Cordlife Group’s cellular therapy accreditation suspended indefinitely

CORDLIFE Group ’s accreditation by the Foundation for the Accreditation of Cellular Therapy has been suspended indefinitely, at least until the foundation’s investigations are completed and issues are resolved.

In a regulatory filing on Tuesday (Dec 5), Cordlife Group said that it had received a notice from the Foundation for the Accreditation of Cellular Therapy which has initiated internal investigations into the circumstances raised in a notice from the Ministry of Health (MOH).

MOH issued a six-month suspension notice to the consumer-healthcare company, after finding that seven of its 22 cord-blood storage tanks were kept at temperatures above acceptable limits.

Cordlife Group has received a request from the foundation to submit reports relating to the investigations conducted by the authorities, the results of a comprehensive root-cause analysis of the issues and the company’s short- and long-term corrective plans.

It will provide all necessary information to the foundation in order to restore its accreditation, said Cordlife Group in the filing. But it did not say what the impact of the suspension of accreditation would have on its business.

Cordlife Group has been accredited since November 2015.

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The counter closed down 1.5 per cent to S$0.33 on Tuesday, before this announcement was made.