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Trendlines Medical Singapore makes investment in medical startup firm
MEDICAL technology startup incubator Trendlines Medical Singapore and its wholly owned subsidiary company, Trendlines Incubators Israel, have made an aggregate investment of US$60,000 in InterVaal, a medical device startup company.
Made on Sept 29, the investment consists of US$30,000 in cash by Trendlines Medical Singapore and US$30,000 by sale of intellectual property by Trendlines Incubators Israel.
InterVaal is developing a urological catheter to address the widespread problem of catheter associated urinary tract infection (CAUTI). CAUTI accounts for 32 per cent of all hospital-associated infections worldwide.
The Trendlines Group's inhouse innovation unit, Trendlines Labs, will work with InterVaal's Singapore-based staff to develop the catheter and conduct clinical trials in Singapore. Israel-headquartered The Trendlines Group has a stake of 76.43 per cent in Trendlines Medical Singapore.
Eric Loh, chief executive of Trendlines Medical Singapore, said: "The use of urological catheters is projected to increase significantly in Asia, especially driven by our ageing population. This novel technology, 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."