GLUCOTRACK ANNOUNCES THE APPOINTMENT OF LUIS MALAVÉ TO CHAIR OF THE BOARD OF DIRECTORS

Rutherford, NJ, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a medical device company focused on the design, development, and commercialization of novel technologies for people with diabetes announced today that Luis Malavé has been elected as Chairman of its Board of Directors, effective immediately.

“I can think of no better person to lead our Board during this exciting and pivotal time for Glucotrack,” said Andrew Sycoff, member of the Board of Directors. “With a deep commitment to the mission and values of the organization, Luis will be an invaluable strategic leader for the continued growth of the company.”

Mr. Malavé brings more than 30 years of leadership experience in the MedTech industry, primarily in diabetes management, spanning all company stages from private startups to large-cap publicly listed companies. He has extensive expertise in product development, operations, marketing, strategic partnerships, and US FDA regulatory strategy.

Mr. Malavé currently serves as President of EOFLOW CO. Ltd., a company listed on the Korea Stock Exchange that has developed a wearable disposable insulin pump. Prior to that, Mr. Malavé was the President and CEO of Palyon Medical, maker of an implantable drug-delivery system that spun out from German medical-technology giant Fresenius SE. Prior to Palyon, he spent nearly a decade at insulin pump maker Insulet Corp., joining as its Senior Vice President of Research, Development and Engineering in the first year and as Chief Operating Officer as Insulet grew to a multi-billion dollar public company. He also held various senior management positions at MiniMed, fueling its growth innovation and growth to eventual acquisition by Medtronic.

“I am honored to take on this important role,” said Mr. Malavé, who has served on the Glucotrack Board since 2021. “Glucotrack has an innovative and compelling technology that will address unmet needs and expand patient choice in the diabetes market. I look forward to working with the Board and the leadership team to further strengthen the company's foundation, to build out its operational capacity, to advance the clinical program, and to continue to create value for all our stakeholders and patients with diabetes.”

“We are very fortunate to have Luis' leadership on the Board of Directors. He has been an incredible champion of Glucotrack’s vision throughout his entire tenure on our Board,” said Paul V. Goode, PhD, President & CEO of Glucotrack. “His considerable experience across the diabetes market provides him with valuable insights that will benefit us as we progress the development of our implantable Continuous Blood Glucose Monitor (CBGM) for people living with diabetes.”

Mr. Malavé earned his Bachelor’s degree in Mathematics and Computer Science from the University of Minnesota, a Master’s degree in Software Engineering from the University of St. Thomas, and an MBA from the University of Maryland.

About GlucoTrack, Inc.

GlucoTrack, Inc. (NASDAQ: GCTK) is focused on the design, development, and commercialization of novel technologies for people with diabetes. The Company is currently developing a long-term implantable continuous glucose monitoring system for people living with diabetes. For more information, please visit http://www.glucotrack.com.

Investor Contact: [email protected]

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “expect”, “plan” and “will” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect Glucotrack’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Glucotrack’s results include, but are not limited to, the ability of GlucoTrack to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to the receipt (and timing) of regulatory approvals (including FDA approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to its current and future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in Glucotrack’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 31, 2023.