Correction -- Kalos Medical, Inc.
Summary
SEOUL, South Korea, May 09, 2023 (GLOBE NEWSWIRE) -- In a release issued on Wednesday, May 3rd by Kalos Medical, Inc., please note that a revised title is being used. The corrected release follows: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 Koreas 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. 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 Medicals selection for this grant represents a significant achievement and underscores the companys commitment to innovation in the medical device industry. 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.