Motus GI Holdings Inc. launched a public offering of 5 million common shares.
Piper Jaffray & Co. is acting as the sole underwriter for the offer. The Fort Lauderdale, Fla.-based medical technology company plans to grant the underwriter a 30-day option to buy an additional 750,000 common shares.
Motus GI plans to use proceeds to fund commercialization and research and development activities, including the clinical and regulatory development of its product Pure-Vu. The Pure-Vu System is cleared by the U.S. Food and Drug Administration to help clean a poorly prepared colon during colonoscopy.
Part of the proceeds will also be used for working capital and general corporate purposes.