Ft. Lauderdale, Fla.-based Motus said it plans to float 5 million shares at $2.70 apiece, for gross proceeds of $13.5 million. A 30-day underwriters option on a further 750,000 shares would add $2.0 million if fully exercised; the offering is slated to close Dec. 24.
The Pure-Vu device is designed to attach to standard and slim colonoscopes to deliver a mixture of water and air to remove debris even when patients haven’t completed their bowel prep.
Piper Jaffray is the book-runner on the flotation, with Alliance Global Partners and Dougherty & Co. as co-managers.
Pure-Vu in March won CE Mark approval in the European Union and landed 510(k) clearance from the FDA in September. In February the company raised $18 million with its initial public offering.
MOTS shares, which closed up 2.5% yesterday at $2.81 per share, were down -3.9% to $2.70 in pre-market trading today.