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The risk for buying cordlife today is the potential lawsuit by MOH and Sgx. Also, its own financials is going to take a big hit. How many new mothers are going to do biz with cordlife after this? Zero.
Cordlife is surviving on life support. If you have cordlife shares, better cut loss. If you want to hold thinking about potential offer, think again. Any offer will be after EGM and after everything stablises.
Don' t think about buying more shares to average down. As the saying goes, don' t throw good money after bad
Cordlife is surviving on life support. If you have cordlife shares, better cut loss. If you want to hold thinking about potential offer, think again. Any offer will be after EGM and after everything stablises.
Don' t think about buying more shares to average down. As the saying goes, don' t throw good money after bad
Cordlife says 5,300 cord blood units deemed to be at high risk, offers refund and fee waiver
CORD-BLOOD bank Cordlife Group : P8A 0% on Monday (Apr 8) said one storage tank &ndash of the six cryogenic storage tanks deemed under investigation by the Ministry of Health (MOH) &ndash and a dry shipper are at high risk of being adversely affected by the temperature excursions.
Cordlife said its cord blood processing and storage facility in Singapore has been sending donated cord blood units (CBUs) from six cryogenic storage tanks and one dry shipper under investigation, to a third-party laboratory in the Republic licensed by MOH for testing.
These tanks house about 19,000 active CBUs. Six donated CBUs were selected from each tank for testing to ensure adequate coverage of temperature variations across the tank. If more than one CBU failed the first round of testing, another six donated samples would be selected from the same tank for additional testing, Cordlife said.
The tank and dry shipper that have been classified as &ldquo high risk&rdquo together contain approximately 5,300 CBUs from active clients. These units have been deemed by MOH&rsquo s expert panel to be at &ldquo high risk of being adversely affected by the temperature excursions&rdquo .
Temperature excursions are defined as the external or environmental temperatures to which a product may be exposed during transport or long-term storage that exceed the manufacturer&rsquo s label claim conditions.
Cordlife said the first batch of testing from the high-risk tank and dry shipper did not yield constructive results, and additional CBUs that were stored in the duo were tested.
Only four out of the 12 donated CBUs from the high-risk tank that were tested demonstrated both cell viability and potency. Cordlife said testing was also performed on 12 donated CBUs from the dry shipper, and seven of them demonstrated both cell viability and potency.
The high-risk tank and dry shipper recorded the highest temperature excursions of minus 11.6 deg C and minus 132.6 deg C respectively, Cordlife said.
These highest temperature excursions were also primarily due to shortcomings in the way temperature checks were conducted, monitored and escalated, causing delays in replenishing liquid nitrogen to regulate tank temperatures, the company noted.
Cordlife said it cannot be certain about the viability and potency of every CBU stored in the high-risk tanks and will deem that the CBUs in these tanks are impacted by temperature excursions.
As a result, the company will offer a refund of annual fees received from the start of the temperature excursion and waive subsequent fees until the maturity of service agreements when the child turns 21 years of age for all active clients whose CBUs are stored in these two high-risk tanks.
Cordlife said it will maintain the storage of these CBUs for these clients until their service agreements mature, and will also honour its commitment to find a suitable CBU if the transplant physician determines that the child&rsquo s CBU cannot be successfully used solely because it does not meet the viability criteria when an approved cord blood transplant is required.
It added that it has estimated the refund and waiver of annual fees for all affected active clients would result in a decrease in revenue and profit before tax of about S$9.2 million.
This, the company said, will have an &ldquo adverse impact&rdquo on its financial results for the fiscal year ending Dec 31, 2024.
The remaining five cryogenic storage tanks deemed under investigation by MOH are at a low risk of being adversely affected by temperature excursions.
In the five low-risk tanks, all of the tested CBUs have shown &ldquo cell viability and potency&rdquo , Cordlife said. It noted that there are approximately 13,700 active CBUs in these five tanks.
Based on the detailed analyses performed, Cordlife established that the temperature excursions recorded in four of these low-risk tanks were caused by the displacement of the respective temperature probe during routine maintenance for three of them. The fourth tank&rsquo s temperature excursions were due to the incorrect mapping of the temperature probe data.
Cordlife said the temperature of the fifth low-risk tank went above the minus 150 deg C threshold set by the standards from the Association for the Advancement of Blood and Biotherapies and the Foundation for the Accreditation of Cellular Therapy for five hours. The highest temperature recorded during this excursion was minus 144.7 deg C.
