‘We don't want to fail parents another time’: Cordlife CEO

Firm has tightened measures to ensure safe cord blood storage; new lab hires added

- Lee Li Ying

A process overhaul has taken place at Cordlife under the leadership of its new boss Ivan Yiu, who vows to rebuild trust at the troubled private cord blood bank.

New laboratory hires have also been added to boost the firm's technical strength.

Mr Yiu spoke to The Straits Times on May 7, the first time the group chief executive officer broke his silence since taking over the reins of the company on Feb 19.

Processes at the company have been in the spotlight after it was revealed on Nov 30, 2023, that cryopreserved cord blood units in seven of its 22 storage tanks were exposed to sub-optimal storage temperatures. Cord blood units have to be stored at temperatures of no higher than minus 150 deg C.

About 7,500 cord blood units in two tanks and in a dry shipper - a container used to transport cord blood units at extremely low temperatures have been deemed non-viable and unlikely to be suitable for stem cell transplants.

The company is now facing pressure on multiple fronts - including investigations by the police and health authorities, legal actions from aggrieved customers, and internal shareholder disputes.

When asked why he believed that Cordlife can still continue to operate and win over new clients after losing customers' trust, Mr Yiu said: "While this has been one of the company's biggest challenges, we have gained insight into how we can strengthen and improve our processes. The new Cordlife has even tighter measures to ensure cord blood units are safely stored." In a statement on May 7, the company said it has recruited two additional lab directors with PhDs and implemented a retention programme to foster stability among its lab personnel with high potential in Singapore.

A spokesman added that the company is also reaching out to former staff from its processing and storage facilities in other markets to support its lab operations in Singapore.