Movano Health announces $24M private placement

Movano Health has agreed to sell approximately 45 million units in a $24 million private placement, with each unit consisting of one share of the Company’s common stock (or pre-funded warrant in lieu thereof) and one warrant to purchase a share of common stock, to a select group of investors that includes a tier-one multi-billion dollar medical device company, institutional and accredited investors, and members of the Company’s management team and board of directors. Movano Health intends to use the net proceeds from the financing for working capital and general corporate purposes. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, are expected to be sufficient to fund the current operating plan well into 2025.

“Today marks a pivotal moment in our company’s journey – securing a strategic investment from one of the world’s leading medical device companies as part of a significant capital infusion. This event not only underscores the vast potential of Movano Health’s innovative approach to delivering medical-grade data to both consumers and enterprises but also acts as an endorsement of the company’s vision and technological advancements,” said John Mastrototaro, CEO of Movano Health.

The $24 million private placement includes a $3.0 million seed investment from the tier 1 medical device company and more than $3.6 million from members of Movano Health’s management team and board of directors.

“We are thrilled to have the support of such a prestigious strategic investor, alongside the substantial investment from Movano Health’s management team and board of directors and broad-based backing of institutional and accredited investors,” said Mastrototaro. “With this capital raise, we have the financial resources to accelerate the development of our proprietary technologies and wearable medical device solutions for the significant enterprise opportunity that exists in healthcare.”
MB Bureau