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.