Latest news with #Knaap
The Star
7 hours ago
- Business
- The Star
Australia's Monash IVF CEO quits days after second embryo mix-up in 2 months
BENGALURU: Australian fertility business Monash IVF said on Thursday (June 12) that chief executive officer and managing director Michael Knaap has resigned, days after the company disclosed a second fertility clinic mix-up within two months. Shares of the company ended the session 9.1 per cent higher, indicating the news helped alleviate investor concerns that had sent the stock plummeting 38 per cent in the two months since the first mix-up was revealed after market hours on April 10. The IVF provider's finance chief, Malik Jainudeen, has taken over as acting CEO. The company, which has not yet disclosed the reason behind Knaap's resignation, did not immediately respond to a Reuters request for comment. Knaap had served as Monash's CFO for more than three years before taking over as CEO in April 2019. The second mix-up, reported a few days ago, raised concerns about an industry that did not have much active government attention until recently. In April, the fertility company confirmed a mix-up at its Brisbane clinic, where a patient unknowingly gave birth to another couple's child after an embryo from a different patient was mistakenly transferred. "Monash IVF has a lot of work to do to win back public trust and confidence, (and) they need a strong leadership team to do that," said Mary-Anne Thomas, Victoria's Minister for Health. Jefferies analysts, in a note from June 10, said they believe publicity around these incidents will likely lead to Australian IVF market share losses in the shorter-to-medium term. - Reuters
Time of India
15 hours ago
- Business
- Time of India
Australia's Monash IVF CEO steps down days after reporting second embryo incident
Bengaluru: Australian fertility business Monash IVF said on Thursday its chief executive officer and managing director, Michael Knaap , had resigned, days after reporting a second fertility clinic mix-up over a two-month span. Shares of the company rose as much as 5.8 per cent to A$0.64 at open in Sydney, signaling the news has helped calm investor concerns that had led to a 42 per cent drop in Monash stock since the first mix-up was disclosed in April. The company did not give out a reason behind Knaap's resignation, and it did not immediately respond to a Reuters request for comment. Knaap previously served as Monash CFO for over three years and took over the CEO role in April 2019. The second mix-up, reported a couple of days ago, raised concerns around an industry that did not have much active government attention until recently. In April, the fertility company acknowledged that a patient at its Brisbane clinic had unknowingly given birth to another couple's child, following the accidental transfer of an embryo belonging to a different patient. The IVF provider's finance chief, Malik Jainudeen, has taken over as acting CEO. Jefferies analysts, in a note from June 10, said they believe publicity around these incidents is likely to lead to Australia IVF market share losses in the short-to-medium term. The brokerage forecast Monash to lose 73 basis points of market share in fiscal 2026.
The Advertiser
15 hours ago
- Health
- The Advertiser
Fertility CEO resigns after embryo transferred to wrong patient in major bungle
Monash IVF CEO Michael Knaap resigned on June 12 just days after the fertility behemoth admitted to the transfer of the wrong embryo into a patient. The board accepted Mr Knaap's resignation just two months after a similar incident occurred at a Brisbane clinic. Monash IVF confirmed on June 10 that a patient was transferred her own embryo, rather than her partner's, at its Clayton clinic in Melbourne. Monash IVF believes the June 5 bungle will "fall within the scope of its insurance coverage" as insurers were notified. It comes two months after a Queensland woman gave birth to a stranger's child in an embryo mix-up at Monash IVF's Brisbane clinic. Monash IVF said in a statement to the ASX that an internal investigation would be conducted. The scope of an independent review into the Queensland mix-up, conducted by Fiona McLeod, would also be "extended", Monash IVF said. Additional processes would be put in place at Monash IVF to avoid a similar mistake, the clinic said. "Commencing immediately, Monash IVF will implement interim additional verification processes and patient confirmation safeguards over and above normal practice and electronic witness systems, to ensure patients and clinicians have every confidence in its processes," the clinic said. "Whilst industry-leading electronic