Concurrent with volatile trading on Wall Street, DRIO (NYSE: DRIO), a small Israeli company specializing in the treatment of diabetes, has soared more than 50% in high turnover to a market value of $ 47 million. The jump is attributed to the success of a $ 28.6 million fundraiser in which institutional bodies in the country also participated. In fact, the value of the company given the raise is about $ 90 million.
Dario Health has developed a system that includes sugar testing using the cell phone, documenting the testing and an algorithm that uses the information to provide motivational support to the patient. In addition, the system allows the transfer of information to the doctor and provides alerts in case of deviation of the results.
On Friday, the company reported a private placement to a number of institutional entities in the United States and Israel. Among the entities that participated in the offering: Phoenix, Moore Provident Fund and Psagot Investment House.
“The rate of adoption of digital therapies is accelerated by the current epidemic. Dario’s effective solution is well placed to connect to the largely untapped American market, “said the company’s CEO Erez Rafael.
Rosario Capital served as the Company’s financial advisor in Israel.
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