LabStyle Innovations Awarded Reimbursement Status in Australia for the Dario™ Smart Meter Strips

Dario™ smart meter strips to be made available to large population of people with diabetes under the Pharmaceutical Benefits Scheme (PBS)

Dec 03, 2014, 09:05 ET from LabStyle Innovations Corp.

CAESAREA, Israel, Dec. 3, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO) the maker of the Dario™ smart meter for diabetics announced today that it has been granted reimbursement status for its Dario™ blood glucose test strips to be utilized together with the patented Dario™ smart meter in Australia. This achievement marks another milestone in the continuing worldwide roll out of Dario™.

Dario™ is a cloud-based, diabetes management solution which includes novel software applications combined with the patented Dario™ smart meter (comprised of a test meter, test strips and lancet in one stylish, compact device) which interfaces with a user's mobile device to form the overall Dario™ Diabetes Management Solution.  The Dario™ Management Solution is being sold and marketed in choice locations both in Europe and Asia Pacific. Through the utilization of digital marketing tools and a strong online presence, Dario™ is reaching people with diabetes and helping them self-manage their disease and thrive by monitoring their blood sugars and other activities using their mobile devices.

Australia joins the growing number of regions where Dario™ can be obtained by people with diabetes through reimbursement schemes. Through the Pharmaceutical Benefits Scheme (PBS) people with diabetes in Australia will now be entitled to be subsidized for Dario™ smart meter test strips which will be made available at all pharmacies in Australia. According to the International Diabetes Federation (IDF) there were 1.6 million cases of Diabetes in Australia in 2013 and for every person diagnosed, it is estimated that there is another person who is not yet diagnosed. In Australia 2.3% of all health expenditure is spent on treating diabetes.

Dario™ is marketed and distributed by uHealth Australia Pty Limited (uHealth) in Australia, a leading distributor of digital health and surgical innovations. uHealth have been the pioneers in bringing digital mobile health and commerce to Australia.

"We are delighted with the market demand that has been demonstrated in the initial territories where we have marketed the Dario™ smart meter and we have been working very hard to ensure customer supply and satisfaction. We believe our promising results are due to the very positive experiences encountered by the Dario™ community along with their actual evidenced improvement in performance when using Dario™. We are proud to be able to bring this cutting edge diabetes management platform to the large population of insulin dependent people in Australia now. By making Dario™ available through the Pharmaceutical Benefits Scheme more diabetic adults, children and their concerned families will be empowered with Dario™ to improve their quality of life", commented Erez Raphael, LabStyle Innovations president and chief executive officer.

"This is wonderful news for the large population of people with diabetes in Australia and is a major milestone for us in that the Pharmaceutical Benefits Advisory Committee has recognized the Dario™ smart meter for its contribution to the well-being of diabetics in Australia" said Mr. Will Knox, Director of uHealth. "By making Dario™ available through reimbursement, more people with diabetes will be able to make better informed decisions and improve their lifestyle and we expect expansive demand for the product here in Australia."

About LabStyle Innovations

LabStyle Innovations Corp. (OTCQB:DRIO) develops and commercializes patented technology providing consumers with laboratory-testing capabilities using smart mobile devices. LabStyle's flagship product is the Dario Diabetes Management Solution, a mobile, cloud-based, diabetes management solution which includes novel software applications combined with a stylish, 'all-in-one', pocket-sized, blood glucose monitoring device.  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 and in August 2014, LabStyle was granted a U.S. patent covering core functions of the Dario Blood Glucose Monitoring System.  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 sales, marketing and regulatory efforts with Dario™ in Australia and elsewhere) 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. 

© LabStyle Innovations Corp.  All rights reserved.

Contacts:

Brenda Zeitlin
LabStyle Innovations
1 800 896 9062
Brenda@mydario.com 

SOURCE LabStyle Innovations Corp.



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