CAESAREA, Israel, April 18, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, provided a recap of the key messages delivered yesterday by the company's senior management Erez Raphael, president and chief executive officer, and Gadi Levin, chief financial officer, in an investor update call. A replay of the call can be accessed at http://mydario.investorroom.com/news-headlines
On the call, Messrs. Raphael and Levin reviewed LabStyle's achievements to date, and shared the positive results of the company's recent soft commercial launch of Dario in the United Kingdom, Italy, and New Zealand, which commenced over the past several weeks. LabStyle's management believes that the goals of the soft launch are being achieved by:
- Obtaining market acceptance and market demand for Dario through initial positive feedback from users and LabStyle's distribution partners.
- Increasing product awareness and number of app users through marketing campaigns and social media channels.
- Validating LabStyle's ability to process weekly shipments to various distributors in different locations in the world.
Management also reported on the reimbursement status in the designated markets where reimbursement codes for users with Type 1 diabetes is expected to be received in the coming months, commencing in Italy by the end of April. LabStyle plans to continue to penetrate the Type 2 diabetic market, where demand appears higher than expected in some countries.
In addition, the call revealed exciting milestones that LabStyle is achieving such as plans for distribution in additional key countries throughout Europe and North American, as well as the plans for the Dario App for Android users to be released by the beginning of June.
In order to provide a very clear differentiator in the blood glucose monitoring landscape, the Dario solution is extremely software oriented with a novel platform that was designed so that the commercial success in the diabetes market can potentially be transferred to use other chronic diseases.
Mr. Raphael, President and CEO of LabStyle, commented, "This is an exciting time for LabStyle, and we were pleased to connect with the investment community this morning to share our progress to date and vision for the future. In the past year, we've achieved some significant milestones, including European regulatory approval of our Dario Diabetes Management Solution and our initial soft launch of the product in select jurisdictions. We are looking forward to achieving even more for the remainder of 2014 and beyond, including the anticipated achievement of our first sales this quarter to a potential FDA approval of Dario in the U.S. later this year. Our initial soft launch is progressing on schedule. The delivery of the first ready-to-use smart meter is yet another key milestone in the evolution of our company. As we spread to new markets, we are proud to have the opportunity to help make life easier for the millions of people with diabetes."
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.
Cautionary Note Regarding Forward-Looking Statements
This news release, the presentation referred to herein 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 and call participants 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.