Further Announces Engagement of Checkmate Capital Group as International Advisor
LOS ANGELES and SEOUL, South Korea, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Kalos Medical (“Kalos”), the developer of advanced medical devices treating hypertension and cardiovascular conditions, today announced the promotion of Seokjoo Chang, Ph.D., to Co-Chief Executive Officer, a position he will share with current CEO and Chairman Dr. Chuljoon Kim. Dr. Chang joined Kalos in May 2022 as President and Chief Technology Officer. In addition to his promotion to Co-CEO, Dr. Chang will retain the title of Chief Technology Officer and will lead the company’s clinical, regulatory, and early commercialization initiatives, while Dr. Kim will continue to oversee general corporate affairs.
Dr. Chang, graduated from the Department of Electrical Engineering at Seoul National University, where he obtained his BS and MS degrees in electrical engineering. He then earned an MS in biomedical engineering from Case Western Reserve University, where he also earned a Ph.D. for research in the field of functional electrical stimulation for the restoration of muscle function in patients with lower extremity paralysis. Dr. Chang completed postdoctoral research at Louis Stokes Cleveland Department of Veterans Affairs Medical Center. He has served as Director of R&D at JW Medical and also served as CEO/President of its subsidiary CorazonX, a company that developed ultrasound-based detection technology for coronary heart disease licensed from the University of Washington. Dr. Chang was formerly Director of R&D Emerging Markets of Medtronic Korea, overseeing multinational teams at Medtronic Innovation Center in Korea, Brazil and Turkey. After that, he served as the inaugural CEO/CTO of DeepQure, a medical device company developing a renal denervation system using laparoscopy.
During his tenure at Kalos, Dr. Chang has overseen the ongoing clinical development of Kalos’ DENEX device, Korea’s first medical device for treating hypertension using renal denervation. Kalos is currently conducting a randomized controlled trial of the DENEX device at 30 sites in Korea, including The Catholic University of Korea and Seoul St. Mary’s Hospital. Pivotal data readout from 148 subjects is anticipated in Q2 2023. In parallel, Kalos has initiated a second large, randomized trial at 20 sites in the European Union (EU), with the first patient already enrolled. Kalos plans to use the data from these trials to seek regulatory approval of the DENEX device in Korea, the EU, and the United States.
“Newly appointed Co-CEO, Seokjoo Chang, Ph.D., is not only a scientist, but also has outstanding management capabilities, which will greatly contribute to taking Kalos to new levels of technological and commercial advancement,” stated Chuljoon Kim.
“Dr. Chang is well-suited to lead the company as it expands globally and completes its pivotal clinical trials and regulatory approvals. He has a unique depth of experience, having served as CEO and in other leadership positions at first-tier global biomedical firms prior to joining Kalos. We are particularly gratified to promote a significant talent from within the company’s ranks,” said Mahnsoon Hwang, CEO, President of Korea Investment Partners and Board Director of Kalos Medical.
“I am honored to accept this new role as Co-Chief Executive Officer of Kalos,” Dr. Chang commented. “We have many exciting upcoming milestones in the next 12 months that will drive the company’s valuation substantially higher as we achieve significant clinical and regulatory results. Kalos has assembled an impressive executive team, and I am delighted to continue working with each of our executives in my new capacity.”
Engagement of Checkmate Capital Group
In addition to the promotion of Dr. Chang, Kalos is pleased to announce its engagement of Checkmate Capital Group (“Checkmate”), an international investment group and strategic advisory firm, as its international strategic advisor. Checkmate will provide commercial, regulatory, and strategic guidance to Kalos as it implements its international expansion plans through Europe, the Asia Pacific region, and North America.
“We are impressed with Checkmate’s international presence and leadership in the life sciences industry and its significant investments in a diverse portfolio of medical technology firms. We look forward to working with Checkmate’s team on a range of strategic initiatives that will add substantial value to the Kalos platform,” commented Dr. Seokjoo Chang, CEO of Kalos.
“We are thrilled to bring the full extent of Checkmate’s capabilities to assist Kalos with its strategic global mission of becoming a leading renal denervation solution provider,” said Tom Paschall, CEO of Checkmate. “The renal denervation market is anticipated to experience a surge in growth over the next five years. We believe Kalos is one of the best-positioned companies in this sector. The DENEX device has multiple differentiating features that set it apart from other leaders in the field, including its multi-electrode fast ablation mechanism combined with a one-size-fits-all design.”
About Kalos Medical
Kalos Medical is the developer of innovative and minimally invasive medical devices using proprietary catheter-based technology. Kalos Medical has developed DENEX™, 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 Checkmate Capital
Checkmate Capital is an investment and strategic advisory group managing family office assets with a global commercial and industry-specific network. Checkmate Capital's primary areas of investment are biotechnology, life sciences, medical technology, agriculture technology, energy technology, and other diversified technologies. Our team provides seasoned expertise in our focused industries, leveraging an international group of strategic partners, business talent, and resources. For more information, visit www.checkmatecapital.net.
CONTACTS:
Dr. Byung Park, Chief Strategy Officer, Kalos Medical (byung.park@kalosmedical.com) or
Seungki Min, Director of Business Development, Kalos Medical (seungki.min@kalosmedical.com)
Jay Ryu, Managing Director, Checkmate Capital Group (jay@checkmatecapital.net)