Physicians Aren't Just Using Medical Devices-They're Innovating and Owning Them: Celebrating 25 Years of Surgeon-Led Innovation with Dr. Kingsley R. Chin and KIC Ventures
FORT LAUDERDALE, Fla., April 24, 2025 /PRNewswire/ — Twenty-five years ago, before 'physician-led innovation' became a trend, Dr. Kingsley R. Chin—a Harvard-trained orthopedic spine surgeon—broke the rules of the legacy medical device world. Surgeons weren't supposed to be owners, founders, or investors. But Dr. Chin charted a different path, building intellectual property, founding companies, and raising capital from fellow physicians to commercialize technologies that improved patient outcomes.
Through legal scrutiny, shifting markets, and industry resistance, he forged ahead—demonstrating the adaptability and resilience familiar to every surgeon. Today, KIC Ventures stands as one of the only physician-led healthcare investment firms, and Dr. Chin's story is inspiring a growing movement of doctors who are no longer just using medical devices—they are innovating and owning them.
A Surgeon with a Prototype and a Plan
It began with a simple idea—a better plate and screw system—and an early exposure to SolidWorks that helped Dr. Chin visualize his designs. The X-Plate was his first foray into product development. But it wasn't until he received his first three patents that he realized: protecting ideas was not enough. They had to translate into real products that solved real surgical problems.
Breaking Through with MANTIS
That realization led to the MANTIS (Minimal Access Nontraumatic Insertion System) percutaneous pedicle screw. After filing just two patents, interest from Zimmer and Stryker came quickly. MANTIS was ultimately acquired by Stryker before even reaching the market. It was proof that strong intellectual property and clinically relevant innovation could open doors—even for an independent surgeon.
The Birth of KIC Ventures
Founded in 2005 as Kingsley Investment Company and evolving into KIC Ventures by 2013, Dr. Chin's vision matured from inventor to investor. KIC Ventures was created to give physicians and engineers a seat at the table. While others chased institutional funding, Dr. Chin raised over $20 million directly from physicians who believed in their collective ability to improve spine care.
Milestones of Physician-Led Investment
2014 : Acquired AxioMed Corporation, developer of a viscoelastic total disc replacement.
2018 : Acquired NanoFuse Biologics, combining demineralized bone matrix with bioactive glass.
2020s : Expanded outpatient-focused LESS (Less Exposure Spine Surgery) portfolio to include Sacrix, InSpan, FacetFuse, and NanoFuse Biologics.
Surgeons + Engineers: A Blueprint for Innovation
At KIC Ventures, every innovation starts with a problem in the OR. Surgeons identify the issue. Engineers bring it to life. Together, they test, iterate, and validate—with IP protection and FDA clearance paving the way. It's a repeatable process rooted in collaboration:
Identify a real-world clinical problem
Design and prototype a solution
Perform cadaver and biomechanical testing
Protect the idea with patents
Achieve regulatory approval
Launch and train through peer collaboration
Validate with clinical outcomes and peer-reviewed research
Honoring the Legacy: Dr. Art Steffee and the Surgeon-Innovator Blueprint
Long before today's medtech startups, surgeon-entrepreneurs like Dr. Art Steffee laid the foundation for innovation in spine care. A practicing orthopedic surgeon, Dr. Steffee founded Acromed , developed the first pedicle screw system introduced in the U.S., and created the Acroflex lumbar disc —the world's first viscoelastic disc replacement.
His vision and persistence not only advanced spine surgery but also proved the value surgeons bring to innovation. In 1998, Dr. Steffee sold Acromed to DePuy for $325 million, marking one of the most notable physician-led exits in medtech history.
'Dr. Steffee showed us that a surgeon's insight—combined with business acumen—can create enormous clinical and economic value. That legacy inspired many of us to follow his path.' – Dr. Kingsley R. Chin
Today, KIC Ventures continues that legacy:
We own the next-generation Acroflex design through AxioMed, a monolithic viscoelastic disc rooted in the same principles Dr. Steffee pioneered.
We've redefined pedicle screw fixation through FacetFuse, a transfacet pedicle screw system designed to stabilize with less exposure and more precision.
As the medtech world turns toward smart devices and outpatient care, the surgeon-innovator model is more relevant than ever. Dr. Steffee's story proves that when physicians lead innovation, patients benefit—and so does the industry.
Disrupting the Old Guard
The traditional medical device model favored big companies, with surgeons playing a supporting role. KIC Ventures flipped that model. By putting physician-investors in control of design, development, and commercialization, Dr. Chin created a platform where clinical insight drives innovation—not corporate spreadsheets.
