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Date Created: 12/21/15
Cordlife Group Limited (“Cordlife”, and together with its subsidiaries, the “Group”), a leading cord blood and tissue banking service provider, announced today that its Indian subsidiary, Cordlife Sciences India Pvt. Ltd (“Cordlife India”), has attained accreditation from AABB, an international, not- for-profit association representing individuals and institutions involved in the field of transfusion medicine and cellular therapies. It has been granted the International Certificate of Accreditation for activities relating to the processing, storage and distribution of cord blood. Mr Jeremy Yee, Executive Director and Chief Executive Officer of Cordlife said, “AABB is the world's gold standard in private cord blood banking, and facilities undergo an intensive accreditation process that includes auditing activities such as client education, processing, testing and storage of clients’ precious cord blood units. The Group now has three AABB accredited facilities in Singapore, Hong Kong and India.” Since 1957, AABB has developed voluntary standards for blood bank, blood component collection, processing and transfusion and assessed compliance with these standards, the Code of Federal Regulations and federal guidance documents, through its accreditation program. By assessing the quality and operational systems in place within a facility, the program strives to improve the safety of collecting, processing, testing, distributing and administering blood and blood products. The initial public offering of Cordlife’s shares was sponsored by Prime Partners Corporate Finance Pte. Ltd, who assumes no responsibility for the contents of this release. Since inception, Cordlife has established a quality system that has been recognised by international accrediting bodies such as AABB and ISO. This is further evidenced by Cordlife’s Quality Guarantee introduced in India in 2010, which assures customers of a cord blood unit of suitable match or US$25,000 to defray medical costs if the cord blood unit loses its viability at the point of transplant. In addition to the fact that Cordlife’s facility in India is already ISO 9001:2008 certified, the Quality Guarantee is a further testament to its confidence in the reliability of its quality systems. According to a 10 April 2013 report by Deloitte & Touche Financial Advisory Services Limited (“the Deloitte report”), the 2007–2011 Compound Annual Growth Rate of annual incremental storage units for private cord blood banks is 35% for India. The fast-rising middle class in India are becoming increasingly aware of the benefits of private cord blood banking for their children and seeking better healthcare options for their children. Mr Yee continued: “While Cordlife continues to expand aggressively, we still remain very focused on delivering the highest quality standards. Transplant physicians are more likely to accept an internationally accredited cord blood unit, compared to a unit which is not. With this AABB accreditation, we are confident of further increasing our share of the private cord blood banking business in the fast growing India market.” ABOUT CORDLIFE GROUP LIMITED Incorporated in May 2001, Cordlife Group Limited is an established cord blood and tissue banking service provider. Amongst the first private cord blood banks in Asia, Cordlife has established a dominant market leader position in Singapore1. Today, it has the larger market share of the only two private cord blood banks in Singapore. In Hong Kong, it is amongst the three market leaders for private cord blood banks. Cordlife completed the acquisition of the cord blood and cord tissue banking businesses and assets in India, the Philippines and Indonesia from Australia-listed Cordlife Limited in June 2013. The Group collects, processes, tests, cryopreserves and stores stem cells from the umbilical cord blood of the child at birth, allowing customers to preserve their child’s cord blood stem cells for treatment later in his or her life if their child so requires. In March 2011, the Group launched umbilical cord tissue banking service in Hong Kong, offering an additional service that allows customers to collect and store their child's umbilical cord tissue, which is a rich source of mesenchymal and epithelial stem cells and may potentially help repair the body in different ways. In May 2013, Cordlife Technologies Pte Ltd, a wholly-owned subsidiary of Cordlife Group Limited, launched umbilical cord tissue banking service in Singapore. The storage and banking of umbilical cord tissue services provided in Singapore is currently not licensed by the Ministry of Health, Singapore. This service is provided on a research/clinical trial basis. Cordlife’s business model, which allows customers to opt for a one-time lump sum payment, or annual payments until the child reaches maturity (21 years old in Singapore and 18 years old in Hong Kong), provides the Group with a stable pool of recurring cash flow. In addition, Cordlife, through its collaborative relationships or arrangements with major private hospitals and clinics such as Thomson Medical and Parkway East Hospital, has continued to increase public awareness of its cord blood banking services in Singapore. Overseas, the Group has a 10% direct stake in China Cord Blood Corporation – a top operator in China holding majority shares in the Beijing, Guangdong and Zhejiang Cord Blood Banks, and an approximately 20% share in Shandong Cord Blood Bank. Cordlife has been accredited since 2005 by AABB (formerly known as the American Association of Blood Banks), an association involved in the field of transfusion medicine and cellular therapies. The Group is one of the first private cord blood banks in Singapore and amongst the first in Hong Kong to have released cord blood units for transplants and other therapeutic use. In Singapore, Cordlife was the first private cord blood bank to release cord blood units for the treatment of cerebral palsy. Cordlife’s track record has won the Group many accolades and awards, including: Best Medical Service Award 2010 by Capital CEO Supreme Brand Awards; Top Pregnant/Baby Products Award 2011 by Pregnancy Magazine; Outstanding Financial Strength Cord Blood Bank 2012 by Quamnet Outstanding Enterprise Awards; Most Popular Brand Award 2010 – The Most Popular Cord Blood Bank by TVB Weekly; and U-Choice Lifestyle Brand Award 2010 by Metroinfo FM99.72. In October 2012, Cordlife was awarded the prestigious SIAS Investors’ Choice Awards as runner-up in the “Most Transparent Company Award 2012” New Issues Category. Visit http://www.cordlifeindia.com/ to know more about us.
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