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This Day That Year: Motus GI Holdings


Shares of Motus GI Holdings Inc. (MOTS) are down nearly 60% from their 52-week high of $10.66 recorded on July 9, 2018.

It was on this day last year, i.e. on February 14, 2018, that Motus GI debuted on the NASDAQ Capital Market by setting a public offering at $5.00 per share.

Motus GI Holdings Inc. is a medical technology company, and its flagship product is Pure-Vu System, an FDA-cleared and CE-marked medical device indicated to help facilitate the cleaning of a poorly prepared colon during the colonoscopy procedure.

Colonoscopy is one of the most common medical procedures performed with 15 million procedures performed in the U.S. annually. Approximately 55% percent of colonoscopies are conducted as the standard of care for detecting colorectal cancer (CRC), while the remaining 45% are focused on diagnosis and surveillance of patients with gastrointestinal issues such as bleeding and inflammatory bowel diseases.

One of the most important steps in colonoscopy is bowel cleansing as the colon needs to be clean and empty before the procedure is performed.

The Company's Pure-Vu works by generating a proprietary pulsed vortex mixture of water and air to safely remove debris from the colon mucosa, and simultaneously evacuates the bowel contents, to help perform a quality examination. The device received FDA clearance in September 2016 and CE mark approval in February 2018.

Motus GI is preparing for a full commercial launch of Pure-Vu System in the U.S. and select international markets in 2019.

A single-arm multi-center, prospective study evaluating Pure-Vu System to facilitate bowel cleansing in approximately 100 hospitalized patients who are indicated for a diagnostic colonoscopy procedure, dubbed REDUCE study, is underway. Topline data from this trial is expected in the first quarter of 2019.

An inpatient study that will evaluate the Pure-Vu System for reduced preparation with a focus on patients who may benefit from accelerated diagnosis, such as lower GI bleeding, dubbed EXPEDITE, has also been planned.

Since inception, the Company has incurred losses, and on September 30, 2018, had an accumulated deficit of about $55.8 million. To date, only limited revenue has been generated from the sales of the Pure-Vu System. The fiscal year ends in December.

For the quarter ended September 30, 2018, Motus GI incurred a wider loss of approximately $5.2 million or $0.33 per share compared to a loss of $3.16 million or $0.30 per share in the year-ago quarter. No revenue was generated in the comparable quarters.

The Company ended September 30, 2018, with cash and cash equivalents, and short-term investments of approximately $11.6 million. A follow-on offering for total gross proceeds of $13.5 million was announced on December 19, 2018.

Shares of Motus GI have thus far hit a low of $2.34 and a high of $10.66. The stock closed Wednesday's (Feb.13, 2019) trading at $4.32, down 1.82%.

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