Nanyang Technological University (NTU) is setting up a $60 million research institute for nanomedicine - the first of its kind in South-east Asia.

Nanomedicine is an emerging medical field where the drugs are delivered to specific cells using nanoparticles - small nano-sized particles thousands of times smaller than a grain of sand.

The institute's research will focus on four key areas: diabetes, cardiovascular diseases, ophthalmology and skin therapeutics. About $30 million will be used to fund research projects. The rest will go outfitting the institute's headquarters, improving existing infrastructure and hiring staff.

Heading the institute will be the chair of NTU's School of Materials Science and Engineering Professor Subbu Venkatraman while American nanoscience expert Professor Chad Mirkin from Northwestern University will serve as chairman of the institute's advisory committee.