DarioHealth (NASDAQ: DRIO), a leader in the global digital therapeutics (“DTx”) market, announced the pricing of a $14.3 million private placement of convertible preferred stock. The announcement noted that the placement had been priced at the market under NASDAQ rules and included “significant participation by select members of leadership, the board and existing investors.” In addition, DarioHealth also noted that it had refinanced $25 million in borrowed funds, saving approximately $6 million in annual amortization payments. “These actions are very positive for Dario as they provide an additional year and a half of cash runway, based on our current operating plan, at terms that I believe are very favorable to our company,” said DarioHealth CEO Erez Raphael in the press release. “We are delighted that approximately half of the newly designated convertible preferred shares, which were priced at the market under NASDAQ rules, were purchased by select members of the company’s leadership, the company’s board of directors, and existing shareholders, which we view as an additional vote of confidence. Additionally, the refinancing of our existing credit facility will save approximately $6 million annually in amortization expenses. This financing will help us to continue to execute on our long-term growth strategy, which is focused exclusively on high margin, highly scalable business-to-business customer channels and allow us to maintain these positive trends in the future.”
To view the full press release, visit https://ibn.fm/FgYsY
About DarioHealth Corp.
DarioHealth Corp. is a leading DTx company revolutionizing how people with chronic conditions manage their health through a user-centric, multichronic condition digital therapeutics platform. Dario’s platform and suite of solutions deliver personalized and dynamic interventions driven by data analytics and one-on-one coaching for diabetes, hypertension, weight management, musculoskeletal pain and behavioral health. The company’s user-centric platform offers people continuous and customized care for health, disrupting the traditional episodic approach to healthcare. This approach empowers people to holistically adapt their lifestyles for sustainable behavior change, driving exceptional user satisfaction, retention and results, and making the right thing to do the easy thing to do. Dario provides its highly user rated solutions globally to health plans and other payors, self-insured employers and providers of care as well as directly to consumers. For more information about the company, please visit www.DarioHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to DRIO are available in the company’s newsroom at http://ibn.fm/DRIO
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