Pressao Medical announced Sung Pak as its new CEO and board member today. Pak has held various senior executive, advisor, and board member positions with more than 25 life sciences companies (including Johnson & Johnson, Baxter, Covidien, B Braun, and Medtronic) and more than 10 information technology companies (including Motorola, IBM, Scantron, and Hewlett Packard). "Pak has been responsible for generating over $300M in revenue through the launch of more than 15 products and services over his career. We are honored to follow his lead into the launch of our technology and are extremely pleased with initial seed funding," said Shawn Moaddeb, Founder and Chairman of Adventus Ventures.
The Series A financing follows an exceptional year for Pressao Medical, which saw the achievement of proof of concept and a customized algorithm for energy delivery. The new investment will be used to complete product development and regulatory filing for various countries worldwide.
The company has two products under development. The first is BP-ADJUST™, a new oscillometric device in the form of a wristwatch cuff that monitors blood pressure (BP) and heart rate, and utilizes the information to deliver unique energy therapy to control BP. We believe the most accurate method to monitor blood pressure is a cuff-based oscillometric approach. The second product is BP-ADJUST™ CV, which utilizes the same technology, plus additional features that monitor vital diagnostic information, such as heart rate variability, electrocardiography (ECG), and heart arrhythmia in combination with BP. The system is completely battery operated with rechargeable capabilities and wireless data communication.
BP-ADJUST™ & BP-ADJUST™ CV will be first-to-market devices of their kind and available over-the-counter. "Our technology is truly unique and it will be an absolute breakthrough as preventative therapy for prehypertensive patients and when used in combination with drugs in treating uncontrolled hypertension," said Pak. BP-ADJUST™ delivers localized, customized multi-modal energy to the median and radial nerves, which are part of the peripheral nervous system, to signal down-regulation of the sympathetic outflow, enhance blood flow, and reduce vascular resistance, resulting in blood pressure reduction. BP measurements will be used as a feedback mechanism to modulate energy delivery. This is an important feature as BP fluctuates during various activities and throughout the day and night.
"Overall prevalence of prehypertension in healthy adults is about 36% worldwide. Prehypertension by itself increases risk of heart disease by more than two folds. Prehypertensive patients have a 31% increased risk of coronary heart disease (CHD), 49% greater risk of stroke, and 44%. greater risk of total cardiovascular events. By current guidelines, life style modification is pursued over pharmacologic treatment (as currently there are no approved drugs for prehypertension) which may not completely lower the above risks. Reducing BP even a few points can make a significant impact," said Reza Allamehzadeh, MD, Chief Medical Officer at Pressao Medical and Hypertension and Nephrology sepcialist.
About Pressao Medical:
Pressao Medical was incorporated in Delaware and filed multiple patent applications covering broad method and techniques for Class II devices. Our board of directors is comprised of a proven management team with several successful exits in medical device and technology fields.
For more information, visit the company's website at www.pressaomd.com
About Sung Pak
Sung is a seasoned business, thought, and civic leader with 30 years of experience with a wide variety of organizations, including start-ups, Fortune 500 multi-nationals, government-owned/sponsored entities, and non-profit social enterprises.
His business experience includes holding varied executive (VP of R&D, VP of Operations, and GM), advisor, consultant, and board member positions with more than 25 life sciences companies, including Johnson & Johnson, Baxter, Covidien, B Braun, and Medtronic, and more than 10 information technology companies, including Motorola, IBM, Scantron, and Hewlett Packard. His functional experience includes business development, marketing, sales, R&D, operations, quality, human resources, and technical support. He has extensive international experience setting up organizations across various countries and preparing them for successful market launch and growth. Sung has personally launched more than 15 products and services that resulted in combined revenue in excess of $300M.
Sung is also a thought leader. He has taught extension courses at UCLA, given lectures at many leading universities, and published 32 journal papers and two book chapters. He is named on seven granted and five pending patents. He is quoted in Fortune, Business Week, Software Business, and the Orange Country Register. He served as an Advisory Board Member of Gumi Medical Electronic Research Institute, a medical device incubator funded by the Korean government in the “Silicon Valley of Korea.”
Sung’s civic leadership responsibilities includes: Advisory Board Member of the Salvation Army, Vice Chair of the KPCA Board, and Elder of a rapidly growing church.
Sung is currently a Managing Partner at Value Creation Institute (VCI), a leading decision analytics and process re-engineering company offering a full suite of services and customized decision support tools. He is also a board member of Ektropia, a data analytics software startup.
Sung holds an MBA from the Anderson School of Management at UCLA in addition to MS and BS degrees in materials science from the University of Washington.