LABSTYLE INNOVATIONS NAMES HARMONIUM PHARMA AS EXCLUSIVE DISTRIBUTOR FOR DARIO IN ITALY
Provider of specialized and comprehensive diabetes solutions to begin sales and marketing activities upon receipt of CE mark
Jun 24, 2013
CHICAGO and RAMAT GAN, Israel (June 24, 2013) – LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ smartphone-based glucose monitor and diabetes data-management system, announces that Harmonium Pharma has been named as the exclusive distributor for Dario in Italy. LabStyle made this announcement from the American Diabetes Association’s 73rd Scientific Sessions, which is underway at the McCormick Place Convention Center in Chicago.
Based in London with affiliates in France and Italy, Harmonium Pharma is focused on serving the needs of diabetology, with a commercial product portfolio that includes medical devices, food supplements, dermocosmetics and medicinal foods. The company is led by Ugo Cosentino, the former President and CEO of Pfizer (NYSE: PFE) Italy. According to Business Insights, there are approximately 4 million people living with diabetes in Italy and diabetes-related national healthcare expenditure exceed $11 billion annually.
Under the terms of the agreement, Harmonium will exclusively market and distribute Dario and its all-in-one software system and proprietary test strips to primary-care medical practices, clinics, hospitals and patients throughout Italy following receipt of CE mark. Planned marketing campaigns are directed to diabetes centers, gatherings of medical professionals, the Italian national healthcare system and social media outlets. LabStyle will support Harmonium’s work to build awareness and drive sales of Dario via patient awareness utilizing its own online presence.
“With their sole focus on diabetes, Harmonium Pharma is an ideal partner for Dario in Italy,” said Dr. Oren Fuerst, LabStyle’s Chairman and Chief Executive Officer. “Our engagement of Harmonium Pharma adds to our European commercial infrastructure. Beyond our already announced activities in the U.K., Belgium and the Nordic countries, we continue to speak with other distributors for coverage in key geographies, primarily in Europe, as well as prepare for our own direct marketing of Dario once we receive CE mark.”
Harmonium Pharma has 24 sales agents who call upon diabetologists, pharmacists and diabetic patients across Italy. The company has a strong technical support team that develops, implements and delivers business solutions tailored to the needs of the diabetologists, with a commitment to exceptional customer service.
Dario is a comprehensive system that combines an all-in-one self-monitoring of blood glucose (SMBG) device consisting of a lancet to obtain a blood sample, a novel disposable test strip cartridge and a glucose reader adaptor that interfaces with the smartphone, with a smartphone application and internet-based data services. Among other features, Dario includes a data log for blood glucose, food intake, insulin recommendation and analysis, and sharing.
Dario is expected to be particularly useful to insulin-dependent patients (both Type 1 and Type 2 diabetics) who check their blood glucose levels multiple times each day, and represents an innovative alternative to the more cumbersome, standalone SMBG test kits that are the current market standard. Dario’s ease of use is expected to improve testing compliance and increase monitoring. 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.
Dario is pending receipt of the CE mark. LabStyle also expects to launch Dario in Europe in 2013 and subsequently in other jurisdictions, including the U.S., Asia and South America, following receipt of applicable regulatory approvals.
About Harmonium Pharma
Harmonium Pharma is a London-based pharma company with affiliates in France and Italy that is focused on diabetes, by marketing products, food supplements and medical devices addressed to the pharmacy and medical world. The company operates through product/company acquisitions, licensing and venture partnerships, and aims to offer a compelling value proposition to its customers and partners with its product offering and its strategic and operational approach at the scientific, sales and marketing levels.
About LabStyle Innovations
LabStyle Innovations Corp. has developed and is commercializing a patent-pending technology that brings rapid diagnostics capabilities to consumers in a distinctive and easy-to-use way through the use of smartphones such as iPhones and Androids, and other mobile devices. LabStyle’s initial product is Dario™, an integrated medical device and software system addressing the market for patient SMBG products, which is estimated to exceed $10 billion worldwide. The SMBG market is currently led by Johnson & Johnson’s (NYSE: JNJ) LifeScan brand, Abbott’s (NYSE:ABT) FreeStyle brand, Roche’s (OTC: RHHBY) Accu-Chek brand and Bayer’s (OTC: BAYRY) Contour brand. Dario is a comprehensive, patent-pending system that combines an all-in-one medical device consisting of an integrated lancet (to obtain a blood sample), a device-specific disposable test strip cartridge and a smartphone-driven glucose reader adaptor, with a smartphone app and cloud-based data services. LabStyle is pursuing patent applications in multiple jurisdictions 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.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of LabStyle Innovations Corp. (the Company) related thereto contains 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. 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 discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, those related to the Company's relationship with Harmonium Pharma) 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.
LabStyle Innovations Corp.
Oren Fuerst, Chairman/CEO