LabStyle Innovations was
founded in 2011 as an enterprise vehicle to innovate and commercialize
self-diagnostic technologies and platforms that enhance the way consumers
engage, monitor and live healthier lifestyles. In September 2013, less than six
months after its debut on the OTCQB market, the company was granted CE Mark for
European marketing of its first brand, Dario™.
Dario is a compact diabetes
monitoring device that integrates the latest smartphone technology, advanced
software, and user-centered diagnostics and feedback loops. The tool combines
an all-in-one self-monitoring of blood glucose (SMBG) meter consisting of a
lancet, strip dispenser, and innovative smartphone application that enables
Internet-based data services, providing patients, caregivers and clinicians
both real-time and historic data to allow for streamlined and easier management
of blood glucose levels and improved health.
Users can use the device to
track blood sugars with the all-in-one glucose meter or by manual input. If the
user has low blood sugar, Dario sends an alert to any specified recipient, such
as a caregiver or loved one. The Dario platform is equipped with a
comprehensive database of foods and allows the user to store information on
favorite meals or foods, as well as track insulin and exercise. Data is then
pulled into a report to produce significant statistics that provide the user
with information to better manage their diabetes on a daily basis. All
information is securely stored in an online profile, accessible online or via
smartphone; from here, the reports can also be sent to healthcare providers.
More than 382 million people
worldwide have diabetes; by the year 2035, that number is expected to grow to
592 million, triggering a projected surge in the market for diabetes diagnosis
and monitoring devices to $260 billion by 2018. LabStyle plans capture its
share of this growing market with the launch of Dario in Europe later this
year, followed by a product roll-out in North America upon receipt of
applicable regulatory approvals.
As historically proven in
its initial years, LabStyle moves fast. Among other milestones achieved in the
first quarter and early second quarter of 2014, LabStyle shipped the first
units of the Dario™ Diabetes Management Solution to distributors in Italy, New
Zealand and the United Kingdom, and also received a Notice of Allowance from
the U.S. Patent and Trademark Office for core patent claims covering the Dario™
Personalized Smart Meter.
The company pursued and
received national and regional insurance reimbursement approval for the Dario™
Personalized Smart Meter in Italy, and is currently seeking reimbursement in
additional strategic territories. In February, LabStyle successfully closed a
private placement, raising $3.8 million in net proceeds.
LabStyle has defined an
aggressive business strategy and set of goals for the remainder of 2014, and
this month hit the road to increase its marketing and brand visibility by
presenting the product and technology at the Thru Equity 3rd Annual Microcap
Investor Conference and at the Third Annual Marcum Microcap Conference.
Moving into the second-half
of the year, LabStyle plans to expedite production of Dario™ Personalized Smart
Meters in selected jurisdictions, as well as enhance logistics and shipment
process in order to accelerate the shipment and delivery of the smart meters
and test strips. The company also plans to expand its distributor network,
establish an online sales strategy, and augment its intellectual property
portfolio. LabStyle has already filed for 510K FDA clearance for the Dario™
personalized smart meter, which it hopes to obtain by the end of 2014.
For more information visit
www.mydario.com
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