The group says it is assessing the risks and uncertainties which could affect its ability to continue as a going concern
[SINGAPORE] Shares of cord-blood bank Cordlife fell by 18 per cent on Thursday (Oct 2) morning, after it was served a notice of intent or a one-year suspension of its cord-blood banking services by the Ministry of Health (MOH).
The group on Wednesday said it is assessing the risks and uncertainties which could affect its ability to continue as a going concern, as Cordlife will be required to cease collecting, testing, processing and storing new cord-blood units.
As at 9.02 am, the counter dipped by more than 14 per cent to S$0.183 from its previous open price of S$0.215, and subsequently S$0.178 by 9.06 am, down by more than 16 per cent. By 9.39 am, Cordlife shares were trading 18.1 per cent or S$0.039 lower at S$0.176, after 233,200 securities were transacted.
The notice came after an audit in July uncovered significant failures in its operations, reported The Business Times previously.
Cordlife was found to have not maintained compliance with regulatory requirements in several key areas. This inspection came after the company had been allowed to resume limited operations in September 2024, following an earlier suspension.