Motus GI last week closed an initial public offering worth $18 million for its Pure-Vu system for intra-colonoscopy cleaning.
Fort Lauderdale-based Motus said it plans to use the proceeds to commercialize Pure-Vu and for R&D, among other things. The company said it sold 3.5 million shares at $5 apiece, grossing $17.5 million, and also granted a 30-day over-allotment of 525,000 shares to its underwriters.
Motus GI originally hoped to raise $28.8 million in the IPO when it announced it in early January. When the company set its terms for the offering, it had a midpoint of nearly $26 million. The stock, which trades on the NASDAQ exchange under the “MOTS” symbol, was trading at $4.34 per share today, up 8.5% in early trading.
The Pure-Vu cleaning system is designed to be used with a standard colonoscope to perform intra-procedural cleaning of poorly prepared colons.
Piper Jaffray was the lone book-runner for the flotation, with Oppenheimer acting as lead manager.
Steve MacMillan took over as CEO of Hologic in 2013, drawing on his experience at medtech titans like Stryker and Johnson & Johnson. Since then, Hologic has grown into a $3 billion business.
At DeviceTalks Boston, MacMillan will provide exclusive insights into the Massachusetts-based company and its evolving definition of women's healthcare. You don't want to miss it!
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