The new patent applications explore EL-22’s potential as both a standalone treatment and in conjunction with prevalent GLP-1 receptor agonists, commonly used in obesity management. Deniel Mero, Co-Founder of Elevai Biosciences, highlighted the company’s commitment to addressing a significant side effect associated with existing therapies: muscle wasting. With the successful completion of a Phase 1 clinical trial demonstrating safety and tolerability in healthy volunteers, the next phase will explore the efficacy of EL-22 when combined with established weight-loss medications.

Elevai Labs now holds a robust portfolio comprising four patent applications and five issued patents, enhancing its intellectual property reach in major markets. As the obesity crisis escalates, Elevai Labs remains committed to innovation, striving to transform treatment options and improve patient outcomes in the realm of weight management.

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