SINGAPORE: Cordlife announced on Wednesday (Dec 13) that it would accept a six-month suspension given by the Ministry of Health (MOH) over the exposure of several cord blood tanks to irregular temperatures.
In a filing on the Singapore Exchange (SGX), the company also said it would not be submitting written representations to MOH for its operations. It had been given 14 days to do so when the ministry first made public on Nov 30 that Cordlife was being investigated.
MOH had ordered Cordlife to stop the collection, testing, processing and/or storage of any new cord blood and human tissues, or provide any new types of tests to patients, for a period of up to six months.
“Since the company’s receipt of the notice, the company has been working closely and cooperating with MOH to address the issues raised in its investigations and implementing the necessary measures to resolve such issues,” Cordlife said its latest statement.
“The company wishes to inform that it will continue to work hard to regain the trust of MOH and the public in its internal protocols, processes and standards of clinical governance during the six months and thereafter.”
Cordlife said in a regulatory filing on Dec 10 that some members of its management were aware that one of its cord blood tanks had been exposed to irregular temperatures over several days in June 2022.
Around 2,200 cord blood units – stored in one of seven affected tanks – belonging to approximately 2,150 clients have been damaged. Another 17,000 clients could be affected, pending investigations into the other six tanks. Health Minister Ong Ye Kung said on Dec 8 that the probe would take another six weeks.
“Due to the uncertainty of the outcome of ongoing investigations, the Company is unable to assess the financial impact on the financial performance of the Group for the financial year ending 31 December 2023,” Cordlife said on Wednesday.
It added that shareholders of the company and potential investors should “exercise caution when dealing in the shares of the company”, and should “consult their stockbrokers, bank managers, solicitors, or other professional advisers if they have any doubt about the actions they should take”.
The company said it would update its shareholders and the investing public of any developments, as required by SGX.