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SOURCE LabStyle Innovations Corp.
Distribution agreement reached with Viper Medical to market the Dario™ Smart Meter, test strips and lancets in the Netherlands
CAESAREA, Israel, July 9, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, announced today that the company is increasing its market reach by entering into an agreement with Viper Medical for exclusive distribution of the Dario™ Smart Meter, test strips and lancets in the Netherlands.
Viper Medical specializes in both business-to-business and business-to-consumer medical device distribution in the Netherlands. They have an established market position in the Netherlands through their distribution channels and through their proprietary online marketing solutions to pharmacies, physicians and patients.
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 using their mobile devices. As previously reported, the initial launch of the Dario™ Smart Meter began in late March 2014 with the goal of collecting customer feedback to be used to refine LabStyle's longer-term roll-out strategy. The Netherlands now joins the growing Dario™ worldwide rollout already underway in the United Kingdom, New Zealand and Italy.
"We are excited to have found such a partner as Viper in the Netherlands," said LabStyle Innovations president and CEO Erez Raphael, "Viper is a leader in the online purchase of mobile medical solutions in the Netherlands, and they share the LabStyle innovative vision and understanding of the importance of direct communication with the diabetic community through social media and digital marketing. We look forward to working with Viper as we bring Dario™ to the Netherlands."
The Netherlands offers an attractive opportunity for sales for the Dario™ Diabetes Management Solution. Currently, nearly 1 million people out of a total population of 16 million people are living with diabetes in the Netherlands. After asthma, diabetes is the most common chronic disease among children there. According to the International Diabetes Federation, prevalence of diabetes is expected to reach 10% of the population by 2030.
"We are pleased to be LabStyle's distribution partner in the Netherlands," said Mr. Tom Sannes, Managing Director of Viper Medical. "Diabetes in the Netherlands is a fast growing disease. Not only does it remain a medical challenge here but has become a huge burden for the Dutch economy and society. Insurance companies are seeking ways to reduce the billions of euros that relate to the cost of treatment on a yearly basis as well as the high costs related to reduction in productivity. By enabling easy and effective data management, Dario™ ensures easier patient compliance and improved quality of care. The Dario™ personalized smart meter integrates with today's lifestyle unlike any other diabetes solution on the market and we are confident that this will change the way people will manage their diabetes in the Netherlands."
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 and marketing efforts with Dario™ in the Netherlands) 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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