The company said a detailed analysis done on the fifth low-risk tank established that the temperature excursion was caused by a delay in replenishing liquid nitrogen.
&ldquo The current round of testing is a high-level preliminary impact assessment to ascertain the risk of the temperature excursions affecting the CBUs.&rdquo
Following this, Cordlife said it will send over 200 samples, which it termed a &ldquo statistically meaningful number&rdquo of CBUs from the five low-risk tanks, for testing to provide more assurance in the testing results.
The group said it anticipates that it will take up to a year to complete these tests, as it depends on the capacity of the third-party laboratory.
&ldquo Cordlife will inform its affected clients of the outcomes of these tests in batches once they have been completed and results analysed, in consultation with MOH&rsquo s experts,&rdquo the company added.
Cordlife said it is in the process of contacting all clients whose CBUs are stored in these low-risk and high-risk tanks to inform them of the results of their respective tanks and the follow-up plans.
Shares of Cordlife last traded at S$0.172, before the company called for a string of extensions to a trading halt that took effect on Apr 1.
what' s the chance of company to go bust if the customers launch a class suit against the company?
0.15
Cordlie
dataminer ( Date: 08-Apr-2024 22:18) Posted:
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Trading halt lifted. Results for testing out. Have low risks and high risk tanks. Company in deep shit. It forecast financials will be adversely affected. Company has to send both low risk and high risk for further testing. All this means is costs that is non recoverable. In addition, it has to refund customers on those affected.
Oh... It did not take into consideration potential lawsuits by moh and sgx on negligence and non disclosure of material information. The fate of the directors is also unknown.
Oh... It did not take into consideration potential lawsuits by moh and sgx on negligence and non disclosure of material information. The fate of the directors is also unknown.
As far as I know, entire board is held accountable. The only time any member is off the hook is when he objected and his objection is formally recorded in board meeting minutes.
That' s why being a board member is the lowest ROI job in the company. You get paid peanuts but take all the risks when things go wrong.
That' s why being a board member is the lowest ROI job in the company. You get paid peanuts but take all the risks when things go wrong.
dataminer ( Date: 05-Apr-2024 20:38) Posted:
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Another director arrested and out on bail. Maybe everyone in the board of directors have to be arrested.
Think about it, when someone in the board says the temperature is compromised in the storage tanks, it usually means an update in board meetings. How can it be only ceo or a few board members know while the rest are in the dark.
If the rest of the board are blur or ignorant about the implications on such negligence then WTF are they the board members sitting in board meetings!
Think about it, when someone in the board says the temperature is compromised in the storage tanks, it usually means an update in board meetings. How can it be only ceo or a few board members know while the rest are in the dark.
If the rest of the board are blur or ignorant about the implications on such negligence then WTF are they the board members sitting in board meetings!
Let's attend the AGM and EGM. Expect a full day of K drama stuff there!
dataminer ( Date: 05-Apr-2024 13:57) Posted:
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Any updates on testing ? Completed end march..
Dyodd
Dyodd
dataminer ( Date: 01-Apr-2024 10:11) Posted:
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It says it has to update the requistion notices then it halted again and extended the halt. It did not mentioned anything on pending offer.
No offer. Just details to be iron out for the EGM. You can imagine what happens in the board room. There must be arguments on who can stay and who is out in the board room.
No offer. Just details to be iron out for the EGM. You can imagine what happens in the board room. There must be arguments on who can stay and who is out in the board room.
Why Sgx can grant it extension halt ? Should ask for suspension after three days...Suka suka no law one
Time to resume trading?
If takeover ar 0.199, then no horse run
I put my faith in pigs can fly.. better chances
One week ago the company said got some offer coming but said not finalise yet....maybe now finalised already ?....take it or leave it...
lsk007 ( Date: 01-Apr-2024 08:50) Posted:
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According to cordlife, they are suppose to give an update to all testing requested by moh to be completed by end Mar.
Maybe it is pending this results to halt.
Alternatively, it could be due to the requisition by transglobal that resulting the halt.
As for pending an offer? I doubt. It is too early and too difficult to assess the right offer to halt at this time.
Maybe it is pending this results to halt.
Alternatively, it could be due to the requisition by transglobal that resulting the halt.
As for pending an offer? I doubt. It is too early and too difficult to assess the right offer to halt at this time.
Might be due to a takeover offer. But believe the takeover offer is low and between 22-25c.
Halted today. I fear more bad news
Management and director get fat fees for doing nothing much....when things blow up...one by one resign...this speaks volume on company culture