Trendlines Group on Monday said units invested US$60,000 into a medical device start-up company InterVaal Pte.
The investment was made by Trendlines Medical Singapore and Trendlines Incubators Israel in InterVaal, which is developing a urological catheter to address the widespread problem of catheter associated urinary tract infection (CAUTI).
The Trendlines Group's in-house innovation unit, Trendlines Labs, will work with InterVaal's Singapore-based staff to develop the catheter and conduct clinical trials in Singapore, it said in a regulatory filing.
"This novel technology -- invented by Trendlines Labs -- combined with the strong clinical infrastructure of Singapore, makes us confident that InterVaal's unique CAUTI solution will play a key role in the US$3 billion urinary catheter market," said Eric Loh, CEO of Trendlines Medical Singapore.
Trendlines Medical Singapore's investment into InterVaal is not expected to have any material impact on the earnings per share and net tangible asset per share of the Trendlines Group for the
financial year ending 31 December 2017, the company said.
Shares in the Trendlines Group ended down 1.2 percent to S$0.15 on the Singapore Exchange. The stock has risen 6 percent so far this year.