Analytica Chairman stumps up $1m in equity
In a supreme show of faith in ASX listed Analytica’s urinary incontinence medical device technology, its Chairman Dr Michael Monsour has agreed to take a $1m placement at a price nearly 18 percent higher than that offered to the general shareholder base and a new cornerstone investor.
Dr Monsour will take the $1m placement at the 5 day volume weighted average share price which is 0.300c a share and if approved by shareholders he will double his stake in the company from 12.8% to around 25%.
Analytica have also attracted the interest of a cornerstone investor biotech investment fund who will pay 0.255c a share in a $500k placement.
Sophisticated investors will be offered shares at 0.255c a share and the company expects to raise a further $280k from this channel before embarking on a Share Purchase Plan for the general shareholder base also at 0.255c a share.
With $1.5m already pledged between Dr Monsour and the new cornerstone investor, Analytica will no doubt be confident about the take up from the general shareholder base.
Analytica’s “PeriCoach” medical device monitors a woman’s pelvic floor muscles whilst they are being exercised for the purposes of reducing and eventually stopping incontinence.
The PeriCoach sends a wireless signal to a smart phone for the purposes of confirming that pelvic floor muscles are being correctly exercised in accordance with medical instructions.
According to the company 1 in 3 women worldwide suffer from incontinence and many fail to perform pelvic floor remedial exercises correctly.
Anaytica will use the funds raised for working capital, to continue with its research and development efforts and to secure a global sales partner.
Having a Chairman who is an accomplished medical doctor who is prepared to stump up $1m in equity probably wont do their cause any harm either.
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