Ft. Lauderdale, Fla.-based Motus developed the Pure-Vu device, which is designed to deliver a mixture of water and air to remove debris even when patients haven’t completed their bowel prep for colonoscopies. In February 2018 the company raised $18 million with its initial public offering. Last December the company said it was preparing a follow-on offering worth $13.5 million, priced at 5 million shares for $2.70 apiece (a 30-day, 750,000-share underwriters option would have added $2.0 million if fully exercised).
Yesterday’s flotation, of nearly 6.7 million shares at $3 apiece, includes a 30-day underwriters option on another 1 million shares, Motus said. The proceeds are earmarked for commercializing Pure-Vu, plus continued R&D, clinical and regulatory development. It’s slated to close July 1, the company said.
Piper Jaffray is the book-runner for the offering, with Oppenheimer as lead manager and Dougherty & Co., Ladenburg Thalmann and A.G.P./Alliance Global Partners as independent financial advisors, Motus said.
Earlier this month the company won 510(k) clearance from the FDA for the next iteration Pure-Vu Gen2 device.
MOTS shares, which closed down -0.6% at $3.57 yesterday, were off another -13.2% today at $3.10 each in pre-market trading.
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