|Q&A with LabStyle Innovations Exec VP, Todd Durniak|
|By Staff and Wire Reports|
|Thursday, 24 September 2015 05:01|
Recently, LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, announced it had closed a round of funding totaling approximately $2.5 million. According to management, the monies will be used to support the global rollout and initial U.S. commercial launch of their flagship product Dario™ for working capital purposes.
The Dario™ is mobile, cloud-based, diabetes management solution that includes an advanced software application combined with a stylish, 'all-in-one,' pocket-sized, blood glucose monitoring device. Dario recently launched in Canada with reimbursement through a majority of medical plans and the U.S. Food and Drug Administration's clearance is anticipated in the coming months. BioMedReports.com editor, M.E. Garza recently met with LabStyle’s new Executive Vice President and General Manager of US sales, Todd Durniak to discuss the company’s development.
M.E. Garza: Tell us a bit about the technology itself and explain what promises does it hold?
Durniak: Dario™ Diabetes Management Solution offers people with diabetes an opportunity to turn an iPhone or Android phone into a cloud-linked blood glucose management system by connecting a tiny glucose test strip meter into the audio jack. The technology delivers a simple, cost effective way to enable use and to capture data from every testing event, communicate directly with physicians and caregivers, and stay on top of their treatment plan. From a sheer convenience standpoint, the compact all-in-one design eliminates the need to carry a separate meter and testing supply kit and frees them from keeping a physical logbook. Since many people already have a smartphone in their lives, our application and meter paring eliminate the need for one more screen in their lives.
Garza: You have quite a bit of experience with medical devices. Why were you so attracted to this particular device technology?
Durniak: I liked the fact that Dario™ provided a simple way to digitize health data utilizing an existing connection; the smartphone. The compact design coupled with an engaging application interface is great for users, who never have to worry about syncing via Bluetooth or cables to capture data. From a caregiver/physician/payer standpoint, the ability to access real data in real time and overtime can assist with disease management on an individual or group level. All of this can be accomplished without adding a major cost burden to existing health systems reimbursement levels.
Garza: We are seeing medicine become more and more personalized. It seems the window of opportunity for this sort of product is just opening. Do you see it the same way?
Durniak: Devices and wearables are generating a great deal of useful data these days that if captured and presented properly, can help people manage their health. Utilizing Bluetooth, cables, and wireless connections via applications and aggregators we now have a higher resolution picture of a person’s health profile than we’ve ever had before. Dario™ can make connecting simple and seamless, and hopefully by virtue of an engaging interface, better utilized. Technology can be powerful, but usability keeps it adding value.
Garza: let's talk about the company structure. Where do things stand now?
Durniak: LabStyle Innovations is based in Caesarea, Israel. We have around 20 employees and are selling our technology through distributors in CE mark countries, Australia, and Canada. Manufacturing is outsourced through a supplier network in a variety of countries. We are looking forward to staffing up for a US launch once we have FDA clearance.
Garza: What are the biggest challenges facing the company right now?
Durniak: Ensuring users have access to the technology in the markets we serve and the company has the resources it needs to continue expansion into new markets.
Garza: Why should investors be paying attention to you right now?
Durniak: We are competing for a share in an established $12 billion global blood glucose testing market with a unique solution that also offers the potential for digital disease management revenue streams. We’re on the ground floor of our launches and looking forward to gaining momentum as we expand to new markets and capture share in existing markets.