The beleaguered private cord blood bank also recorded a S$12.35 million loss for the first half of the year.
Health Minister Ong Ye Kung advised parents to hold off on requests to transfer cord blood units currently stored with Cordlife to other cord blood banks until the full impact of the breaches is known. In a filing on the Singapore Exchange on Thursday , Cordlife said that the international blood bank body has withdrawn its accreditation for the collection, processing, storage and distribution of cord blood.
According to Cordlife's latest statement, AABB had notified that it can accredit the company only after MOH permits it to resume business and when the company has fully resolved all quality issues and has several months of records available for on-site inspection. Upon getting the green light from MOH to resume operations, Cordlife"will evaluate the feasibility of seeking AABB accreditation at a suitable time", it added.
The decline includes about S$9.7 million for the waiver of subsequent fees for clients who had stored cord blood in its high-risk tanks, as well as contract liabilities related to future storage obligations of affected clients. The company's Singapore operations, which had been the company's largest revenue contributor, is expected to continue to be affected by the ongoing suspension and investigations, said Cordlife.
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