LabStyle Innovations Corp. (OTCQB: DRIO), which has developed the Dario Diabetes Management Solution, today announced it has closed a $2.5 million financing round. The investment will be used to support the global rollout of the Dario, a mobile, cloud-based, diabetes management solution that includes novel software applications combined with a stylish, ‘all-in-one,’ pocket-sized, blood glucose monitoring device. The funds will also be used for working capital purposes. The Dario recently launched in Canada with reimbursement through a majority of medical plans and the U.S. Food and Drug Administration (FDA) clearance is expected in the coming months.
Labstyle chairman and CEO Erez Raphael said, “Shmuel Farhi, a prominent Canadian investor, was a major contributor in this round of funding. LabStyle benefits from the support of investors like Mr. Farhi, as well as our other shareholders who have displayed their loyalty to the Company by making repeat investments in this and prior rounds of funding."
He added, “Our second quarter financial performance shows that we are generating market traction. We will use the proceeds of this fund raise for our anticipated market launch in the US as well continued market penetration in numerous other countries."
Farhi said, “LabStyle has the ability to transform the treatment of disease through mobile solutions. Both mHealth and the diabetes monitoring and treatment markets are multi-billion dollar industries that will continue to grow in nearly every global market."
Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2015
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