The medical technology company said that since its February 2018 initial public offering, it has begun a marketing program to drive momentum before the launch.
Pure-Vu System, according to Fort Lauderdale, Florida-based Motus GI, is a medical device cleared by the Food and Drug Administration designed to reduce costs by facilitating the cleaning of a poorly prepped colon during colonoscopy procedures.
Motus GI added that it plans to submit a notice to the FDA for the second generation of Pure-Vu in the first half of 2019. It also plans to present findings of its Reliable Endoscopic Diagnosis Utilizing Cleansing Enhancement (REDUCE) at conferences.
"The statistically significant interim data from the REDUCE study, conducted in real-world settings and generating clinical experience with important thought leaders in our field, solidifies our belief that our revolutionary Pure-Vu System technology will not only allow physicians to improve the time associated with completing a high-quality, successful colonoscopy, but will also provide hospitals with a potential solution for improving the total cost of care,” Motus GI CEO Tim Moran said in a statement.
The company said it ended 2018 with cash and cash equivalents and short-term investments of about $21.1 million.
For the year, Motus GI reported a net loss of $22.3 million, or $1.47 per diluted share, including a one-time, non-cash warrant expense charge of $3.2 million. That compares with a net loss of $13.2 million, or $1.28 per diluted share, a year earlier.
Shares slipped $0.05 to $3.90 in Wednesday’s Nasdaq trading.
Contact Dennis Fitzgerald at [email protected]