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SOURCE LabStyle Innovations Corp.
Distribution agreement reached with partner to market the Dario™smart meter in Canada
CAESAREA, Israel, June 27, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, announced today that it has entered into a strategic distribution agreement with AutoControl Medical Inc. (ACM) that grants ACM the exclusive right to distribute the Dario™ Smart Meter, test strips and lancets in Canada.
Dario™ is a cloud-based, diabetes management solution which includes novel software applications combined with the stylish, 'all-in-one', pocket-sized, Dario™ Smart Meter which interfaces with a user's mobile device to form the overall Dario™ Diabetes Management Solution, allowing diabetics to monitor their blood sugars and other activities and gain insights into managing their disease using their mobile devices.
ACM is a Canadian leader in the category of medical devices for home use, and celebrated its 25th anniversary in 2013. Among the brands it distributes are LifeSource blood pressure monitors, Medtronic insulin pump supplies, and Owen Mumford pen tips. ACM has successfully launched several blood glucose monitoring systems into the Canadian market, over the years. Most of its products are sold through leading pharmacy chains coast-to-coast. ACM operates from offices in Mississauga, Ontario.
Canada joins the worldwide rollout of Dario™ that is already underway in the United Kingdom, Italy, Australia and New Zealand with the market launch of the iOS version of Dario™ that began in late March 2014. Penetration into the Canadian market is the company's next step in the strategic rollout plan for the Dario distribution plan in North America. This precedes the Dario market rollout in the USA. LabStyle has previously filed a 510(k) application with the U.S. Food and Drug Administration to allow for the marketing of Dario in the U.S. and expect a formal response in late 2014 or early 2015. LabStyle believes that the Canadian market is promising for Dario™ as the cost of diabetes to the healthcare system in Canada has become a significant economic burden. According to the Canadian Diabetes Association, more than 20 people are diagnosed with diabetes every hour of every day in Canada, and it is estimated that there are approximately two million Canadian diabetics, 10% of them with Type 1.
"Our market rollout for Dario™ generally and now for North America is continuing on target with our previously announced strategic plans. We are very excited to have found such a valuable partner in ACM to join us in launching the Dario™ smart meter in Canada" said LabStyle Innovations president and chief executive officer Erez Raphael. "It has been very rewarding to experience the initial market demand for Dario™ in our soft launch territories, and we are looking forward to bringing Dario™ to the population of people with diabetes in Canada in order to help make their live simpler by easily tracking their blood sugar changes and providing them with greater insight into and control over their daily decisions for treating their chronic condition. With Dario™, diabetes management is not only about generating accurate blood glucose measurements but also gathering and providing practical information, analysis and suggestions, including through via social community channels, to help those with diabetes make better informed decisions and improve their lifestyle."
"As a person with diabetes myself, I'm very eager to introduce the Dario™ meter to the Canadian market", said Mr. Robert Burgy, AutoControl Medical Inc., President. "The key to diabetes self-management is information, and Dario™ takes managing that information to a whole new level by turning your smartphone into your glucose meter in a way that nobody has done before. Plus, it adds all kinds of feedback potential that no conventional meter has ever offered."
About LabStyle Innovations
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, a mobile, cloud-based, diabetes management solution which includes novel software applications combined with a stylish, 'all-in-one', pocket-sized, blood glucose monitoring device. 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 and in April 2014, LabStyle received a Notice of Allowance for a U.S. patent covering core functions of the Dario™ Blood Glucose Monitoring System. For more information: www.mydario.com and http://mydario.investorroom.com.
Cautionary Note Regarding Forward-Looking Statements
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 sales, marketing and regulatory efforts with Dario™ in Canada) 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.
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