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SOURCE LabStyle Innovations Corp.
Proceeds to be used to continue the launch of the DarioTM Diabetes Management Solution
CAESAREA, Israel, Feb. 20, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, announced today that it has successfully closed its previously announced $4.19 million common stock and warrant private placement financing that priced on February 13, 2014.
LabStyle intends to use the aggregate net proceeds of the financing, anticipated to be approximately $3.79 million, primarily to continue the company's multi-market launch of Dario™, the diabetes management solution that combines the world's most compact, all-in-one smart meter (blood glucose monitoring platform) with personalized information and community support via the users' smartphone.
Gadi Levin, chief financial officer at LabStyle, said, "Today's financing is good news for LabStyle as well as for our new and existing investors and partners, who all believe in LabStyle's strong value proposition and the importance of its present and future contribution to diabetes management. The financing, which featured the participation of new institutional investors, will help us to bring Dario™ to several additional markets around the world, continuing the momentum of Dario™'s distribution in the United Kingdom, Italy and Australia that began in December 2013."
Erez Raphael, president and chief executive officer of LabStyle said, "We believe that Dario will change the way people manage their daily struggle with diabetes, making life easier for people with diabetes and their support team, including their families, physicians and healthcare providers. With this financing in hand, we will continue to progress towards achieving our previously announced corporate and product milestones, including the continued commercial launch of Dario™ in Europe and Southeast Asia during 2014 as well as potential FDA clearance of Dario™ in the later portion of this year."
Roth Capital Partners, LLC acted as the placement agent for the financing.
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™ Diabetes Management Solution. 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: www.mydario.com and http://mydario.investorroom.com.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of LabStyle Innovations Corp. (the "Company") related thereto contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the results of the Company's commercial and regulatory plans for Dario™ as described herein) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Dario™ and the Dario™ logo are trademarks owned by LabStyle Innovation Ltd.
© 2014 LabStyle Innovations Corp. All rights reserved.
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