LabStyle Innovations Closes $2.5 Million Funding to Support Global Rollout of Dario Diabetes Management Solution
CAESAREA, Israel, Aug. 31, 2015 /PRNewswire/ — LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, today announced it recently closed a round of funding totaling approximately $2.5 million. Funds will be used to support the global rollout and initial U.S. commercial launch of the Dario, a mobile, cloud-based, diabetes management solution that includes novel software applications combined with a stylish, ‘all-in-one,’ pocket-sized, blood glucose monitoring device, and for working capital purposes. The Dario recently launched in Canada with reimbursement through a majority of medical plans and the U.S. Food and Drug Administration’s clearance is anticipated in the coming months.
“Our entire team here at LabStyle is very excited about where we are in the Company’s growth cycle and we, along with our friends and family, are making personal investments in the future of LabStyle and the Dario,” stated Erez Raphael, LabStyle’s Chairman and Chief Executive Officer.
“Shmuel Farhi, a prominent Canadian investor, was a major contributor in this round of funding. LabStyle benefits from the support of investors like Mr. Farhi, as well as our other shareholders who have displayed their loyalty to the Company by making repeat investments in this and prior rounds of funding,” Mr. Raphael added.
Mr. Farhi commented, “LabStyle has the ability to transform the treatment of disease through mobile solutions. Both mHealth and the diabetes monitoring and treatment markets are multi-billion dollar industries that will continue to grow in nearly every global market. We believe LabStyle has the right technology and management team to execute on a huge opportunity.”
“Our second quarter financial performance shows that we are generating market traction. We will use the proceeds of this fund raise for our anticipated market launch in the U.S., as well continued market penetration in numerous other countries,” Erez concluded.
Funding terms included a purchase price per unit of $0.30. Each unit comprised of one share of LayStyle’s common stock and two warrants to purchase common stock. Each warrant entitles the investor to purchase 0.5 share of common stock, one at an exercise price of $0.35 per share exercisable during a twelve months term and the other at a purchase price of $0.40 per share exercisable during a three year term.
About LabStyle Innovations
LabStyle Innovations Corp. (OTCQB: DRIO) develops and commercializes patent-pending technology providing consumers with laboratory-testing capabilities using smart mobile devices. LabStyle’s flagship product is the Dario™ personalized smart meter. Dario™received CE mark certification in September 2013 and began a world rollout in select countries in December 2013. LabStyle filed a Premarket Notification Application, also known as a 510(k), with the US Food and Drug Administration (FDA) for the Dario™ smart meter (Dario™ Blood Glucose Monitoring System) in December 2013. LabStyle is pursuing patent applications in multiple areas covering the specific processes related to blood glucose level measurement as well as more general methods of rapid tests of body fluids using mobile devices and cloud-based services. For more information, the content of which is not part of this press release,:www.mydario.com and http://mydario.investorroom.com.
