Business
DarioHealth Announces Acquisition of Leading Digital Musculoskeletal Company Upright Technologies and $70 Million Financing
Expands DarioHealth's multi-condition platform into the $213 billion musculoskeletal market and creates one of the most comprehensive digital health platforms
About this update from Dariohealth Corp.
[{"type":"text","content":"Expands DarioHealth's multi-condition platform into the $213 billion musculoskeletal market and creates one of the most comprehensive digital health platforms\n Financing supported by leading health care focused institutional investors, including Nantahala Capital Management, LLC, Perceptive Advisors, Driehaus Capital Management, Farallon Capital Management, Pura Vida Investments, and others priced at market pursuant to Nasdaq rules\n Increases membership to more than 150,000 and combined proforma 2020 full-year revenue to more than $20 million\n Company to host a conference call today, January 27, 2021, at 8:30 am ET\n\n\n NEW YORK, Jan. 27, 2021 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a pioneer in the global digital therapeutics (DTx) market, announced today the signing of a definitive agreement to acquire digital musculoskeletal (MSK) company Upright Technologies Ltd. in a stock transaction. Dario will be adding Upright's MSK solution to its digital therapeutic platform, which represents one of the most comprehensive multi-chronic condition platforms in the market with approximately 150,000 users. It brings together complementary companies with industry-leading consumer engagement and clinical outcomes delivered through a platform that combines advanced sensors, dynamic AI-driven behavior change, member journeys, and coaching. Dario has concurrently announced definitive agreements with a syndicate of highly regarded healthcare institutional investors to raise $70 million through a private placement of its common stock priced at the market pursuant to Nasdaq rules. Dario has executed securities purchase agreements for the sale of an aggregate of 3,278,688 shares of its common stock at a purchase price of $21.35 per share. Dario intends to use the net proceeds from the offering for general corporate purposes. \n \n \nUpright is a leading digital MSK health company focused on preventing and treating the most common MSK conditions through behavioral science, biofeedback, coaching, and wearable tech. Upright has over 90,000 active users and its clinically validated solution is recommended by more than 500 clinics worldwide. \nInvestors in the private placement included Nantahala Capital Management, LLC Perceptive Advisors, Driehaus Capital Management, Farallon Capital Management, Pura Vida Investments, Phoenix Insurance ...