Movano Health Secures Strategic Investment from Tier-One Multi-Billion Dollar Medical Device Company

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Apr 02, 2024, 17:00 ET

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.

SOURCE Movano