DARIOHEALTH CORP. (NASDAQ:DRIO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 5, 2018, Yoav Shaked was appointed as a director and the Chairman of the Board of Directors, or the Board, of DarioHealth Corp., or the Company, by the existing Board, to fill the existing vacancy on the Board as a result of Malcolm Hoenlein’s resignation from the Board and Erez Raphael’s resignation as Chairman of the Board, as described more fully below, with such appointments to take effect immediately. In addition, Mr. Shaked will serve as a member of the Company’s Audit Committee, Compensation Committee and Nomination Committee.
On June 29, 2018, Mr. Hoenlein voluntarily resigned from his position as a member of the Board. At the time of his resignation, Mr. Hoenlein was a member of the Company’s Audit Committee and Compensation Committee. Mr. Hoenlein did not resign as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Also, on July 5, 2018, Mr. Raphael, the Company’s Chief Executive Officer and Chairman of the Board, notified the Board of his resignation as Chairman of the Board, provided that Mr. Raphael will continue to serve as a director and Chief Executive Officer of the Company.
Since 2011, Mr. Shaked has served as a partner at Sequoia Capital, a leading global venture capital firm. In 2005, he co-founded Medpoint Ltd., a private medical device distribution company offering a wide range of medical products. Previously, he founded and served as Chief Executive Officer of Y-Med Inc. from May 2004 through November 2009, until its sale to C.R. Bard, Inc. After the sale of Y-Med Inc., Mr. Shaked served as the director of research at ThermopeutiX, a developer of innovative products for strokes and peripheral artery disease. Mr. Shaked currently serves on the board of directors of several biotechnology companies, including Endospan, Vibrant Gastro, B-Lite (G&G Biotechnology) and Orasis Pharmaceuticals, the latter of which he serves as Chairman of the Board. Mr. Shaked has a B.A. in biology from The Hebrew University of Jerusalem. The Company believes that Mr. Shaked is qualified to serve as Chairman of the Board because of his extensive experience both in biotechnology companies and in the venture capital realm.
Except as otherwise set forth herein, there is no arrangement or understanding between Mr. Shaked and any other person to which he was elected as a director, and there are no transactions in which Mr. Shaked has an interest requiring disclosure under Item 404(a) of Regulation S-K.
About DARIOHEALTH CORP. (NASDAQ:DRIO)
DarioHealth Corp, formerly Labstyle Innovations Corp, is a digital health (mHealth) company. The Company is engaged in developing and commercializing a technology providing consumers with laboratory-testing capabilities using smart phones and other mobile devices. The Company’s product, Dario, also known as Dario Smart Diabetes Management Solution, is a mobile, real-time, cloud-based, diabetes management solution based on a software application combined with a pocket-sized, blood glucose monitoring device, Dario Smart Meter. The Dario product is a digital diabetes management solution utilizing its technology delivered through a software application available for iPhone or Android and cloud-based data services with a blood glucose monitoring system device. Dario allows users to record, analyze, transmit and store various data points, such as glucose level, insulin and carbohydrate intake. It markets the Dario Smart Diabetes Management Solution in the Netherlands and New Zealand.