CAESAREA, Israel, June 25, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO)announced today that it has been granted reimbursement status for strips and lancets to be utilized together with the patented Dario™ Smart Meter, effective September 1, 2014 in England, Wales, Scotland and Northern Ireland. Dario™ is a cloud-based, diabetes management solution which includes novel software applications combined with the stylish, 'all-in-one', pocket-sized, Dario Smart Meter which interfaces with a user's mobile device to form the overall Dario™ Diabetes Management Solution, allowing diabetics to monitor their blood sugars and other activities using their mobile devices.
According to Diabetes UK, there are more than 3 million patients with diabetes in the UK.
As of September, people with diabetes will be entitled to get complete reimbursement for the Dario™ Smart Meter testing strips and lancets. The Dario™ smart meter will be made available in the UK at no cost to people with diabetes through their general practitioners and clinics. Dario™ is marketed and distributed by Farla Medical Ltd., a leading medical supplies distributor based in United Kingdom
"This is wonderful news for the large population of people with diabetes in the UK and is a major milestone for LabStyle in that the NHS has recognized the Dario™ smart meter for its contribution to the well-being of diabetics in the UK" said Erez Raphael CEO and President of LabStyle Innovations. "Dario™ is designed to make life simpler for people with diabetes by helping them more easily track blood sugar changes, allowing them to better understand why there are changes and what to do next. By making Dario™ available through the NHS, more people with diabetes will be able to make better informed decisions and improve their lifestyle."
Dario™ is designed to meet the blood glucose monitoring needs of all patients with diabetes, but in particular Type I diabetics (who represent approximately 10% of all diabetics), as well as Type II insulin-dependent patients who test themselves multiple times a day. The achievement of NHS reimbursement is in line with LabStyle's previously announced sales and reimbursement strategy for the Dario™ Smart Meter in the geographic locations currently chosen to be included in the product's initial launch: UK, Italy, New Zealand and Australia.
"There has been quite a lot of customer excitement around the product launch in the UK of the Dario smart meter," said Samuel Zalcberg, CEO of Farla Medical. "Now that we can offer the product to people with diabetes under reimbursement we anticipate a significant spike in demand for the meter and the strips. We are proud to be able to bring this cutting edge blood glucose meter to the large population of insulin dependent people in the UK and to improve the quality of life for diabetic adults, children and their concerned families."
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 April 2014, LabStyle received a Notice of Allowance for 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 the UK 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.
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