Resilience, Adaptability, and the Physician Advantage
Navigating legal scrutiny, anti-kickback concerns, and waves of market consolidation required more than business savvy. It demanded the same grit and discipline that surgeons apply in the OR. That mindset, along with decades of trust built with peers, gave Dr. Chin and his ventures a durable edge.
Looking Ahead: Smart Devices, AI, and the Next Era of LESS
As KIC Ventures celebrates 20 years and Dr. Chin marks 25 years since his first IP filing, the firm is accelerating its focus on smart devices, AI-assisted procedures, and next-generation biomaterials. The goal remains the same: reduce surgical exposure, preserve anatomy, and restore function.
The Movement Has Begun
Physicians across the country are realizing they can be more than users—they can be owners and innovators. Dr. Chin's journey shows what's possible when doctors step into the arena, embrace entrepreneurship, and build innovations that serve both their peers and their patients.
About Dr. Kingsley R. Chin Dr. Kingsley R. Chin is a Harvard-trained orthopedic spine surgeon, entrepreneur, and CEO of KIC Ventures. He completed his spine fellowship with Dr. Henry H. Bohlman, served as Chief of Spine Surgery at the University of Pennsylvania, and has since pioneered the Less Exposure Spine Surgery (LESS) technique. With over 60 U.S. patents, he is recognized for his contributions to spine surgery innovation and medical entrepreneurship.
www.KICVentures.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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 days ago
- The Star
Johor Tribunal orders KK contractor to repay RM4,000 for incomplete roof painting job
Claimants and respondents waiting at Johor Consumer Claims Tribunal office for their matter to be heard. — ZAZALI MUSA/The Star A roofing contractor has been ordered to cough up RM4,000 as a partial deposit refund for failing to complete a painting job. A marketing executive, frustrated by the contractor's delays in repainting the roof of his home in Kota Kinabalu, Sabah, filed a case with the Johor Consumer Claims Tribunal. The claimant, Chin Liqi, said he decided to file the case with the Tribunal in Johor Baru instead of Kota Kinabalu because he worked in Singapore. Chin said he came across a classified advertisement in a newspaper for roof painting services during Chinese New Year when he was back in his hometown of Kota Kinabalu. 'I hired this contractor as I was on a short-break from my job in Singapore,' he said,adding that he did not have time to shop around for other contractors. The roof repainting work was for his family's double-storey terrace house in Taman Sempelang, Sembulan, within the capital city. He said the contractor quoted RM10,400 for the project, which was scheduled to begin in early April and completed by April 10. The first payment of RM3,000 was made on April 1, followed by RM1,500 on April 5, bringing the total deposit to RM4,500, the claimant said. 'Two workers came to the house to clean the roof while my parents were at home on April 5. 'At that time, I had returned to Singapore,' he said when met outside the Johor Consumer Claims Tribunal. The claimant said that was the only time the workers came to the house. 'I called the contractor repeatedly from Singapore and he gave several excuses as to why the workers never turned up,' Chin said. He said the contractor cited reasons such as rain, public holidays, workers on sick leave or assigned to other projects. 'After that, the contractor was not reachable and neither did he respond to my messages,' said the claimant. 'I'm only claiming RM4,000 refund from the respondent instead of RM4,500 since the workers did roof cleaning which is about RM500,' he said. Tribunal president Hafez Zalkapli ordered the respondent to refund RM4,000 to the claimant within two weeks. Those needing Tribunal assistance can call 07-227 1755/1766 or visit the Johor Consumer Claims Tribunal at Level 17, Menara Ansar, Jalan Trus, Johor Baru.
