CAESAREA, Israel, Nov. 24, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, today announced that Dr. Peter Kash and Ms. Hila Karah have been appointed to serve on the company's Board of Directors.
Dr. Kash and Ms. Karah bring significant experience in commercialization, finance and corporate governance of life science companies to LabStyle's board as the company increases its market penetration of the Dario™ blood glucose monitoring and diabetes management system. LabStyle is currently focused on executing its promising strategy for growth by penetrating and expanding into new markets in Europe, North America, Latin American and the Asia Pacific region. Based on their experiences, LabStyle expects Dr. Kash and Ms. Karah to bring significant value to the company's current and future growth plans. Ms. Karah is expected to serve on the Compensation and Nominating Committees of the board.
Dr. Kash and Ms. Karah are the designated appointees of Dicilyon Consulting and Investment Ltd., the lead investor in LabStyle's September 2014 private placement. Dicilyon, held by Mr. David Edery, holds the right to appoint 3 members of LabStyle's board. To accommodate these appointments, Dr. Oren Fuerst and Dr. Steven Kaplan have resigned from LabStyle's board. As Dr. Fuerst served as Chairman of the Board, the board has appointed Erez Raphael, LabStyle's President, Chief Executive Officer and a director, to serve as the Acting Chairman of the Board.
Dr. Kash currently serves as Executive Chairman of iOS app developer Time Flash LLC. He has also since 2005 served as the President of investment bank RiverBank Capital Securities, a FINRA member firm. He has co-founded and led investments in more than a dozen successful biotechnology companies and served on numerous boards of directors, including Keryx Biopharmaceuticals, Velcera, Inc. and Intercept Pharmaceuticals. He is a distinguished author of several books on business and healthcare, a lecturer on entrepreneurship, and has served as an Adjunct Professor at the Wharton School of Business. Dr. Kash received his B.S. in Management Science from SUNY Binghamton and his M.B.A. in Banking and International Finance from Pace University. Mr. Kash also holds doctorate in education from Yeshiva University.
Ms. Karah is an independent business consultant and an investor in several high-tech, biotech and Internet companies. Ms. Karah serves as a director in several private and public companies including Intec Pharma since 2009 and Cyren Ltd. since 2008. She served as a partner and Chief Investment Officer of Eurotrust Ltd., a family office, and as a research analyst both at Perceptive Life Sciences Ltd. a New York based hedge fund, and at Oracle Partners Ltd., a Connecticut based hedge fund. Ms. Karah holds a B.A. in Molecular and Cell Biology from the University of California, Berkeley, and studied at the University of California, Berkeley-University of California, San Francisco Joint Medical Program.
LabStyle believes that the changes to its board represent a further step to better positioning the company to fulfill its business prospects as it moves forward with the commercialization efforts for Dario™. LabStyle's board offers it's thanks to Dr. Oren Fuerst for his tremendous contribution to the company. Dr. Fuerst played a key role in envisioning the Dario™ technology and opportunity and to building LabStyle from the ground up, and the board wishes him much success in his future endeavors. The board also thanks Dr. Steven Kaplan for his contributions to LabStyle.
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 impact of the Company's new directors 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.
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SOURCE LabStyle Innovations Corp.