Motus GI Holdings (MOTS) intends to sell 4.25 million shares of its common stock at a midpoint price of $6.00 per share for gross proceeds of $25.5 million from a U.S. IPO, according to an S-1/A registration statement.

The firm provides a system to improve endoscopy outcomes and experiences. Management says its lead system, the Pure-Vu® System (designed for cleaning poorly prepped colons during colonoscopies), is currently the focus for bringing to market.

However, MOTS doesn’t have a reimbursement code for its system and says it needs further clinical trials in order to expand its labeled indication to be able to generate meaningful revenue.

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