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Glucose monitoring device developer Movano files for a $41 million IPO

February 2, 2021

Movano, which is developing a wearable device for measuring glucose, blood pressure, and heart rate, filed on Tuesday with the SEC to raise up to $41 million in an initial public offering.

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.

The Pleasanton, CA-based company was founded in 2018 and plans to list on the Nasdaq under the symbol MOVE. Movano filed confidentially on June 30, 2020. National Securities is the sole bookrunner on the deal. No pricing terms were disclosed.