The Ministry of Health ( MOH) reported in November 2023 that Singapore-listed Cordlife has been in the spotlight after it was discovered to have damaged thousands of cord blood units that were stored in seven tanks that were exposed to temperatures above the acceptable limits.
MOH is now preventing Cordlife from offering its wire body banking services in Singapore, and Cordlife cannot collect, check, process, or keep any additional core blood.  , The suspension was expected to close on Jun 15, but MOH extended it for an extra three times, unless acceptance is given then.
No word on the results of the continued investigations or when MOH will raise Cordlife’s businesses ‘ suspension, Nanjing Xinjiekou wrote in its text.
Cordlife claimed in a bourse filing on August 15 that it had also lost accreditation with the Association for the Advancement of Blood and Biotherapies ( AABB ), an international blood bank body that establishes standards for blood and biotherapies groups in terms of quality and safety.
Cordlife further stated that AABB is only appoint it once MOH approves it to continue its company, and only after it has resolved all issues with quality and has had several months of records available for on-site inspection.
The blood bank reported a net loss of S$ 12.4 million ( US$ 9.5 million ) for the six months ended Jun 30, 2024, a reversal of the S$ 2.2 million net profit for the same period in 2023.
It stated on August 15 that it anticipates that the continuing investigations by MOH and the fixed costs it will face during the disqualification will have a continuing negative financial effect on its Singapore operations, which are the group’s largest revenue contributor.  ,  ,
Besides Singapore, Cordlife even operates cord blood banking companies in Hong Kong, and has clients from Indonesia, Macau and the Philippines.  ,