Know Labs, an emerging developer of non-invasive medical diagnostic technology, today announced that Ron Erickson, Founder and Chairman, has been unanimously named Chief Executive Officer by the Company’s Board of Directors while continuing as Chairman of the Board. Former CEO Phil Bosua has stepped down as an executive officer of the Company and Board Member and will become a technology advisor and consultant to Know Labs, effective immediately.
Ron Erickson is the Founder of Know Labs and has been with the company and its predecessors for nearly 20 years. He brings 30 years of board, business development, financial, and executive leadership experience from industries including therapeutics, mobile technologies, and software.
“Thanks to Phil’s genius for invention, Know Labs’ intellectual property portfolio is second to none in the emerging field of non-invasive medical diagnostics,” Erickson said. “By evolving into a technology advisory and consulting role, Phil will have the freedom and flexibility to pursue his passion for new discoveries in science, software, and artificial intelligence, while participating in the value our team continues to create for shareholders.”
As part of his technology advisory and consulting role, Bosua will provide ad hoc technical guidance to the Know Labs product development team. Concurrently, Know Labs will transfer certain assets of its subsidiary AI Mind, Inc. to Bosua, who will focus on innovation and advancements in artificial intelligence, says a press release.
“Having established our Bio-RFID™ platform technology as a new standard for accuracy in glucose monitoring, as evidenced by our latest patent, our focus now is accelerating product development and testing while working toward the FDA clearance process for medical devices,” Erickson continued. “We anticipate our work toward this goal will accelerate in 2023, as a result of the progress made by our team, with support from our investors. We have recently expanded our team in product and clinical development functions, which are critical for our 2023 activities. I’m confident we have the right team to achieve our goals and believe Bio-RFID will transform the medical diagnostics industry and significantly improve the lives of millions of people worldwide.”
“When Ron and I met, back in 2018, I was intrigued by the opportunity to pursue the holy grail of the medical industry, a non-invasive blood glucose monitoring medical device,” Bosua said. “We have accomplished so much since then, and it has been an honor to lead such a great and capable team alongside Ron. The Know Labs’ foundational technology that I invented is unique and will change people’s lives, and I’m proud of that. My passion is to seek unique and challenging opportunities as I have done throughout my career. I trust that the Know Labs team has the capability to take the technology from here and deliver the first non-invasive blood glucose monitor into the market.”
Know Labs Board of Directors is fully supportive of this transition and remains confident in the company’s ability to move ahead. Bill Owens, Know Labs Board Member, stated, “We are enthusiastic about the path forward. It is aggressive and results-oriented, which comforts us and the shareholders we represent. I’m looking forward to the future and what they can accomplish as a team.”
Know Labs will continue to provide updates on progress toward clinical trials and FDA clearance of its non-invasive glucose monitoring devices. The company continues to test and refine Bio-RFID’s hardware and algorithms in preparation for the FDA clearance process.
About Know Labs
Know Labs, Inc. is a public company whose shares trade on the NYSE American Exchange under the stock symbol “KNW.” The company’s technology uses spectroscopy to direct electromagnetic energy through a substance or material to capture a unique molecular signature. Know Labs refers to its technology as Bio-RFID™. The Bio-RFID technology can be integrated into a variety of wearable, mobile, or bench-top form factors. This product will require U.S. Food and Drug Administration clearance prior to its introduction to the market.