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[Press release] Kalos Medical Announces Grant Award
SEOUL, South Korea, May 03, 2023 (GLOBE NEWSWIRE) -- Kalos Medical, Inc. (“Kalos”), a developer of innovative and minimally invasive medical devices using proprietary catheter-based technology, announced that on April 24th it was selected as a participant in the 2023 Industrial Technology Innovation Project, administered by South Korea’s Ministry of Trade, Industry, and Energy. As a participant in the project, Kalos will be awarded a grant of KRW4.67 billion (approximately US$3.5 million) over five years to accelerate development of its renal denervation medical device for the treatment of hypertension.
Kalos was selected as the R&D lead amongst a consortium of institutions chosen to collaborate in the Interventional Medical Device category. The project aims to enhance the development of high quality interventional medical devices by promoting collaboration between medical device manufacturers and contract development manufacturing companies (“CDMOs”) to help overcome limitations to manufacturing capabilities.
In addition to Kalos, members of the consortium include biomedical sensor developer MNTek, Korea Electronics Technology Institute (“KETI”), and Seoul National University Bundang Hospital. The consortium will combine MNTek's biomedical sensor technology with Korea Electronics Technology Institute's electronic medical device control system technology to enhance development of Kalos’ renal denervation medical device. Seoul National University Bundang Hospital will conduct animal studies to verify efficacy, safety, and usability, led by Professor Chae In-ho in the Cardiology Department.
Peter Chang, CEO of Kalos, commented, “Kalos Medical’s selection for this grant represents a significant achievement and underscores the company’s commitment to innovation in the medical device industry. I look forward to collaborating with MNTek, KETI, and SNU Bundang Hospital to strengthen the global competitiveness of domestic renal denervation medical devices.”
About Kalos Medical
Kalos Medical is the developer of innovative and minimally invasive medical devices using proprietary catheter-based technology. Kalos Medical has developed DENEXTM, a medical device for the treatment of hypertension for renal denervation, the device includes three electrodes that are introduced into the rental artery through a catheter and deliver radio frequency energy to the arterial wall, thereby deactivating the renal nerves, the effect of which is the reduction of hypertension. Currently, Kalos Medical is conducting clinical trials in Korea and Europe.
For more information, visit www.kalosmedical.com.
About the Grant
The Industrial Technology Innovation Project is a government initiative aimed at promoting Korea’s industrial technology ecosystem and enhancing its global competitiveness. Administered by South Korea’s Ministry of Trade, Industry, and Energy, the project distributes KRW 5.6 trillion to 100 projects in key industries.
For more information, visit https://english.motie.go.kr/www/main.do
CONTACT: Min, SeungKi, VP of Business Development, Kalos Medical (SeungKi.Min@kalosmedical.com)