Israel’s Motus GI Holdings Inc., a medical device company based in Israel and the US, has filed a registration statement with the Securities and Exchange Commission to hold an initial public offering of shares on the Nasdaq raising up to $28.8 million.
The company has developed a single-use medical device system, the Pure-Vu system, cleared by the US Food and Drug Administration, that connects to standard colonoscopy devices allowing physicians to clean poorly prepped colons in a safe and effective manner so that they can get clear visualization of the colon mucosa, as necessary for a successful procedure.
The colonoscopy is one of the most common medical procedures performed, with some 15 million undertaken in the US 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, inflammatory bowel disease and motility challenges.
CRC is the second leading cause of cancer-related deaths in the US, with approximately 50,000 deaths and 140,000 new cases diagnosed each year. The lifetime risk of developing CRC is about 1 in 20, or 5%. Through the use of colonoscopies, however, CRC has become one of the most preventable cancers.
A successful colonoscopy requires a high-quality preparation of the bowel, which may require patients to be on a liquid diet for over 24 hours. They are required generally to drink as much as four liters of a purgative and spend up to 12 hours before the exam emptying their bowels.
The preparatory procedure is disrupting and often entails patients missing work or other activities. If the colon is not prepped adequately the results may not be conclusive and the procedure may need to be repeated.
The Pure-Vu system is designed to clean a poorly prepared colon during the colonoscopy procedure, thus decreasing the dependence on the pre-procedural preparation, the company said on its website.
The startup was founded by Boris Shtul in the NGT incubator in Nazareth in 2008 and originally set out to develop new endoscopy technologies. In 2011 the business was spun out into a new company and focused exclusively on the development of the Pure-Vu system.
“In clinical studies performed in Europe and Israel from 2012 through the second quarter of 2017, the Pure-Vu system and earlier prototype versions have demonstrated effective cleaning in over 175 patients that followed a significantly reduced preprocedural colonoscopy preparation regimen, as compared to current prep regimens,” the filing said.
Set up in 2013 within the framework of the 15-year-old NGT incubator, NGT3 is a venture capital fund with European, American and Israeli partners who share the vision of investment in early-stage technology-based startup companies with a social agenda of increasing collaboration in the technology sphere between Israel’s Arab and Jewish populations and encourage Arab and Jewish entrepreneurs.