SGX RegCo had earlier asked for the company to give further clarity on its annual report for the financial year ended Jun 30

Troubled healthcare provider Singapore Institute of Advanced Medicine Holdings : 9G2 0% (SIAMH) said on Thursday (Dec 26) that it is not guaranteed that the company can generate &ldquo significant&rdquo revenue and profitability.

 

&ldquo There is no assurance that the group will be able to expand its business and secure sufficient patients to generate significant revenue and profitability or, if attained, there is no assurance that the group will be able to sustain the profitability,&rdquo it said in response to queries from the Singapore Exchange (SGX). 

 

The SGX RegCo on Tuesday asked for the company to give further clarity on its annual report for the financial year ended Jun 30, said SIAMH.

 

Earlier this month, it was flagged for uncertainties over staying afloat, with auditors noting in a Dec 9 report the presence of material uncertainties that could cast significant doubt on its ability to continue as a going concern.

 

The group reported a loss after tax of S$37.4 million for FY2024, from continuing operations and net cash used in operating activities that amounted to S$12.9 million.

 

Founded in 2011, SIAMH focuses on diagnosing and treating various diseases and health conditions. These include cancer, as well as neurodegenerative and cardiovascular diseases.

 

On Thursday, SIAMH said that its working capital adequacy is now dependent on the outcome of &ldquo certain future events&rdquo that include its ability to draw down on financial support and bridging loans, as well as whether it can ramp up its radiation therapy business. It also said this month that it set up a strategic review committee to look into improving its performance. Among other steps, it will examine ways to improve the usage of the company&rsquo s proton beam therapy, photon radiation therapy facilities and diagnostic equipment.

 

Shares of SIAMH plummeted 17.4 per cent below its initial public offering price at its Catalist debut in February.

 

SIAMH said that it had experienced a shortfall in the increase in patients expected from certain trends it stated in its offer documents. That led to its negative working capital and negative operating cash flow position for FY2024, it said on Thursday.

 

In its offer documents, SIAMH had expected to see a rise in patients purchasing health screening services due to more demand from medical tourism. It had also expected pent-up demand for its diagnostic imaging services, among its other offerings. The company said that since then, the shortfall in the growth of patient numbers could be attributed to factors such as pricing pressure, competition and lower-than-projected patient acquisitions.

 

Singapore Institute of Advanced Medicine Holdings (SAM) has entered into a loan agreement with Caterine Ltd for a principal amount of $5 million to finance the growth of the company&rsquo s business.

 

The maturity date of the loan is three months from the date of the first disbursement, extendable at the company&rsquo s request for up to a maximum period of one year. 

 

Interest will accrue at 6.7% per annum, starting from the disbursement date until either the maturity date or the debt is repaid, whichever comes first.

Singapore Institute of Advanced Medicine Holdings (SAM Holdings) is expected to report a &ldquo significant&rdquo net loss after tax for the FY2024 ended June 30, marking another year of net losses. The group reported a net loss after tax in FY2023.

 

&ldquo As described in the risk factors outlined in the group&rsquo s offer document, the group incurred loss after tax in FY2023 following the continued development and expansion of the business operations and there is a risk that the group may continue reporting losses,&rdquo says the company in its July 31 profit guidance statement.

 

It adds that the loss this year is attributed to its slower-than-expected ramp-up in its business operations, that may result in an impairment to its assets.

 

SAM Holdings listed on the Catalist board of the Singapore Exchange S68 -0.2% (SGX) in February this year. Its initial public offering (IPO) saw the issuance of 114.0 million new shares priced at 23 cents apiece.

 

On March 17, the company said it planned to repay its loans of some $3.4 million by issuing new shares to its creditors at 9 cents per share. The amount stood at a 10% discount off the volume-weighted average price (VWAP) per share of five consecutive market days ending on the full market day when the company exercises its option to convert the loan.

 

The company is expected to release its results on or before Aug 29.

 

Catalist-listed Singapore Institute of Advanced Medicine Holdings (SAM Holdings) has entered into a strategic partnership with Australia-based biopharmaceutical company EnGeneIC.

 

Under the partnership, SAM Holdings will collaborate with EnGeneIC on a profit-sharing basis for manufacturing and distribution of anti-cancer products based on the latter&rsquo s proprietary technology platform, EnGeneIC Dream Vector (EDV). The partnership will also involve the development of EDV-based theranostics for use in the imaging and treatment of various cancers.

 

Among others, SAM Holdings will help EnGeneIC secure funding and regulatory authorisations for building a manufacturing plant in Singapore to manufacture EDV-based products and conduct clinical trials in the city-state. In turn, SAM Holdings will be granted exclusive distribution and marketing rights of these products in 17 countries within Asia. 

 

SAM Holdings will also collaborate with EnGeneIC for pre-clinical testing of EDV-based theranostics as well as obtain the regulatory approval for its commercialisation and sale. Subsequently, the company will be granted exclusive distribution rights worldwide for EDV-based theranostics.

 

&ldquo We have always been committed to providing our patients with easier access to the latest cancer treatment technologies and our partnership with EnGeneIC is another step forward in that direction,&rdquo says SAM Holdings executive director, CEO and founder Dr Djeng Shih Kien.