The seed investment and agreement underscores
Movano Health's multi-analyte and proprietary mmWave
radio frequency technology
PLEASANTON, Calif., April 2,
2024 /PRNewswire/ -- Movano Health (Nasdaq:
MOVE), a pioneer in health technology, secured a strategic
investment from a tier-one multi-billion dollar medical device
company and signed an agreement to explore future collaborations
relating to development and commercialization.
"Attracting strategic investment underscores the vast potential
of Movano Health's innovative approach to delivering medical-grade
data to both consumers and enterprises. This is a significant
endorsement of our technological expertise and our vision to set
new standards in the possibilities of what wearable health
technology can do," said John
Mastrototaro, CEO of Movano Health. "Our prestigious
partner is keenly interested in the potential of our proprietary
mmWave radio frequency (RF) technology, which demonstrated strong
clinical accuracy in a cuffless blood pressure study late last
year."
"This investment, in conjunction with a larger capital raise
announced today, ensures we have the financial strength to push
forward with our proprietary technologies and commercial offerings,
including the Evie Ring, as well as the planned introduction of
Evie Med, our business-to-business solution which will leverage
future FDA clearances and serve a greenfield opportunity across
healthcare," concluded Mastrototaro.
Message from CEO
The Company posted a video from CEO John
Mastrototaro announcing the news, which can be viewed
here.
Capital Raise
The Company issued a separate release
today about a private equity placement. A tier-one multi-billion
dollar medical device company, requesting confidentiality for
competitive reasons, invested $3
million as part of a larger $24
million capital raise. The PIPE included a select cohort of
institutional and accredited investors, and $3.6 million in commitments by members of the
Company's management team and board of directors. The proceeds are
expected to fund general corporate purposes and working
capital.
About Movano Health
Founded in 2018, Movano Inc.
(Nasdaq: MOVE) dba Movano Health is developing a suite of
purpose-driven healthcare solutions to bring medical-grade data to
the forefront of wearables. Featuring modern and flexible form
factors, Movano Health's devices offer an innovative approach to
delivering trusted data to both customers and enterprises,
capturing a comprehensive picture of an individual's health data
and uniquely translating it into personalized and intelligent
insights.
Movano Health's proprietary technologies and wearable medical
device solutions will soon enable the use of data as a tool to
proactively monitor and manage health outcomes across a number of
patient populations that exist in healthcare. For more information
on Movano Health, visit https://movanohealth.com/.
Forward Looking Statements
This press release contains
forward-looking statements concerning our expectations,
anticipations, intentions, beliefs, or strategies regarding the
future. These forward-looking statements are based on assumptions
that we have made as of the date hereof and are subject to known
and unknown risks and uncertainties that could cause actual
results, conditions, and events to differ materially from those
anticipated. Therefore, you should not place undue reliance on
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding the anticipated
closing of the private placement transaction, plans with respect to
commercial launch of the Evie Ring; planned cost-cutting
initiatives; anticipated FDA clearance for the Evie Ring and other
products in development; expected future operating results; product
development and features, product releases, clinical trials and
regulatory initiatives; our strategies, positioning and
expectations for future events or performance. Important factors
that could cause actual results to differ materially from those in
the forward-looking statements are set forth in our most recent
Annual Report on Form 10-K and any subsequent Quarterly Reports on
Form 10-Q, and in our other reports filed with the Securities and
Exchange Commission, including under the caption "Risk
Factors." Any forward-looking statement in this release
speaks only as of the date of this release. We undertake no
obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
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SOURCE Movano