Held $6.1M in cash and cash equivalents at December 31, 2023. This week, the company signed an agreement for a $24M private placement financing. “In 2023, we successfully transitioned to a commercial stage company with the launch of the Evie Ring in November, and we delivered significant development milestones on our path to obtaining the FDA clearances necessary to label Evie as a medical device,” said John Mastrototaro, CEO and President of Movano Health. “Demand for the Evie Ring far exceeded our expectations, and we garnered strong reviews on the aesthetics, technology and form factor. Our initial direct-to-consumer launch is also providing incredibly valuable user feedback as we drive toward both continued D2C growth and multiple business-to-business opportunities.” “A key goal for 2024 is to introduce Evie Med, and our D2C Evie launch experience is significantly aiding that objective,” Mastrototaro continued. “One of the challenges we encountered with the initial launch was having enough production to meet demand, largely due to capital constraints. With our recently announced financing, we are now positioned to build and maintain inventory with a turnkey production partner arrangement that will support significant unit volumes and timely order fulfilment, which are important requirements in entering B2B markets. With sufficient inventory on hand and production capabilities in place to meet expected demand, we plan to re-launch Evie with enhanced software capabilities that will provide an improved experience for our Evie community.”
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