Movano, which is developing a wearable device that measures glucose, blood pressure, and heart rate, raised $43 million by offering 8.5 million shares at $5, as expected. The company offered 1.3 million more shares than anticipated. At pricing, the company commands a fully diluted market value of $171 million.
Movano is developing a proprietary platform that uses radio frequency (RF) technology, which it believes will enable the creation of low-cost and scalable sensors that are small enough to fit into a wearable device. The platform is the foundation for its first product in development, a non-invasive and cuffless wearable intended to combine the functionality of a continuous glucose monitor and a cuffless RF-based blood pressure monitor. The company currently plans to conduct pivotal trials for FDA 510(k) clearance in the 2H21. Movano has not generated any revenue to date.
Movano plans to list on the Nasdaq under the symbol MOVE. National Securities acted as a lead manager on the deal.
