The Trendlines Group's portfolio company ApiFix Ltd., a leading scoliosis correction company, received regulatory approval from the United States Food and Drug Administration (“FDA”) to commercialize its unique solution for treating progressive adolescent idiopathic scoliosis (“AIS”).
AIS is the most common type of scoliosis and affects 2%-3% of the population between ages 10 to 21.
FDA's approval will enable ApiFix -- one of Trendlines’ ten most valuable companies -- to begin selling its device in the United States.
ApiFix's MID-C System has had CE approval in Europe since December 2012 and more than 300 surgical procedures have been completed, including a number of implantations in Singapore.
In a press release by the company, ApiFix CEO, Paul Mraz said, “Our MID-C System addresses a significant unmet clinical need for a motion-preserving alternative to spinal fusion and is a viable treatment option for progressive scoliosis in a select group of AIS patients.”
See also: TRENDLINES GROUP: 3 patients in S'pore recovering well after scoliosis treatment
|$130.5 million hotel construction contract|
|Mainboard-listed construction group and property developer, Tiong Seng Holdings Limited (長成控股) has been awarded a construction contract worth S$130.5 million to develop a hotel located at Club Street by Midtown Development Pte Ltd, part of Worldwide Hotels Group.
The project will involve the construction of a 20-storey hotel building with shops and restaurants on the ground level and 19 storeys of hotel accommodation.
The development includes a basement level carpark and an underground pedestrian link with both retail and restaurant outlet space.
Site possession is expected to be in August 2019.
Mr Pek Lian Guan (白連源), CEO of Tiong Seng Holdings Limited, commented, “Located in close proximity to the Central Business District, this development will allow us to showcase our diversified product offering, quality of workmanship and ability to complete projects of varying complexity, uses and scale."
The project win will raise the Group’s construction order book size to approximately S$753 million extending to 2023.