Motus GI preps $14m follow-on

Motus GI (NSDQ:MOTS) said yesterday that it’s preparing a follow-on offering worth nearly $14 million for its Pure-Vu colonoscopy device.

Ft. Lauderdale, Fla.-based Motus said it plans to float 5 million shares at $2.70 apiece, for gross proceeds of $13.5 million. A 30-day underwriters option on a further 750,000 shares would add $2.0 million if fully exercised; the offering is slated to close Dec. 24.

The Pure-Vu device is designed to attach to standard and slim colonoscopes to deliver a mixture of water and air to remove debris even when patients haven’t completed their bowel prep.

Piper Jaffray is the book-runner on the flotation, with Alliance Global Partners and Dougherty & Co. as co-managers.

Pure-Vu in March won CE Mark approval in the European Union and landed 510(k) clearance from the FDA in September. In February the company raised $18 million with its initial public offering.

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