CAESAREA, Israel, November 19, 2015 /PRNewswire/ --
LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, today announced it has closed on an offering raising approximately $2.3 million in proceeds through the private placement of 7,648,267 shares of Common Stock and warrants to purchase 7,648,267 shares of Common Stock with existing shareholders and private investors including a member of the Company's board of directors, employees and a Dario distributor.
"Key existing LabStyle shareholders such as Mr. Farhi, employees, a board member and a distributor participated in this round demonstrating their firm belief in our Company and confidence in our ability to execute on a large opportunity. The Dario is being extremely well received in the markets where it has launched. Moreover, we believe our business model, market strategy, and intellectual property assets will propel us to lead in mobile health solutions beyond diabetes, where there are clear unmet needs for patient-driven and patient-friendly solutions," stated Erez Raphael, LabStyle's Chairman and Chief Executive Officer.
The purchase price per unit was $0.30. Each unit is comprised of one share of LabStyle's Common Stock and two warrants to purchase Common Stock. The first warrant entitles the investor to purchase 0.7 shares of Common Stock at an exercise price of $0.37 per share exercisable during a sixteen month term and the other warrant entitles the investor to purchase 0.3 shares of Common Stock at an exercise price of $0.43 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: http://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. For example, the Company is using forward-looking statements in this press release when the Company states that its business model, market strategy, and intellectual property assets will propel it to lead in mobile health solutions beyond diabetes, where there are clear unmet needs for patient-driven and patient-friendly solutions. 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 timing for and 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.
SOURCE LabStyle Innovations Corp.