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Old 02-07-2019, 08:01 PM   #1
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Ardmore Medical IPO


Singapore-based healthcare firm, Ardmore Medical Group Limited (Ardmore), and Russian agriculture group, Don Agro International Limited (Don Agro), have lodged their respective preliminary prospectuses to list on the Singapore Exchange Catalist Board.

The pricing, timing, and offering size of both upcoming IPOs are not finalised yet.

The sponsors for Ardmore and Don Agro proposed IPOs are SAC Capital Private Limited (SAC) and PrimePartners Corporate Finance Pte Ltd respectively.

Ardmore specialises in orthopaedic surgery, aesthetics and wellness, anaesthesiology and pain management. Ardmore’s controlling shareholder, Ardmore Consolidated Pte Ltd. (ACPL), owns 92.9 per cent of the company’s total issued share capital.

For FY 2018, Ardmore’s total revenues rose 59.67 per cent year-over-year (YoY) to S$8.86 million ($6.54 million) from S$5.55 million ($4.10 million) in FY 2017. Its total profits for FY 2018 rose 61.63 per cent YoY to S$3.20 million ($2.36 million) from S$1.98 million ($1.46 million) in FY 2017.
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Old 19-08-2019, 10:51 PM   #2
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Ardmore Medical puts IPO plans on hold

Ardmore Medical puts IPO plans on hold


SINGAPORE - Ardmore Medical Group, which specialises in orthopaedic surgery, aesthetics and pain management, on Monday (Aug 19) said it has decided to put its IPO (initial public offering) plans on hold in view of "ongoing developments to its business" and the "current market conditions and geopolitical climate".

The decision was made following discussions with its advisers and after "due and careful deliberation", the company said.

Ardmore Medical lodged its draft prospectus for an IPO listing on the Catalist board on June 28.

BT previously reported that investors should study the risk factors listed in Ardmore's offer document before they take a punt. One key concern relates to the death of a patient under the care of founder and chief executive Sean Ng. Dr Ng accounts for 42.9 per cent of group revenue, and his profit contribution is in the same range.

In November 2016, the patient died after a total knee replacement procedure performed by Dr Ng at a local hospital resulted in a surgical complication.

Very rarely do knee surgeries result in death, and an inquiry by the Coroner's Court is still ongoing. The hospital conducted its own internal inquiry as well, following which it suspended Dr Ng from admitting and operating on patients in its premises for eight months. Dr Ng was still able to see patients at his private clinic at the hospital during this period, but had to perform operations elsewhere.

The hospital also lodged a complaint with the Singapore Medical Council (SMC) against Dr Ng in May 2017 for insufficient documentation and medical assessment, including making certain retrospective entries, among other things. The medical watchdog has since convened a Complaints Committee to investigate the complaint. SMC probes are notoriously slow-moving, and if the case is escalated to a Disciplinary Tribunal, it could take years before a verdict is reached, BT noted.

In its media statement on Monday, Ardmore Medical added that the group remains optimistic about its expansion and diversification plans.

"We are confident in our prospects and potential given that our business is fundamentally strong with grounded plans in place which are in the process of execution. We remain committed to delivering results that will bring a good value proposition to our investors should we decide to tap the capital markets," the company said.
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Old 20-09-2019, 09:22 AM   #3
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Maybe Dr Sean Ng Yung Chuan was distracted by other business concerns and too obsessed with making money. He should just focus on his job to save people and not make more money.

See what happened?


[SINGAPORE] The way that Ardmore Medical Group's founder Dr Sean Ng Yung Chuan treated a patient who died following total knee replacement "goes beyond mere human error", said the coroner at the conclusion of a seven-day hearing.

Two complaints made against Dr Ng had been revealed in the group's prospectus when it planned an initial public offering (IPO) on the Catalist board in June. The company put the IPO plans on hold last month, citing the patient's death as one of the risk factors. Dr Ng is the executive director and chief executive of Ardmore Medical, and accounts for 42.9 per cent of its revenue.

State Coroner Kamala Ponnampalam said on Monday that a coroner "does not make a determination of guilt or negligence or attribute legal or moral culpability".

Nevertheless, she flagged Dr Ng's behaviour which "demonstrated a clear departure from the standards expected of a physician who had primary care of a post-surgery patient."

She criticised the doctor for failing to make detailed notes or to hand the patient over to another specialist when he had planned to travel after operating on her. If he had done so, the other specialist might have noticed tell-tale signs that something was wrong, and taken action earlier.

During the surgery, Dr Ng accidentally cut her medial collateral ligament. He called another orthopaedic surgeon for help to repair the cut ligament.

The operation was then completed and she appeared fine.

The next morning, her haemoglobin count was low, so Dr Ng prescribed the transfusion of a pint of blood.

What Dr Ng did not realise was that both Mrs Yuen's popliteal artery and vein had also been cut, leading to internal bleeding and restricted blood flow that cost the patient, first her leg which had to be amputated, and later her life as the delay in treatment allowed poisons into her body. She died of multi-organ failure.

The Coroner noted that Mrs Yuen's son and daughter had questioned the doctor's expertise and asked how he "had managed to sever both the popliteal artery and vein and then fail to recognise that he had done so."

Two expert witnesses said complications with the artery in the knee are is very rare - in the vicinity of 0.03-0.17 per cent.

Dr Tang Jun Yip, a vascular surgeon at Singapore General Hospital (SGH) said there are no reported cases of both artery and vein being cut.

Professor Yeo Seng Jin, a senior orthopaedic surgeon at SGH said he had never seen something like this happen.

He added that Mrs Yuen would have complained of numbness and pain when the anaesthesia wore off.

Mrs Yuen's daughter had pointed out to the nurses at Mount Elizabeth Hospital that her mother's leg felt icy cold, but was told that was normal.

Both Prof Yeo and Dr Tang said with the cut blood vessels, it was unlikely that a pulse in the foot could be felt. Dr Tang suggested that the nurses who had stated that a weak pulse was felt "had pressed down very hard with their fingers and likely were feeling their own pulse".

According to the coroner's report, Prof Yeo questioned if Dr Ng "did actually physically examine Mrs Yuen's lower limb postoperatively. If he did not, then he is negligent for failing to do so."

Dr Tang said the drop in haemoglobin was unusual and Dr Ng should have explored further and not just prescribed a blood transfusion.

Another expert, Mr Nicholas Goddard of the Royal Free Hospital in London, who was brought in by the patient's family said the cutting of both the artery and vein was "the result of poor surgical technique".

Because of the "paucity of note-keeping and large gaps in the medical notes" the experts had difficulty ascertaining if proper post-operative care was provided.

That Dr Ng travelled to Tokyo without handing over the patient to another specialist was"injudicious". It may have led to the delay in diagnosing that the blood flow to the lower leg had been affected.

Dr Ng later added to the notes, without indicating that this was done after he returned from Tokyo. Prof Yeo said this clearly contravened the Singapore Medical Council (SMC) guidelines.

Mount Elizabeth Hospital has filed a complaint with the SMC against Dr Ng on this matter.

Another complaint was made against Dr Ng in 2017. It was dismissed, but the appeal against it is pending.
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