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Motus GI prices $13.5M common stock offering

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Motus GI prices $13.5M common stock offering

Motus GI Holdings Inc. priced its follow-on offering of 5 million common shares at $2.70 apiece.

The Fort Lauderdale, Fla.-based company also granted underwriters a 30-day option to buy an additional 750,000 common shares at the same price.

Motus GI expects gross proceeds of $13.5 million from the offering. The company plans to use net 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.

Piper Jaffray & Co. is acting as the sole book-running manager for the offering, while A.G.P./Alliance Global Partners and Dougherty & Co. are acting as co-managers.