Colon cleansing system maker Motus files for IPO to raise $29M

Motus GI, maker of the Pure-Vu system to clean colons during colonoscopy procedures, filed for an IPO to raise $29 million.

Israel-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.


Like this story? Subscribe to FierceBiotech!

Biopharma is a fast-growing world where big ideas come along every day. Our subscribers rely on FierceBiotech as their must-read source for the latest news, analysis and data in the world of biotech and pharma R&D. Sign up today to get biotech news and updates delivered to your inbox and read on the go.

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.


Suggested Articles

What the NASH field needs, says Genfit CEO Pascal Prigent, is something like the Hb1Ac test for diabetes.

Dubbed “Project Nightingale,” the efforts were announced amid concerns and federal inquiries into the data’s safekeeping and patient consent for use.

Exact Sciences received an FDA breakthrough designation for its liver cancer blood test as it finalized its $2.8 billion merger with Genomic Health.