Trendlines-backed AquiNovo signs deal with Neovia for US$1.5m

AQUINOVO, a company backed by Catalist-listed medical technology incubator The Trendlines Group (Trendlines), has signed an agreement with animal nutrition and health company Neovia for an aggregate investment of US$1.5 million.

Israel-based AquiNovo develops solutions to improve farmed fish development to meet the evergrowing demand for fish protein.

AquiNovo's technology addresses this growing demand with a non-genetically modified organism, non-hormonal, easy-to-use solution for accelerating farmed fish growth, the company said in a statement.

Its CEO Nissim Chen said: "This strategic investment from Neovia affirms their confidence in the company, its vision and its achievements to date. We're excited to work with Neovia on the development of innovative solutions for the aquaculture market."

Steve Rhodes, chairman and CEO of Trendlines, added: "AquiNovo's technology can make a significant contribution to the rapidly growing aquaculture industry and its evolving challenges."

This latest investment comes less than two weeks after Trendlines announced a memorandum of understanding with National Healthcare Group (NHG) to co-develop healthcare solutions for unmet clinical needs - its first collaboration with a healthcare institution in Singapore.

Trendlines shares finished S$0.002 or 1.4 per cent up at S$0.145 on Monday.