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.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.