SpineFrontier Issues Reminder That DOJ Dismissed All Criminal Charges

KIC Ventures today issued a corporate clarification reminding stakeholders that all criminal charges against SpineFrontier were dismissed and that no KIC Ventures portfolio company currently faces criminal charges arising from the matter. The corporate record is clear: All criminal charges against SpineFrontier were dismissed. No KIC Ventures portfolio company pleaded guilty to criminal charges arising from the case. No portfolio company is currently a defendant in ongoing DOJ litigation arising from this matter. Former Chief Financial Officer, Aditya Humad's individual resolution is separate from the disposition of the corporate charges. Mr. Humad has no continuing employment, ownership, management or other affiliation with KIC, KIC Ventures or their affiliated companies. The matter traces back more than a decade. In 2015, three former SpineFrontier employees raised allegations concerning the company's relationships with surgeon consultants dating back to approximately 2013. Those allegations ultimately contributed to a lengthy federal investigation and criminal charges against SpineFrontier and certain former executives. On January 17, 2025, the United States moved to dismiss all criminal charges against SpineFrontier Inc. No KIC Ventures portfolio company pleaded guilty to any criminal charge arising from the case, and no portfolio company is currently a defendant in ongoing DOJ litigation arising from this matter. This context is important because customers, physicians and investors may continue to encounter older reports describing the original allegations and charges without the subsequent disposition of the case. Mr. Humad separately accepted a plea agreement resolving his individual criminal case. He has since fully separated from KIC, KIC Ventures and their affiliated companies. He has no current employment agreement, management position or ownership interest in these companies and has no authority to represent or act on their behalf. "We added outside compliance counsel and formal legal review of physician interactions, agreements and related compliance processes. Compliance oversight is now built directly into how we operate and grow." This press release is provided for informational purposes and reflects publicly available information regarding the matters described herein. It does not constitute legal advice.