Analytica (ASX:ALT) has initiated a 1 for 8 rights issue priced...

Analytica (ASX:ALT) has initiated a 1 for 8 rights issue priced at $0.03 to raise $3.17 million.

This is a discount of 23% to Analytica's 15 trading day VWAP of $0.0388 to 2 October 2014, and the offer is partially underwritten by Patersons Securities to the value of $1,645,000.

Halonna Pty Ltd, which is controlled by Non-executive Chairman, Dr Michael Monsour, has agreed to sub-underwrite up to an amount of $200,000.

Funds will be directed to its lead product, PeriCoach – an e-health treatment system for women who suffer Stress Urinary Incontinence.

The Australian PeriCoach full public market launch will roll out this month; the device is TGA approved for sale in Australia and initial sales have been made.

PeriCoach comprises a device, web portal and smartphone app. 

The device evaluates activity in pelvic floor muscles. This information is transmitted to a smartphone app and can be loaded to PeriCloud where physicians can monitor patient progress via web portal.

The U.S. market for incontinence pads is $5 billion annually.

In Australia, it has been projected that by 2030, 5.6 million women in Australia will suffer urinary incontinence.