The Star
2 days ago
- The Star
X-FAB Sarawak to boost wafer output to 40,000
KUCHING: European chipmaker X-FAB Silicon Foundries SE is increasing its production capacity by 10,000 wafers per month with the completion of a major capacity expansion project at its Sarawak wafer fabrication (fab) in Sama Jaya Free Industrial Zone here. Monthly production by X-FAB Sarawak Sdn Bhd will increase to 40,000 wafers from 30,000 wafers. The expansion project involved the construction of a new building and clean room, which were completed late last year, and the focus in the first half of 2025 was on equipping the new clean room. 'All the equipment has been delivered and is at different stages of installation and qualification,' X-FAB Silicon Foundries said in a statement on its financial results for the second quarter of 2025 (2Q25). 'A number of tools and machines have successfully completed qualification, allowing for a phased ramp-up of X-FAB's 180nm complimentary metal-oxide-semiconductor (CMOS) production from the 3Q25 onwards. 'The expansion provides sufficient capacity to serve current and future customer demand for this popularity technology, which is key to supporting X-FAB's CMOS and microsystems business going forward,' the statement added. For 2Q25, X-FAB posted revenue of US$215.3mil, up 5% year-on-year (y-o-y) and 5% quarter-on-quarter (q-o-q). Earnings before interest, taxes, depreciation and amortisation stood at US$51.6mil, up 7% y-o-y and 4% q-o-q. Prime Minister Datuk Seri Anwar Ibrahim is scheduled to officiate the opening of the new building and clean room on Sept 12. X-FAB Sarawak, formerly known as 1st Silicon, opened its plant in 1998 as Malaysia's first semiconductor manufacturing facility. 1st Silicon later merged with X-FAB and was renamed X-FAB Sarawak in 2006. The Sarawak operation currently has about 1,500 employees, 90% of whom are Sarawakians. X-FAB is a global foundry group providing a comprehensive set of specialty technologies and design intellectual property to enable its customers to develop world-leading semiconductor products that are manufacturered at X-FAB's six-wafer fabs located in Sarawak, Germany, France and the United States. With its expertise in analog/mixed-signal technologies, microsystems/MEMS and silicon carbide, X-FAB is the development and manufacturing partner for its customers, primarily serving the automotive, industrial and medical end markets. In 2023, X-FAB Silicon Foundries launched a three-year expansion programme with total investment of more than US$1bil for its wafer fabs in Sarawak, France and the United States. According to Rudi De Winter, the company's chief executive officer, the majority of these investments were made in the expansion of the company's popular 180nm CMOS platform, for which demand has been holding up well. 'The additional capacity is essential to support the needs of our customers and the strong new business pipeline going forward,' he said in the company's 2024 annual report. He said X-FAB France had made good progress in ramping up production with the expansion project. In addition to complementing the 180nm CMOS capacity of X-FAB Sarawak, X-FAB France's expansion will also support the business of X-FAB's new state-of-the-art 110nm VCD-on-SOI technology. X-FAB's three-year programme to expand manufacturing capacity across the group was completed in 2Q25. 'As X-FAB's business is no longer constrained by capacity and factory cycle times have shortened, customers place orders later than usual and more frequently at short notice, resulting in a reduced visibility. 'The backlog for 2Q25 amounted to US$412.9mil, compared to US$386.7mil at the end of the previous quarter,' said the chipmaker.
The Sun
5 days ago
- The Sun
Harvard patents targeted by Trump administration
The Trump administration on Friday ordered a comprehensive review of Harvard University's federally funded research programs, and threatened to take title to or grant licenses from the school's lucrative portfolio of patents. In a letter to University President Alan Garber and obtained by Reuters, Commerce Secretary Howard Lutnick accused Harvard of breaching its legal and contractual requirements tied to the research programs and patents. Lutnick also said the Commerce Department has begun a 'march-in' process under the federal Bayh-Dole Act that could let the government take ownership of the patents or grant licenses. Signed in 1980, that law ensures that Americans benefit from inventions funded through taxpayer dollars, a senior administration official said. 'The Department places immense value on the groundbreaking scientific and technological advancements that emerge from the Government's partnerships with institutions like Harvard,' Lutnick wrote. He said that carried a 'critical responsibility' for Harvard to ensure that its intellectual property derived from federal funding is used to maximize benefits to the American people. Harvard did not immediately respond to requests for comment. President Donald Trump has made bolstering the country's manufacturing and economic competitiveness a priority of his second White House term, including by raising tariffs on imports from dozens of countries. ADDED PRESSURE Friday's letter ratchets up White House pressure on Harvard, which it has accused of civil rights violations for failing to address antisemitism on campus. Harvard sued in April after the administration began stripping or freezing billions of dollars of federal research money. Lutnick demanded that Harvard provide by September 5 a list of all patents stemming from federally funded research grants, including how the patents are used and whether any licensing requires 'substantial U.S. manufacturing.' As of July 1, 2024, Harvard held more than 5,800 patents, and had more than 900 technology licenses with over 650 industry partners, according to a university website. Other schools that have faced federal funding losses have included Columbia University, which last month agreed to pay more than $220 million to settle the government's antisemitism claims. The New York Times has said Harvard was open to spending up to $500 million to settle similar claims. Signed by President Jimmy Carter about six weeks before he left the White House, the bipartisan Bayh-Dole Act was sponsored by Senators Birch Bayh of Indiana and Bob Dole of Kansas. Carter said at the time it was important that industrial innovation promote U.S. economic health, and the legislation 'goes far toward strengthening the effectiveness of the patent incentive in stimulating innovation in the United States.' Many civil rights experts, faculty and White House critics believe the Trump administration's targeting of schools is a pretext to assert federal control and threaten academic freedom and free speech. - Reuters
