Spine surgeon urges J’cans to invest in Boston firm
Published:Monday | May 27, 2024 | 12:10 AMLester Hinds/Gleaner Writer
Boston-based manufacturing company KIC Ventures is inviting Jamaicans to invest in its operations, where it says their funds can significantly impact not only their financial future, but the future of spine surgery technology.
Owned by Jamaican spine surgeon Dr Kingsley Chin, KIC Ventures has several footprints in the island.
The company’s mission, he said, is to revolutionise spine surgery by developing best-in-class, less exposure, advanced spine technologies (LEAST) that prioritise patient safety and outcomes first.
“We are dedicated to advancing the philosophy of less-exposure spine surgery (LESS) through our companies: interventional spine innovation (NANISX) for interventional physicians, outpatient spine innovation (LESS Spine), and our revolutionary viscoelastic total disc replacement (AxioMed) for orthopaedic surgeons and neurosurgeons,” said Chin.
By providing healthcare providers with the tools to reduce the poor outcomes of traditional spine surgery worldwide, KIC Ventures aim is to enhance the well-being of patients and support surgeons in delivering better care.
“The demand for spine surgeries is increasing, and medical device companies are generating millions and billions in revenue. Why shouldn’t we, as physicians, become the owners of the technologies we use? Why not invest our hard-earned money in the things we know best, like treating patients? Our devices are highly innovative because they are developed with direct, hands-on feedback and recommendations from physicians who use them. We are unique in being a company founded by physicians with technologies developed by physician users,” said Chin.
Year Over Year Growth
“When I invested US$100,000 in 2006 to start developing spine technologies, I did not foresee the potential for us to become a multibillion-dollar company. It was not about the money then, but now we see that by serving the needs of patients, we can grow into a valuable company worth billions. Today we are proudly growing NANISX profitably year over year since 2021 with positive EBITDA and eagerly draw close to releasing AxioMed’s lumbar disc replacement to US surgeons in 2025,” he said.
He said that today, his US$100,000 investment has grown into a US$300-million valuation at KIC Ventures, and he owns more than 50 per cent of the company.
“What if we grow to US$5 billion and you invest today? That would mean over 15 times the return on investment. I implore you to seriously consider KIC Ventures as an investment opportunity and become an owner of groundbreaking technologies. I am grateful to all our investors, physicians, and invest in yourself,” said Chin.
The demand for spine surgeries is increasing, and medical-device companies are generating millions and billions in revenue.
On the philanthropic side, KIC Ventures has invested mainly in the football fraternity. The company currently owns The Portlanders Football Club in Portland and is a major sponsor of Cavalier Football Club in the Jamaica Premier League.
On the medical front, KIC Ventures boasts several Jamaicans as patients who have had the company’s devices implanted to correct spinal problems.
KIC Ventures currently holds more than 100 United States patents for spinal devices manufactured by the company.
The company has more than 20 years of investments in diverse innovations for spine surgery.
KIC Ventures noted that with a rapidly growing, ageing population globally, the low back pain market, with 619 million affected in 2020 and expected to rise to 843 million people by 2050, presents a significant investment opportunity.
“The increasing prevalence highlights the urgent need for innovative treatments in this expanding sector,” the company says on its website.
The company said that at the core of its strategy is an urgent but disciplined approach to selecting niche areas where its strengths lie.
Chin believes that his company offers Jamaicans a significant opportunity to invest in a technology-manufacturing company that is on a growth trajectory as this will allow Jamaicans to build significant wealth for themselves and their children.
“Jamaica has little or no technology-manufacturing entities, and a company like KIC Ventures is uniquely placed to change that,” he told The Gleaner.
He said that KIC Ventures has quietly built a multibillion-dollar technology portfolio of unique, patented technologies that will change how spine surgeries are performed globally.
“For the next three to five years, the US government is our partner in a deal that pays them 50 per cent of any sales of a portfolio company and five per cent of our revenues, yet no Jamaican has invested in me,” he said.
Chin said the company has raised millions from US physicians and investors from many countries, including US$1 million from Puerto Rico.
“Our technologies have been used to treat many patients in Jamaica and around the world, including those lucky to get the Axiomed Disc replacement,” he said.
Arguing that the Jamaican economy is mostly service-based, Chin said most investments are in the financial industry rather than technology.