SINGAPORE (Jan 16): Trendlines Medical Singapore, the medical incubator subsidiary of Israeli firm Trendlines Group, will receive a grant of up to $2.2 million under SPRING Singapore’s Incubator Development Program.

SPRING Singapore is the enterprise development agency of the Singapore Ministry of Trade and Industry.

The program provides grant support to incubators to enhance their capabilities and programs to assist start-ups, and will support up to 70% of a company’s expenditures incurred (amounting to no more than $2.2 million) over a three-year period.

In a Monday premarket statement, the group says funds from the grant will be used to support the operating activities of Trendlines Medical Singapore, whose focus is to develop and nurture early-stage medical technology companies.

Eric Loh, CEO of Trendlines Medical Singapore, believes the grant will provide “extensive support” to the group’s Singapore-based investments as well as enhance its ability to establish and build medical device companies.

“We look forward to continuing our close work with the dedicated professionals of SPRING Singapore as we establish and grow our portfolio companies,” comments Loh.

“We are excited about the opportunity for collaboration with Trendlines Medical Singapore and The Trendlines Group to further develop the medical technology start-up eco-system in Singapore,” says Johnny Teo, SPRING Singapore’s director, manufacturing & engineering.

“We envisage working closely with the Trendlines organization to build more successful medical technology start-ups in Singapore, particularly leveraging the rich biomedical research initiatives that already exist in Singapore,” he adds.

Shares of Trendlines Group closed 1.3% higher at 16 cents on Friday.