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Startup nation strikes again in the field of medical technologies.
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LabStyle Innovations Corp. states that it is changing the way people manage their chronic diseases. The company develops and commercializes patent-pending technologies that provide consumers with laboratory-testing capabilities using mobile devices.
The company’s flagship product is Dario, the world’s first personalized smart meter designed for use by diabetics. Dario combines a compact all in one glucose meter that plugs directly into a smart mobile device with personalized information and community support.
It is a cloud based diabetes management solution, which includes novel software applications combined with the stylish, ‘all-in-one’, pocket-sized, Dario Smart Meter that interfaces with a user’s mobile device. A diabetic can get his or her glucose reading with the app as the results are simultaneously loaded onto the cloud.
Dario offers diabetics, and in particular insulin dependent diabetics, an alternative to the more cumbersome, standalone SMBG test kits that are the current market standard. In addition, Dario will provide patients, caregivers and clinicians both real-time and historic data with the goal of better management of blood glucose levels and improved health.
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As the company’s CEO, Erez Raphael, told Jewish Business News, “we are trying to change the way that diabetics will deal with their disease not just by providing a new device, but also trying to change their behavior with the app and with giving them empowerment and motivation. Diabetics feel alone so we try to try to surround them with the understanding of what to do next and give them support services from caregivers in their communities.
“We have a solution from the smart phone connected to the cloud over the web. Information that the users update is loaded to the cloud and their physicians can keep track of it. A diabetic can learn what to do after he gets a reading of his blood glucose level from the app.”
The company has been holding a soft launch of the Dario device and App since March 2014, making shipments to distributors of the device in Italy, New Zealand, and the United Kingdom. It has been working on securing new distribution agreements and insurance reimbursement over the past year.
LabStyle’s current market capitalization is $27 million, but it believes that the company is well positioned to become a major player in the $12 billion SMBG market. While it did not post any revenues in the first quarter of 2014, the company expects to report small or deferred revenues for the quarter ending June 30.
The full commercial launch of Dario is expected to commence in August 2014 and the company is currently available for trade on New York’s OTC.
Raphael explained why LabStyle chose to go to New York instead of the Tel Aviv Stock Exchange. He said, “we saw that it makes sense to do an investment in New York because most of our investors are in the U.S. and once the company is mature enough we will list on NYSE, but we are still in the early stages.”
They have raised $20 million in investment to date from four different rounds.
On June 27th the company announced that it entered into a strategic distribution agreement with AutoControl Medical Inc. that granted ACM the exclusive right to distribute the Dario Smart Meter, test strips and lancets in Canada.
This preceded the Dario market rollout in America. LabStyle has 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 expects a formal response in late 2014 or early 2015.
LanStyle was founded in 2011 and is headquartered in Caesarea Israel where it has its RD team and employs 22 people. Its production line is located in Minnesota.
Erez Raphael, 40, has more than 17 years of industry experience, including product delivery, technology and business development. Prior to joining LabStyle in 2012, Mr. Raphael held a leadership position in portfolio business transformation at Nokia Siemens Networks, and prior to that held senior positions at Amdocs Limited, where he led worldwide technology teams.
