LabStyle Innovations Raises $1.6 Million in a Non-Brokered Private Placement Financing
Summary
CAESAREA, Israel, Feb. 25, 2015 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, today announced that it raised $1.6 million in a private placement offering consisting of shares of common stock and warrants. Zvi Ben-David, chief financial officer of LabStyle, who participated in this round as an investor, stated "This financing helps us to continue our regulatory and marketing efforts during 2015. LabStyle Innovations Corp. (OTCQB:DRIO) develops and commercializes patented technology providing consumers with laboratory-testing capabilities using smart mobile devices. 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.
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