LabStyle Innovations Corp. (OTCBB: DRIO) said its board of directors has implemented management changes to prepare the company for the commercialization of Dario following the anticipated European approval of the product in the near future.
The new management structure includes the following:
Dr. Oren Fuerst, LabStyle´s chairman and chief executive officer, will assume the new position of Executive chairman. In this capacity, Dr. Fuerst will continue to act as LabStyle´s liaison to the investment community and will advise and consult with LabStyle´s senior management on the company´s intellectual property and general business strategies.
Erez Raphael, LabStyle´s vice president of Research and Development, has been named president and chief executive officer and will be responsible for the overall management of LabStyle, including setting and overseeing strategic goals and budgets of the company and its various departments.
Shilo Ben Zeev, a co-founder of LabStyle and most recently its president and chief operating officer, is leaving the company to pursue other business interests but is anticipated to remain a strategic consultant to LabStyle over the coming months.
LabStyle Innovations is developing and commercializing a patent-pending technology that seeks to bring rapid diagnostic capabilities to consumers in a distinctive and easy-to-use way through the use of smartphones such as iPhones, Androids and other mobile devices. For more information, visit www.mydario.com.