Motus GI Holdings Inc. closed its IPO of 3.5 million common shares priced at $5 apiece, raising gross proceeds of about $17.5 million.

The underwriters have an option to buy up to an additional 525,000 shares.

The medical technology company will use the net proceeds for commercialization activities of the company's Pure-Vu System, for research and development, and for 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.