Colon cleansing system maker Motus files for IPO to raise $29M
srael-based Motus GI announced its intention to hold an initial public offering to raise as much as $28.8 million, according to an SEC filing on Friday.
The company developed the Pure-Vu system that is FDA-approved and connects to standard colonoscopy devices, allowing physicians to clean poorly prepped colons for the procedure so they can get a clearer image of the colon mucosa.
Motus, which is based in Tirat Carmel, Israel, said in the filing it plans to list on the Nasdaq under the symbol MOTS. Named as joint bookrunners for the deal are Piper Jaffray and Oppenheimer & Co. Pricing terms weren’t disclosed.
The Pure-Vu system allows for decreased dependence on precolonoscopy preparation by the patient, who typically must be on a liquid diet for at least 24 hours ahead of the procedure and generally must drink as much as four liters of a purgative and spend up to 12 hours before the exam emptying their bowels. About 15 million colonoscopies are performed in the U.S. every year, the company said.
Motus was founded in 2008 as part of the NGT incubator before it was spun out into a new company in 2011 to focus on the Pure-Vu system.