DarioHealth® Announces Key New Hires Expanding Its Management Depth in the Employer and Managed Care Markets
NEW YORK, March 26, 2020 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a pioneer in the global digital therapeutics market, announced today the appointment of Omar Manejwala, M.D to the newly created position of Chief Medical Officer, and Barbara Stark as Senior Vice President and Head of Managed Markets. These two appointments provide decades of industry and clinical experience to the managed care and clinical support teams.
As Chief Medical Officer, Dr. Manejwala will lead clinical delivery and quality, as well as provide support to the product and sales teams. He brings decades of experience working with patients to achieve behavior changes that result in health improvement. In addition, he has spent the last decade working with health plans and other payors to deliver value added clinical programs at the intersection of chronic conditions and behavioral health. Prior to joining DarioHealth, he was the Chief Medical Officer of Catasys Inc. a firm that blends human engagement and technology to reduce the need for expensive acute medical care by addressing its fundamental behavioral drivers.
"I'm thrilled to join this incredible team at a pivotal moment for DarioHealth as it enters a period of growth. Chronic diseases account for three-quarters of all healthcare costs, and the primary drivers of those costs relate to behaviors that are largely unaddressed. DarioHealth's unique low-cost platform intelligently combines technology and human engagement to identify and address the behaviors that underly disease exacerbation. The company has conducted several clinical trials demonstrating efficacy, and with tens of thousands of current paying users I believe has established itself as a clear leader in chronic disease engagement—beginning with diabetes and quickly expanding this year to hypertension and pre-diabetes."
Barbara Stark brings to DarioHealth a wealth of commercial experience within the managed care industry spanning more than thirty-five years, including business development, e-care services, marketing, sales, brand development and account management roles in healthcare services, medical devices, specialty infusion services, and managed care organizations including health plans, risk bearing medical groups and Accountable Care Organizations (ACOs). Ms. Stark was most recently Executive Vice President of Growth and Marketing at One Homecare Solutions, and prior to that role spent most of the last 5 years at Catasys where she led sales as Senior Vice President of Sales and Account Management, and where she successfully created partnerships with national and regional health plans.
"Dario is rapidly advancing new remote digital intervention technologies that have been proven to positively impact chronic disease," said Ms. Barbara Stark. "I believe that Dario has created a digital therapeutic with a strong vale proposition versus others in the industry and I look forward to accelerating the adoption in the employer and health plan markets."
"We are very excited to have Dr. Manejwala and Ms. Stark join our team. They have a demonstrated track record of bringing new modalities of value-based care to the employer, health system and health plan markets," added Rick Anderson, President and GM North America. "We believe that proven digital therapeutics have an increasingly important role to play in our healthcare system by expanding the capacity of the health care system and extending care into the home on a real time or near real time basis. We believe that it has never been more apparent how important this capability to assist at-risk populations in lower risk settings is than it is during the current crisis."
As an inducement to his joining DarioHealth, on March 24, 2020, DarioHealth granted a non-qualified stock option award to Dr. Manejwala to purchase 50,000 shares of the company's common stock, pursuant to Nasdaq Listing Rule 5653(c)(4) outside of the company's existing equity compensation plan. These options were granted as an inducement material the individual becoming an employee of the company, in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price per share equal to $5.75, which was the closing price of the company's common stock on the Nasdaq Stock Market on March 24, 2020. The option vests over a three year period and is subject to a one year cliff beginning on March 24, 2020, subject to Dr. Manejwala's continued employment by the company on the applicable vesting date.
About DarioHealth Corp.
DarioHealth Corp. (Nasdaq: DRIO) is a leading global digital health company serving its users with dynamic mobile health solutions. In today's day and age, knowledge of health and treatment is being democratized, and we believe people deserve to know everything about their own health and have the best tools to manage their condition. DarioHealth employs a revolutionary approach whereby harnessing big data, we have developed a novel method for chronic disease data management, empowering people to analyze and personalize self-diabetes management in a totally new way without having the disease slow them down. DarioHealth has a commercial office in New York with an R&D center in Caesarea, Israel.
For more information, visit http://mydario.investorroom.com/.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of DarioHealth Corp. (the "Company") related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," or "continue" are intended to identify forward-looking statements. For example, Dario is using forward-looking statements in this press release when it discusses its belief that it is entering a period of growth, that due to its having conducted several clinical trials demonstrating efficacy, and with tens of thousands of current paying users, the belief that it has established itself as a clear leader in chronic disease engagement, the belief that it has created a digital therapeutic with a strong value proposition versus others in the industry, the belief that proven digital therapeutics have an increasingly important role to play in our healthcare system by expanding the capacity of the health care system and extending care into the home on a real time or near real time basis and the belief that believe that it has never been more apparent how important this capability to assist at-risk populations in lower risk settings is than it is during the current crisis. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the timing for and results of the Company's commercial and regulatory plans for Dario™) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE DarioHealth Corp.
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