Association withdrew company's accreditation for cord-blood activities – collection, processing, storage and distribution..
SINGAPORE - Embattled Cordlife Group said on Aug 15 that the international Association for the Advancement of Blood and Biotherapies has withdrawn the company’s AABB accreditation for cord blood activities – collection, processing, storage and distribution.
AABB has notified Cordlife that the association can accredit it only after MOH permits the company to resume its business, after it has fully resolved all quality issues, and has several months of records available for on-site inspection. On receipt of approval from MOH to resume operations, Cordlife will evaluate the feasibility of seeking AABB accreditation at a suitable time, said the group.at different periods since November 2020. The lapses were uncovered by MOH, which suspended the cord blood bank from collecting or processing new cord blood for six months from November 2023.In a separate filing to the Singapore Exchange, the company posted a net loss of $12.
Loss per share for the six months was 4.82 cents. The group had earnings per share of 0.87 cent in the first half of financial year 2023. In July, Cordlife engaged Shandong Qilu Stemcell Engineering to guide and assist the Singapore team during the rectification period. Cordlife’s group chief executive Ivan Yiu said: “We are also exploring new business opportunities in other markets to mitigate the impact of our Singapore operations.”In a third bourse filing, Cordlife said it intends to reallocate the remaining funds it has from a private placement proposed in 2013 of 26.8 million shares at an issue price of $1.25 per share.Cordlife said about $23.
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