LabStyle raises $2.5M for global rollout of Dario diabetes management solution

Dario diabetes management solution

LabStyle Innovations has recently closed $2.5 million round of funding to support the global rollout and initial U.S. commercial launch of the Dario Diabetes Management Solution.

Dario is a mobile, cloud-based, diabetes management solution that includes an “all-in-one,” pocket-sized, blood glucose monitoring device. Said device recently launched in Canada with reimbursement through a majority of medical plans and FDA’s clearance is anticipated in the coming months.

“Our entire team here at LabStyle is very excited about where we are in the Company’s growth cycle and we, along with our friends and family, are making personal investments in the future of LabStyle and the Dario,” stated Erez Raphael, LabStyle’s Chairman and Chief Executive Officer.

Shmuel Farhi, a prominent Canadian investor, was a major contributor in this round of funding, in addition to the company officers, employees, friends and family.

Funding terms included a purchase price per unit of $0.30. Each unit comprised of one share of LayStyle’s common stock and two warrants to purchase common stock. Each warrant entitles the investor to purchase 0.5 share of common stock, one at an exercise price of $0.35 per share exercisable during a twelve months term and the other at a purchase price of $0.40 per share exercisable during a three year term.