(RTTNews) - Shares of DarioHealth Corp. (DRIO) are gaining over 20% on Wednesday morning, continuing its upward momentum from last Friday. On July 31, the company revealed that it raised over $28 million to fund growth of their digital therapeutics B2B market share.
DRIO is currently trading at $16.79, up $2.95 or 21.32%, on the Nasdaq. The shares have traded between $3.02 and $14.62 for the year-to-date period.
DarioHealth said it closed a private placement transaction with accredited investors, including healthcare funds and institutions from the U.S. and Israel. The company received aggregate gross proceeds of around $28.6 million.
The company plans to use the proceeds to fund Dario's long term strategic operating plan, as it expands its focus from the direct-to-consumer channel to business-to-business-to-consumer channel.