witness systems have and are being rolled out across Monash IVF, there remain instances and circumstances whereby manual witnessing is required. "Monash IVF has disclosed the Incident to the relevant assisted reproductive technology (ART) regulators, namely the Reproductive Technology Accreditation Committee certifying body and Victorian Health Regulator. The fertility clinic said it has "extended its sincere apologies to the affected couple". University of Melbourne associate professor Alex Polyakov, a medical director of Genea Fertility Melbourne, said Australia's assisted reproduction sector was internationally recognised for its "rigorous oversight". "The report of a second embryo transfer error is profoundly troubling and, while still extremely rare, shifts this issue from an isolated anomaly to one demanding broader reflection," he said. "IVF clinics operate within some of the most highly regulated and scrutinised environments in medicine. "Multiple safeguards, including dual verification and electronic tracking, exist at every step to prevent precisely this kind of error." Monash IVF CEO Michael Knaap resigned on June 12 just days after the fertility behemoth admitted to the transfer of the wrong embryo into a patient. The board accepted Mr Knaap's resignation just two months after a similar incident occurred at a Brisbane clinic. Monash IVF confirmed on June 10 that a patient was transferred her own embryo, rather than her partner's, at its Clayton clinic in Melbourne. Monash IVF believes the June 5 bungle will "fall within the scope of its insurance coverage" as insurers were notified. It comes two months after a Queensland woman gave birth to a stranger's child in an embryo mix-up at Monash IVF's Brisbane clinic. Monash IVF said in a statement to the ASX that an internal investigation would be conducted. The scope of an independent review into the Queensland mix-up, conducted by Fiona McLeod, would also be "extended", Monash IVF said. Additional processes would be put in place at Monash IVF to avoid a similar mistake, the clinic said. "Commencing immediately, Monash IVF will implement interim additional verification processes and patient confirmation safeguards over and above normal practice and electronic witness systems, to ensure patients and clinicians have every confidence in its processes," the clinic said. "Whilst industry-leading electronic witness systems have and are being rolled out across Monash IVF, there remain instances and circumstances whereby manual witnessing is required. "Monash IVF has disclosed the Incident to the relevant assisted reproductive technology (ART) regulators, namely the Reproductive Technology Accreditation Committee certifying body and Victorian Health Regulator. The fertility clinic said it has "extended its sincere apologies to the affected couple". University of Melbourne associate professor Alex Polyakov, a medical director of Genea Fertility Melbourne, said Australia's assisted reproduction sector was internationally recognised for its "rigorous oversight". "The report of a second embryo transfer error is profoundly troubling and, while still extremely rare, shifts this issue from an isolated anomaly to one demanding broader reflection," he said. "IVF clinics operate within some of the most highly regulated and scrutinised environments in medicine. "Multiple safeguards, including dual verification and electronic tracking, exist at every step to prevent precisely this kind of error." Monash IVF CEO Michael Knaap resigned on June 12 just days after the fertility behemoth admitted to the transfer of the wrong embryo into a patient. The board accepted Mr Knaap's resignation just two months after a similar incident occurred at a Brisbane clinic. Monash IVF confirmed on June 10 that a patient was transferred her own embryo, rather than her partner's, at its Clayton clinic in Melbourne. Monash IVF believes the June 5 bungle will "fall within the scope of its insurance coverage" as insurers were notified. It comes two months after a Queensland woman gave birth to a stranger's child in an embryo mix-up at Monash IVF's Brisbane clinic. Monash IVF said in a statement to the ASX that an internal investigation would be conducted. The scope of an independent review into the Queensland mix-up, conducted by Fiona McLeod, would also be "extended", Monash IVF said. Additional processes would be put in place at Monash IVF to avoid a similar mistake, the clinic said. "Commencing immediately, Monash IVF will implement interim additional verification processes and patient confirmation safeguards over and above normal practice and electronic witness