Dr. Kingsley R. Chin, founder of KIC Ventures, compares his investment in AxioMed's viscoelastic disc technology to Elon Musk's early stake in Tesla—a bold commitment that has the potential to redefine its industry. Dr. Chin envisions AxioMed achieving a $5 billion valuation, which would underscore his dedication to pioneering advancements in spine technology.
FORT LAUDERDALE, Fla., Oct. 27, 2024 /PRNewswire-PRWeb/ -- Dr. Kingsley R. Chin, founder of KIC Ventures, has drawn a compelling parallel between his investment in AxioMed's viscoelastic disc replacement technology and Elon Musk's early stake in Tesla. Like Musk's bold decision to invest $6.35 million for 16% ownership of Tesla in 2004, which laid the foundation for a monumental return—today valued over $100 billion—Dr. Chin's strategic investment in AxioMed reflects his commitment to pioneering unique viscoelastic disc replacement spine technology. Dr. Chin projects that AxioMed could be valued over $5 billion, and using a 16% ownership figure just for comparison, could be worth $800 million.
Aditya Humad, CFO of KIC Ventures, elaborated on the strategic approach behind AxioMed's development. "We've invested $20 million to quietly finance and structure the internal elements needed to build AxioMed for success," said Humad. "This is more than just a product—it's about creating a comprehensive platform poised for growth and lasting impact in spine surgery innovation".
Vito Lore, CTO of KIC Ventures, underscored AxioMed's technological advancements. "We've enhanced the core engineering, added new patents, and expanded our platform to include lateral and smart disc solutions," he said. "Overseeing the FDA submission for the lumbar disc and successful FDA audits has positioned AxioMed to redefine disc replacement technology".
Dr. Erik Spayde, Chief Medical Officer of AxioMed, highlighted the promising clinical outcomes. "The published follow-up data is strong, and with no reported device failures over 13 years, we're confident in AxioMed's capabilities," noted Dr. Spayde. "Timing is crucial, and as the U.S. market evolves, AxioMed is well-prepared to meet demand".
Dr. William Costigan, a prominent spine surgeon and investor, emphasized the need for long-term vision. "The global success of AxioMed's disc in Australia, Europe, and Jamaica demonstrates its efficacy. We believe in the potential for significant U.S. market growth, and we're focused on preparing for it," said Dr. Costigan.
Concluding, Dr. Chin said, "Investing in AxioMed today is like betting on Tesla in its early days—an opportunity to transform spine care for the better."
About AxioMed
AxioMed was founded in 2001 by surgeons at Cleveland Clinic and engineers who previously worked with Dr. Art Steffee and Acroflex viscoelastic disc replacement. The current AxioMed disc comprises of a proprietary silica-based viscoelastic material proven in extensive biomedical/biocompatible testing to mimic the human disc in all planes and 50+ years of longevity testing. The viscoelastic material is radiolucent and thus X-ray and MRI compatible. Over 800 discs have been implanted worldwide with zero failures or revisions. It is the only viscoelastic lumbar disc to complete a USA IDE clinical study with 10+ years of follow-up.
http://www.AxioMed.com
About KIC Ventures
Founded in 2013 as the venture arm of Kingsley Investment Company LLC, KIC Ventures focuses exclusively on advancing outpatient spine surgery through its Less Exposure Spine Surgery (LESS) philosophy. With a portfolio of innovative spine technologies and a commitment to empowering physicians, KIC Ventures has become the world's largest private equity firm with a majority-owned portfolio of differentiated spine companies focused on outpatient spine solutions.
http://www.KICVentures.com.
For more information, visit AxioMed or contact KIC Ventures at [email protected].
Media Contact
KIC Ventures, KIC Ventures, 978-232-3990, [email protected], www.KICVentures.com
SOURCE KIC Ventures
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