Beleaguered firm for cancer treatment looks to tap new business

Singapore Institute of Advanced Medicine eyes drug trials, work with research centres

- Sue-Ann Tan

Beleaguered cancer-treatment firm Singapore Institute of Advanced Medicine has plans in place to make 2025 a better year than the troubled 12 months it just endured.

The firm, which listed here in early 2024, aims to be included on more insurance panels to help spread word of its services and make new technologies available to patients.

It also wants to explore new business areas, such as working with research centres and taking part in drug trials, to create other revenue streams.

The turnaround strategy comes after an auditors' report on Dec 9 cited material uncertainties that cast doubt on the firm's ability to stay afloat.

The healthcare group had reported on Oct 30 that it racked up losses after tax of $37.4 million for the 12 months to June 30, 2024, from continuing operations. Current liabilities exceeded current assets by $7.9 million as at the same date.

The company responded by announcing on Dec 12 that it had set up a strategic review committee to look into improving its performance.

The Catalist-listed company said in a Dec 26 Singapore Exchange (SGX) filing that there was no guarantee that it could generate "significant" revenue or profitability. There was also no assurance that even if it was profitable, it could sustain that profitability.

The company was founded in 2011 and focuses on diagnosing and treating various diseases and health conditions, including cancer.