Full Press Release Details
LabStyle Innovations Raises $1.6 Million
Private Placement Financing
Proceeds to fund manufacturing,
sales and marketing programs for LabStyle's DarioTM as well as ongoing FDA efforts
CAESAREA, Israel - February 25, 2015
/PRNewswire/ - LabStyle Innovations Corp. (OTCQB:DRIO), developer of the Dario Diabetes Management Solution, today
announced that it raised $1.6 million in a private placement offering consisting of shares of common stock and warrants. No placement
agent was used for this financing.
LabStyle intends to use the net proceeds from
the offering to fund continuing manufacturing and sales efforts in existing and new markets and to continue ongoing regulatory
work associated with its pending FDA 510(k) application for Dario , as well as for general working capital.
The investors were all institutional or accredited
investors. Pertinent terms of the financing are:
Erez Raphael, president and chief executive
officer of LabStyle, stated "We are very pleased to have accomplished this financing, as it allows us to continue our efforts
to introduce the world to our revolutionary Dario diabetes management platform that we believe creates the potential to improve
diabetic patient care. Our 2014 soft launch provided us with excellent feedback from patients, and we are now confident that Dario
has the potential to make a real difference in lives of diabetic patients and help them stabilize and improve their medical condition."
Zvi Ben-David, chief financial officer of LabStyle,
who participated in this round as an investor, stated "This financing helps us to continue our regulatory and marketing efforts
during 2015. In addition, the structure of the 9 month warrant also provides us with the potential of some additional funding during
this year. In the near term, we will use this funding to continue to improve operating efficiencies and cost reductions as we seek
to continue or sales efforts with Dario and complete our regulatory clearance efforts with FDA"
LabStyle separately announced that Dr. Peter
Kash, who was appointed as member of the company's board of directors in November 2014, will be resigning from the board
due to increased schedule demands from his other commitments and will join LabStyle's advisory board, were he will continue
to contribute his extensive knowledge and experience to LabStyle.
Further details of the financing will be available
in a Current Report on Form 8-K to be filed by LabStyle with the Securities and Exchange Commission.
About LabStyle Innovations Corp.
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. 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
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 financing described herein and 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
LabStyle Innovations Corp.