Drug Delivery Business

  • Clinical Trials
  • Research & Development
  • Drug-Device Combinations
  • FDA
  • Pharmaceuticals
  • Policy

DarioHealth raises $10m in private offering

September 14, 2018 By Sarah Faulkner

DarioHealth logo updatedDarioHealth (NSDQ:DRIO) said today that it closed a private placement offering with institutional and private investors, bringing in roughly $10.3 million for the Israel-based company.

As part of the private placement, DarioHealth issued 4,266,800 shares of common stock at 90¢ apiece and 1,806,923 shares of Series D convertible preferred stock at $3.60 apiece. The company also offered warrants to buy up to 9,195,604 shares of common stock at an exercise price of $1.25 per share.

The warrants will be exercisable beginning March 14 and will expire on Sept. 13, 2021, DarioHealth reported. The Series D preferred stock are automatically convertible into 7,227,692 shares of common stock at 90¢ contingent upon stockholder approval for the conversion, the company noted.

“With 14 consecutive quarters of increasing revenues, 84% year-over-year revenue growth from 2016 to 2017, and expected gross margin improvement from service and business-to-business revenues, DarioHealth is on a path of accelerated growth towards profitability.” CEO Erez Raphael said in prepared remarks.

“We believe we have a very strong technology and service offering in digital health which improves patient outcomes while creating significant savings for payers. We are very pleased to see a large proportion of this private investment round coming from new institutional, VCs and private investors who are healthcare focused and understand the tremendous opportunity that DarioHealth is executing upon,” he added.

DRIO shares were trading at $1.10 apiece in morning activity today, up 1.9%.

Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.

Filed Under: Diabetes, Drug-Device Combinations, Featured, Funding Roundup, Pharmaceuticals, Wall Street Beat Tagged With: dariohealth

IN CASE YOU MISSED IT

  • FDA approves Tandem Diabetes’ advanced hybrid closed-loop controller
  • Senate confirms Dr. Stephen Hahn to lead FDA
  • 3M to sell drug-delivery biz to Altaris Capital Partners for $650m
  • Medicina recalls IV Luer Slip syringes
  • Eitan Group signs service agreement with Integrated Medical Systems
Need Drug Delivery Business News in a minute? We Deliver!
Drug Delivery Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Tweets by DrugDeliveryNow

MassDevice Medical NETWORK

MassDevice
DeviceTalks
Medical Design & Outsourcing
Medical Tubing + Extrusion

DRUG DELIVERY BUSINESS NEWS

Subscribe to Drug Delivery News
Advertise with us
About
Contact us
Privacy
Add us on FacebookDrug Delivery Business News
Follow us on Twitter@DrugDeliveryNow
Connect with us on LinkedInLinkedIn

Copyright © 2019 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS