CAESAREA, Israel, Nov. 11, 2015 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, announced today that it has signed an exclusive distribution agreement with one of India's leading pharmaceutical and medical device networks, Centaur Pharmaceuticals Pvt. Ltd. As one of India's top ranked healthcare companies, Centaur's network includes a sales force of 1,000 covering 250,000 doctors and 250,000 retailers.
"We are proud to partner with Centaur, a company that leads the market in bringing improvements and innovation to the health system in India. They are the perfect partner to bring the Dario™ blood glucose monitoring system to the market in India to help the millions of people with diabetes to self-manage and improve their health," said LabStyle Innovations' President and Chief Executive Officer Erez Raphael.
According to the International Diabetes Federation (IDF) diabetes is growing to epidemic proportions in India, with over 66.8 million people diagnosed. The prevalence of diabetes in the general population is 8.6%, with some regions reported to have up to 20% prevalence.
"Diabetes is the fastest growing epidemic across the region. In India it is a very challenging disease due to our large infrastructure and resource constraints. According to the IDF there is limited availability of much needed self-management education. The Dario Diabetes Management Solution is the perfect tool for the diabetes community in India. For the first time, Dario will enable self-management and education through digital and remote monitoring," said Mr. S D Sawant, Chairman and Managing Director of Centaur. "We are enthusiastic about bringing the cutting-edge Dario™ platform to the Indian market to assist and improve the health and the quality of care."
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: www.mydario.com and http://mydario.investorroom.com the content of which is not part of this press release.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of LabStyle Innovations Corp. (the "Company") related thereto contain 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, we are using forward looking statements in this press release when we discuss Centaur Pharmaceuticals being the perfect partner to bring the Dario™ blood glucose monitoring system to the market in India and help people with diabetes to self-manage and improve their health, Dario being the perfect tool for the diabetes community in India and Dario's ability to assist and improve the health and the quality of care. 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