Benzinga | Jan 20, 2022 08:05AM EST

DarioHealth Enters Agreement To Acquire Physimax; Co. To Issue 256,660 Shares Of Common Stock Plus $500K Cash Payment

Dario's third all-equity acquisition in the last 12 months brings cutting edge vision technology to the company's comprehensive digital therapeutics platform

NEW YORK, Jan. 20, 2022 /PRNewswire/ -- DarioHealth Corp. (NASDAQ:DRIO), a leader in the global digital therapeutics (DTx) market (the Company), announced it has entered into an agreement to purchase all of the right, title and interest in certain assets of Physimax Technologies Ltd. ("Physimax"), a leading provider of computer vision (CV) technology for Musculoskeletal (MSK) functional screening and predictive risk of injury assessment. Physimax's technology is currently in commercial use by NBA and NFL teams, the U.S. military and health care facilities specializing in orthopedic care. The closing of the acquisition of Physimax's assets is subject to customary closing conditions, including the approval of the Israeli Innovation Authority.



The technology enables automated MSK and injury risk screenings with validated accuracy and Physimax's Artificial Intelligence (AI) engine generates evidence-based personal training programs based on the user's objective scoring outcome to aid in effective injury prevention and recovery. Physimax's unique technology is validated by a professional motion lab as well as industry experts and proven to be comparable to trained human professionals.

In consideration for the acquisition of Physimax's assets, the Company agreed to issue up to 256,660 shares of its common stock, subject to a lock up period, plus a cash payment of $500,000, as well as agreed to assume certain liabilities in an approximate amount of $1,020,000.

"We are committed to bringing cutting edge technologies to our suite of offerings to enhance the user experience and improve outcomes. We believe that Physimax's technology strengthens our ability to scale highly effective treatments for musculoskeletal health and reduce the burden on Dario professional human support. Physimax's technology supports rapid growth of membership without the traditional limitations of MSK care delivered by humans," said Erez Raphael, CEO, DarioHealth.