DarioHealth Enters Agreement to Acquire Physimax, a Leading Provider of Validated Computer Vision for Musculoskeletal Health
Dario's third all-equity acquisition in the last 12 months brings cutting edge vision technology to the company's comprehensive digital therapeutics platform
Jan 20, 2022
NEW YORK, Jan. 20, 2022 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a leader in the global digital therapeutics (DTx) market (the Company), announced it has entered into an agreement to purchase all of the right, title and interest in certain assets of Physimax Technologies Ltd. ("Physimax"), a leading provider of computer vision (CV) technology for Musculoskeletal (MSK) functional screening and predictive risk of injury assessment. Physimax's technology is currently in commercial use by NBA and NFL teams, the U.S. military and health care facilities specializing in orthopedic care. The closing of the acquisition of Physimax's assets is subject to customary closing conditions, including the approval of the Israeli Innovation Authority.
The technology enables automated MSK and injury risk screenings with validated accuracy and Physimax's Artificial Intelligence (AI) engine generates evidence-based personal training programs based on the user's objective scoring outcome to aid in effective injury prevention and recovery. Physimax's unique technology is validated by a professional motion lab as well as industry experts and proven to be comparable to trained human professionals.
In consideration for the acquisition of Physimax's assets, the Company agreed to issue up to 256,660 shares of its common stock, subject to a lock up period, plus a cash payment of $500,000, as well as agreed to assume certain liabilities in an approximate amount of $1,020,000.
"We are committed to bringing cutting edge technologies to our suite of offerings to enhance the user experience and improve outcomes. We believe that Physimax's technology strengthens our ability to scale highly effective treatments for musculoskeletal health and reduce the burden on Dario professional human support. Physimax's technology supports rapid growth of membership without the traditional limitations of MSK care delivered by humans," said Erez Raphael, CEO, DarioHealth.
About DarioHealth Corp.
DarioHealth Corp. (Nasdaq: DRIO) is a leading global digital therapeutics company revolutionizing how people with chronic conditions manage their health. DarioHealth offers one of the most comprehensive digital therapeutics solutions on the market - covering multiple chronic conditions including diabetes, hypertension, weight management, musculoskeletal and behavioral health within one integrated technology platform.
Dario's next-generation, AI-powered, digital therapeutic platform supports more than just an individual's disease. Dario provides adaptive, personalized experiences that drive behavior change through evidence-based interventions, intuitive, clinically proven digital tools, high-quality software, and coaching to help individuals improve health and sustain meaningful outcomes.
Dario's unique user-centric approach to product design and engagement creates an unparalleled experience that is highly rated by users and delivers sustainable results.
The company's cross-functional team operates at the intersection of life sciences, behavioral science, and software technology and utilizes a performance-based approach to improve its users' health.
On the path to better health, Dario makes the right thing to do the easy thing to do. To learn more about DarioHealth and its digital health solutions, or for more information, visit http://dariohealth.com.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of DarioHealth Corp. related thereto contain 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. For example, the Company is using forward-looking statements in this press release when it discusses the potential closing of the acquisition and the benefits that may be realized by including Physimax's technology with the Company's suite of offerings. 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 timing for and results of the Company's commercial and regulatory plans for Dario™ as described herein) 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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SOURCE DarioHealth Corp.