Israel-based Trendlines, which is listed on the SGX, will receive net proceeds of US$15.8 million for its 26.9% stake.
Trendlines has thus far invested US$1.3 million in cash into OrthoSpin and as at June 30, carries this investment at US$6.6 million on its books. The gain will give Trendlines an internal rate of return of 165%.
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For the current year ending Dec 2021, Trendlines will book a gain of US$9.2 million from the sale, which comes on top of a gain of US$3.9 million it had already booked in 1HFY2021.
OrthoSpin has created a “digitally-enabled” strut system which can help correct limb deformities. The adjustments can be made automatically and more frequently, thereby doing away with complex, manual adjustments.
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OrthoSpin’s latest device received FDA clearance in Jan this year and has completed initial clinical cases in the US and Israel.
Trendlines shares closed Nov 3 at 11 cents, up 0.96% for the day and up 16.67% year to date.
