LabStyle Innovations, InnoMed ink distribution agreement for Dario blood glucose monitoring device

LabStyle Innovations Corp. (OTCQB:DRIO), developer of Dario™, a cloud-based, mobile health (mHealth) platform for diabetes and related blood glucose monitoring, announced today that it has entered into an exclusive agreement with InnoMed Ltd. to distribute the Dario™ diabetes management platform's blood glucose monitoring device in New Zealand.  The terms of the agreement were not disclosed.

"We are delighted to partner with InnoMed.  Their many decades of industry experience, as well as their vision and sincere interest to positively impact the health and well-being of people by introducing modern medical technology, are a perfect fit with our immediate and long-term goals.  We are very excited that New Zealand, well-known for its interest in innovation and early adoption of new technologies, will be among the first countries worldwide to experience the new Dario™ iOS app beginning on December 12^th and the Dario™ blood glucose monitoring device, later during the first quarter of 2014," said LabStyle Innovations President and chief executive officer Mr. Erez Raphael.

The stylish, 'all-in-one', pocket-sized, Dario™ blood glucose monitoring device, which comes complete with lancet, strips and a glucose meter, will be available for purchase through InnoMed.  The glucose meter connects to a smartphone and the feature rich Dario™ mobile and website applications enabling patients, medical professionals and caregivers to access data in real time.  Using the Dario™ iOS mobile app, customers will be able to easily and instantly check blood sugar levels using their smartphone and gain useful insights and views regarding the management of their condition. 

According to the NZSSD website, the Ministry of Health of New Zealand estimates that more than 200,000 people are affected with diabetes in New Zealand.  The country also has one of the highest rates of pediatric diabetes worldwide accordingly to Diabetes New Zealand.  And, as reported by the New Zealand press, by 2021, health costs related to diabetes are predicted to balloon to more than $1 billion a year.  

LabStyle was granted a CE mark for the full Dario™ diabetes management platform in September 2013, which allows LabStyle to market Dario™ in Europe.  LabStyle believes Dario™ is the only end-to-end mobile health platform that offers and encourages people living with diabetes a new way to understand and control their condition.  

"The Dario™ diabetes management platform fills a clearly unmet need in the diabetes market by enabling those with diabetes to manage their daily lives, and the multiple management decisions that go with it each day, in a social, fun but also well-informed and responsible way.  We believe the particular features of Dario™ create the potential for increased patient compliance in monitoring and managing their condition.  We are pleased to be part of the Dario™ initiative and look forward to introducing our fellow New Zealanders first to the free iOS app on December 12^th and later during first quarter 2014 to the blood glucose monitoring device and the free Android app," said Richard Steingold, co-director and chief executive officer of InnoMed Ltd. 

LabStyle announced on November 4^th plans to begin the worldwide roll-out of the Dario diabetes management platform beginning with the market launch of the iOS app on December 12^th in the United Kingdom, New Zealand and Australia.  Customers in these countries will be the first to be able to download the complimentary app from the Apple App Store and immediately begin experiencing the novel functionality and benefits of Dario™'s iOS app, no matter what blood glucose monitoring device they are currently using, by manually inputting the information.

LabStyle announced on November 12^th it will launch the iOS app in Italy and Belgium and the Android app, in the United Kingdom, New Zealand, Australia, Italy and Belgium – both during first quarter 2014.  In the same announcement, the company reported first quarter 2014 plans to soft launch of the Dario™ all-in-one blood glucose monitoring device in the United Kingdom, Italy, Belgium, New Zealand and Australia.