Full Press Release Details
LABSTYLE INNOVATIONS ANNOUNCES INTERNAL
IN ANTICIPATION OF COMMERCIAL LAUNCH
Moves underscore evolution from R&D
to commercial-stage enterprise
European approval of Dario blood glucose
monitoring system expected in the near future
Company to explore up-listing to national
RAMAT GAN, Israel (August 12, 2013)
- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario smartphone-based glucose monitor and diabetes
data-management system, announces that its board of directors has implemented management changes to prepare the company for the
commercialization of Dario following the anticipated European approval of the product in the near future.
The new management structure includes the
Mr. Raphael, age 40, is a seasoned leader
who brings more than 17 years of industry experience to his new role at LabStyle including product delivery,
technology and business development. As LabStyle's Vice President of Research and Development, Mr. Raphael has been
instrumental in the development of Dario and is intimately familiar with the various aspects of the Dario project, including software,
hardware, manufacturing and distribution. Prior to joining LabStyle in 2012, Mr. Raphael held
a leadership position at Nokia Siemens Networks, and prior to that held senior positions at Amdocs Limited
(NYSE: DOX), including a complex software development transformation that streamlined a change in the management of more than 1,500
employees worldwide.
is a very exciting time at LabStyle and an appropriate time for transition," said Dr. Fuerst. "Since LabStyle was founded
two years ago, we have evolved from a private startup research and development company with two employees to a public company with
an experienced team of more than 20 professionals with European regulatory approval and initial commercial launch of our revolutionary
product Dario expected in 2013. As is typical in companies that move from startup mode to a new phase of their corporate life,
we are making changes intended to help ensure our long-term success. Accompanying these developments, we are also exploring
a potential up-listing of the trading of our public stock later this year to a national U.S. securities exchange."
look to the future, we must also express thanks and praise to Shilo Ben Zeev and the entire LabStyle team for their amazing work
to get us to where we are today," continued Dr. Fuerst. "On behalf of our board of directors, we acknowledge and thank
Shilo for his outstanding contributions to LabStyle. We look forward to continuing our work with him as a strategic consultant
Commenting on his new role, Mr. Raphael
stated, "I am deeply honored to be part of this special company, and even more so to be entrusted by the board of directors
with these new responsibilities. Dario is a truly amazing product that has the potential to benefit diabetics around the world
in monitoring their blood glucose levels and managing their disease. We believe that all of the pieces are in place for us to achieve
CE Mark approval in the near term and to finalize our initial commercial launch strategy for Dario in Europe in 2013. Following
CE Mark approval, we will ramp up our efforts to achieve U.S. FDA clearance for marketing Dario as we continue to refine and improve
our product based on initial customer feedback."
"In addition, as previously announced,
we have secured initial distribution partnerships in Europe to accompany our online marketing strategy, are working closely with
our manufacturing partners and are developing a strong intellectual property portfolio to protect not only the interface between
our blood glucose monitor and the smartphone, but also the novel design and functional elements of Dario," continued Mr.
Raphael. "Our plan now is to put in place the human and operational systems needed to fully capitalize on all of our achievements
to date, and I am looking forward to continuing my work with the board of directors and the excellent team at LabStyle."
About LabStyle Innovations
LabStyle Innovations Corp. (OTCQB:
DRIO) is developing and commercializing a patent-pending technology that seeks to bring rapid diagnostic capabilities to consumers
in a distinctive and easy-to-use way through the use of smartphones such as iPhones, Androids and other mobile devices. LabStyle's initial
product is Dario , an integrated medical device and software system addressing the market for diabetic self monitoring of
blood glucose (SMBG), a market which is estimated to exceed $10 billion worldwide. Dario is a comprehensive, patent-pending
system that combines an all-in-one medical device consisting of an integrated lancet (to obtain a blood sample), a device-specific
disposable test strip cartridge and a smartphone-driven glucose reader adaptor, together with a smartphone app and cloud-based
data services. LabStyle is pursuing patent applications in multiple jurisdictions 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, please visit www.mydario.com.
Cautionary Note Regarding Forward-Looking
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 management restructuring discussed herein, as well the timing for a results of regulatory review of Dario and
the Company's commercial plans for Dario) 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.
LabStyle Innovations Corp.
Dr. Oren Fuerst, Executive Chairman