Analytica raising $4m for PeriCoach launch

Analytica (ASX:ALT) has launched an up to $4.01 million capital raising to help pay for the commercialisation of its lead medical device product PeriCoach.

The company has placed 28 million new shares with sophisticated investors to raise $850,000 and is following this up with an up to $3.17 million entitlement offer at the same $0.03 per share price.

The 1-for-8 entitlement offer is being partially underwritten by Patersons Securities and chairman Dr Michael Monsour. The $0.03 offer price represents a 23% discount to the 15-day volume weighted average share price leading up to 2 October.

Proceeds from the capital raising will be used to expand the scope of marketing activities for PeriCoach, a medical device for treating urinary incontinence in women, ahead of its formal launch this quarter.

“The controlled market release has been an extremely valuable phase of the product lifestyle and has allowed the PeriCoach team to identify and improve field issues without risking product reputation,” Analytica CEO Geoff Daly said. “This capital raising enables Analytica to accelerate sales and marketing opportunities.”

Analytica separately revealed it has been granted a CE Mark for PeriCoach, allowing it to legally market the device in Europe. But sales in each European country will require additional procedural clearances.

Analytica (ASX:ALT) shares were trading 3.23% higher at $0.032 as of around 1.30 pm on Thursday.