Colonoscopy device co Motus GI raises $17.5m on Nasdaq

Nasdaq Photo: Reuters

Tirat Hacarmel based Motus GI has developed Pure-Vu for cleaning the colon in advance of a colonoscopy.

Medical device company Motus GI Holdings Inc. has announced closing its IPO on Nasdaq with 3,500,000 shares of its common stock at a public offering price of $5.00 per share, with gross proceeds of $17.5 million. Motus has also granted the underwriters a 30-day option to purchase an additional 525,000 shares of its common stock at the IPO price, less the underwriting discount and commissions, to cover over-allotments.the company will trade under the MOTS ticker.

The net proceeds from the offering will be used towards commercializing Motus GI Pure-Vu System, R&D activities, including clinical and regulatory development, working capital and other general corporate purposes. Piper Jaffray & Co. acted as the sole book-running manager and Oppenheimer & Co. acted as lead manager for the offering.

Motus GI has developed Pure-Vu for cleaning the colon in advance of a colonoscopy. It was founded in the NGT incubator in Nazareth in 2008. The company's product is approved for sale in the US and Europe, but does not at present have insurance coverage.

Based in Tirat Hacarmel near Haifa, Motus GI was founded by Boris Shtul, an electronic engineer and an expert on medical devices. The company's CEO is Mark Pomeranz. It recently announced the appointment of Gary Pruden, formerly executive vice president and worldwide chairman for the Johnson & Johnson (NYSE: JNJ) Medical Devices group, to its board of directors.

Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Nasdaq Photo: Reuters
Nasdaq Photo: Reuters
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