OurCrowd Qure Leads DarioHealth Corp. (NASDAQ:DRIO) Private Placement with $2.5 Million of $5.1 Million Total(NetworkNewsWire) DarioHealth Corp. (
DarioHealth Corp., based in Jerusalem and Boston, manufactures a platform for smart diabetes management. It is a B2C model marketed combination of its Blood Glucose Monitoring System smart phone app and a number of tools to help in health care decisions by users. It is a portal for the internet. In its investor presentation (http://nnw.fm/S3i5w), the company projects there will be 642 million diabetics globally by 2040, quoting the IDF Diabetes Atlas 7th edition, 2015. DarioHealth Corp. markets fourth generation native mobile devices to monitor blood glucose levels and generate real time health data on its user app. It offers coverage to both Android and iOS devices globally.
In the U.S. alone, DarioHealth Corp. states, the total economic burden of diabetes was $322 billion in 2012. It says some 30 million Americas have the disease and one in five health care dollars is spent in care for people with diabetes. Further, it says the glucose monitoring market is $13 billion and growing at a 5.2% CAGR, according to Research and Markets (http://nnw.fm/3R7jI). It is seen growing to $24.6 billion by 2020.
The investment transaction will be for 1,821,437 shares of common stock, at a price per share of $2.80. It will also have a warrant to buy 1,821,437 shares of common stock. The five-year warrants will have a price of $3.50 per share. Dario (
OurCrowd Qure will receive two seats on the board of DarioHealth Corp., to be filled at a later date. Dario's products have already received regulatory approval in both Europe and the U.S., and it obtains reimbursement in Canada, Italy, Israel, Australia and the United Kingdom. It has expanded into Belgium, the Netherlands and New Zealand. OurCrowd Qure's investment will enable it to expand into Germany, too. Social media, such as Facebook, is a tool by which DarioHealth Corp. increases its share and penetrates markets, it said.
In a news release, Erez Raphael, chairman and CEO of Dario, said, "We have received great support and belief in our product, vision and growth strategy from investors. With this funding, we will accelerate adoption of our innovative and user-friendly remote glucose monitor platform across current markets and also expand into new geographies, such as Germany, in 2017."
Allen Kamer, managing partner of OurCrowd Qure, noted that Dario has a global footprint and disrupts health care delivery with its B2C marketing strategy.
For more information, refer to www.MyDario.com
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