Analytica launches $3m capital raising
Analytica (ASX:ALT) plans to raise up to $3 million to help expand the scope of its marketing activities ahead of the Australian launch of lead product PeriCoach this quarter.
The company has completed a $1.8 million placement to institutional investors at the price of 2.4 cents per share. This will be followed up with a 1-for-15 entitlement offer to eligible shareholders at the same price. The offer is expected to be fully underwritten by Patersons Securities.
Analytica CEO Geoff Daly said the company plans to use the proceeds to enhance its marketing efforts in Australia and North America for PeriCoach, its training device for strengthening the pelvic floor of women with urinary incontinence.
“By limiting the size of this capital raise to a maximum of $3 million the board has sought to minimise the dilution of existing shareholders while ensuring that the capital requirements are available to accelerate the marketing of this important technology,” he said.
Analytica plans to launch PeriCoach in Australia this quarter, and roll out the product to the US and the EU in late 2014, after it receives the required approvals.
Daly said the decision to accelerate marketing efforts was made after the company received strong positive feedback from clinicians about the product.
Analytica (ASX:ALT) shares were trading 9.68% higher at $0.034 as of around 1.30 pm on Wednesday.
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