Business
Movano Inc. Provides Business Update and Reports First Quarter 2021 Financial Results
Conference call begins at 2:00 p.m. Pacific time todayPLEASANTON, CA / ACCESSWIRE / May 13, 2021 / Today, Movano Inc. (NASDAQ:MOVE), a health technology
About this update from Corvex, Inc.
[{"type":"text","content":"Conference call begins at 2:00 p.m. Pacific time todayPLEASANTON, CA / ACCESSWIRE / May 13, 2021 / Today, Movano Inc. (NASDAQ:MOVE), a health technology company designing devices that empower individuals to optimize their health in order to help prevent and better manage chronic diseases, reported financial results for the three months ending March 31, 2021 and provided a business update. Highlights of the first quarter of 2021 and recent weeks include the following:On March 25, 2021, the Company closed its previously announced initial public offering of 8,500,000 shares of its common stock at a public offering price of $5.00 per share. In connection with the closing of the offering, the underwriter exercised in full its over-allotment option to purchase an additional 1,275,000 shares. As a result, the gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses payable by Movano Inc., were $48.9 million.Dr. John Mastrototaro joined the Company as CEO, effective April 1, 2021. Dr. Mastrototaro's more than 30 years of experience in the medical device industry, leading innovation and bringing new products to the market will provide critical medtech expertise and strategic vision, as well as bolster the Company's growth profile.During the first quarter 2021, the Company continued to make steady progress toward its wearable, noninvasive Radio Frequency (RF) technology platform solution, which is powered by proprietary integrated circuits (ICs), antennas, algorithms and supporting apps and cloud infrastructure. The solution is designed to allow the Company to produce medical devices in a variety of form factors that give users continuous data and actionable feedback to help improve their quality of life. The net proceeds of the recently completed initial public offering will enable the Company to expand testing and regulatory initiatives, as well as accelerate the growth of the team to augment the planned feature set for the Company's first commercial device.\"Movano was founded on our core belief - that good health is a fundamental human right,\" said Dr. John Mastrototaro, Movano's CEO. \"We are on a multi-year mission to empower individuals, including those with chronic diseases, such as diabetes and hypertension, to optimize their health with medical devices that are personalized...