InvestorNewsBreaks – DarioHealth Corp. (NASDAQ: DRIO) Partners with OrbiMed to Close on $50 Million Credit Facility
Jun 9, 2022
DarioHealth (NASDAQ: DRIO), a leader in the global digital therapeutics (“DTx”) market, has closed on a senior secured term loan facility of up to $50 million with OrbiMed. According to the announcement, the investment from the elite healthcare fund indicates validation and the company’s access to capital, thereby creating a pathway to execute on DRIO’s strategic operating plan. A leading investor in the healthcare industry, OrbiMed provided nondilutive capital to fund the continued development of the company’s platform as well its adoption in the multibillion dollar global chronic disease-management market. The agreement noted that the five-year, $50 million facility is structured with a $25 million loan at closing with an additional $25 million available for a future draw before June 30, 2023; those draws are dependent on Dario reaching specific revenue thresholds. “Between this debt facility and the cash and cash equivalents on our balance sheet at end of the first quarter of 2022, we potentially have access to more than $100 million in capital,” said DarioHealth CEO Erez Raphael in the press release. “This amount excludes potential revenues relating to payments from Sanofi U.S. pursuant to our previously announced strategic agreement and growing cash flows from our operations and sales to our business-to-business (‘B2B’) clients. We believe that this cash runway enables us to continue to invest in growing our B2B market segment, which for the first time exceeded our business-to-consumer revenue in the first quarter of 2022. In addition, it allows us to pursue our business plan for multiple years without the need for further capital raises. We attribute this enviable position to the strength of our platform and its ability to generate interest from Fortune 500 clients, global strategic partners and top financial institutions.”
To view the full press release, visit https://ibn.fm/tP8ur
About DarioHealth Corp.
DarioHealth Corp. is a leading digital therapeutics (“DTx”) company revolutionizing how people with chronic conditions manage their health through a user-centric, multichronic condition platform. The company’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 DRIO 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. Dario provides its highly user-rated solutions globally to health plans and other payors, self-insured employers, providers of care and 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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