Motus GI said this week it intends to hold an initial public offering to raise approximately $28.8 million, according to an SEC filing.
The company developed and produces the Pure-Vu cleaning system which is designed to be used with a standard colonoscope to perform intra-procedural cleaning of poorly prepared colons.
Motus GI won FDA clearance for the device in September 2016.
The Israel-based company said it plans to list on the NASDAQ under the ticker symbol ‘MOTS’, and said that Piper Jaffray and Oppenheimer are acting as book runners for the offering, according to the SEC filing.
The company has not yet released pricing details for the offering, or announced how it plans to spend funds raised in the public offering.
In February, Motus said it closed a $30 million private placement which it plans to use in support of the commercial launch of its Pure-Vu colonoscopy system.