Cordlife offers enhanced support to clients affected by damaged tanks in Singapore
This includes a five-year extension to their cord-blood storage – until their children turn 26 years old – at no additional cost, the company said in a bourse filing on Thursday (Jul 10). The extension begins when the customer's existing contract expires.
In addition, in the event that a cord-blood unit (CBU) is required, but a transplant physician deems the unit to be non-viable for an approved transplant due to Cordlife's negligence, wilful default or fraud, the company will find a suitable replacement.
If it cannot find an appropriate match, Cordlife will pay damages ranging from US$25,000 to S$50,000 to enable its customers to seek alternative medical treatment.
The company will also provide global coverage for all medical conditions requiring stem-cell transplants, up to S$50,000.
Uncertain outlook
In November 2023, the Ministry of Health (MOH) found that cryopreserved CBUs in seven of Cordlife's 22 storage tanks were exposed to temperatures above acceptable limits at different periods. As a result, thousands of CBUs were damaged and rendered unsuitable for stem-cell transplants.
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The lapses led MOH to suspend Cordlife from collecting, testing, processing and storing new cord-blood or tissue samples. Four company directors and its former group chief executive were also arrested in March 2024.
Cordlife began offering affected customers refunds on annual storage fees, as well as a waiver on all subsequent fees for active customers until their children turn 21, in February 2024.
In its latest filing, the company said about 57 per cent of its clients had accepted this offer as at Jun 30, 2025.
It also noted that its outlook for the year remains 'uncertain', considering its cost estimates for the enhanced support package as well as the pace of its business recovery since resuming full operations on Jan 14, 2025.
It added that there is 'no assurance that the company can resume profitability for the financial year ending Dec 31'.
Cordlife shares closed S$0.005 or 1.9 per cent lower at S$0.26, before the announcement.
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