systems, to ensure patients and clinicians have every confidence in its processes," the clinic said. "Whilst industry-leading electronic witness systems have and are being rolled out across Monash IVF, there remain instances and circumstances whereby manual witnessing is required. "Monash IVF has disclosed the Incident to the relevant assisted reproductive technology (ART) regulators, namely the Reproductive Technology Accreditation Committee certifying body and Victorian Health Regulator. The fertility clinic said it has "extended its sincere apologies to the affected couple". University of Melbourne associate professor Alex Polyakov, a medical director of Genea Fertility Melbourne, said Australia's assisted reproduction sector was internationally recognised for its "rigorous oversight". "The report of a second embryo transfer error is profoundly troubling and, while still extremely rare, shifts this issue from an isolated anomaly to one demanding broader reflection," he said. "IVF clinics operate within some of the most highly regulated and scrutinised environments in medicine. "Multiple safeguards, including dual verification and electronic tracking, exist at every step to prevent precisely this kind of error." Monash IVF CEO Michael Knaap resigned on June 12 just days after the fertility behemoth admitted to the transfer of the wrong embryo into a patient. The board accepted Mr Knaap's resignation just two months after a similar incident occurred at a Brisbane clinic. Monash IVF confirmed on June 10 that a patient was transferred her own embryo, rather than her partner's, at its Clayton clinic in Melbourne. Monash IVF believes the June 5 bungle will "fall within the scope of its insurance coverage" as insurers were notified. It comes two months after a Queensland woman gave birth to a stranger's child in an embryo mix-up at Monash IVF's Brisbane clinic. Monash IVF said in a statement to the ASX that an internal investigation would be conducted. The scope of an independent review into the Queensland mix-up, conducted by Fiona McLeod, would also be "extended", Monash IVF said. Additional processes would be put in place at Monash IVF to avoid a similar mistake, the clinic said. "Commencing immediately, Monash IVF will implement interim additional verification processes and patient confirmation safeguards over and above normal practice and electronic witness systems, to ensure patients and clinicians have every confidence in its processes," the clinic said. "Whilst industry-leading electronic witness systems have and are being rolled out across Monash IVF, there remain instances and circumstances whereby manual witnessing is required. "Monash IVF has disclosed the Incident to the relevant assisted reproductive technology (ART) regulators, namely the Reproductive Technology Accreditation Committee certifying body and Victorian Health Regulator. The fertility clinic said it has "extended its sincere apologies to the affected couple". University of Melbourne associate professor Alex Polyakov, a medical director of Genea Fertility Melbourne, said Australia's assisted reproduction sector was internationally recognised for its "rigorous oversight". "The report of a second embryo transfer error is profoundly troubling and, while still extremely rare, shifts this issue from an isolated anomaly to one demanding broader reflection," he said. "IVF clinics operate within some of the most highly regulated and scrutinised environments in medicine. "Multiple safeguards, including dual verification and electronic tracking, exist at every step to prevent precisely this kind of error."
CNN
11-04-2025
- Health
- CNN
Woman gives birth to another couple's child after IVF mix-up
A major Australian IVF clinic has apologized for giving the wrong embryo to a woman who then gave birth to another couple's baby, blaming the mix-up on 'human error.' Monash IVF, which operates more than 100 clinics across Australia, said in a statement staff were 'devastated' by the mistake, believed to be the first of its kind in Australia. It's not clear whether either of the couples suspected a mix-up before the clinic discovered the error in February. 'On behalf of Monash IVF, I want to say how truly sorry I am for what has happened,' said CEO Michael Knaap in the statement. 'We will continue to support the patients through this extremely distressing time,' he added. Monash IVF has not named the couples involved, nor has it responded to questions about when the baby was born, or who has custody of the child. The error occurred at Monash IVF's Brisbane clinic, in the state of Queensland, where the law recognizes the birth mother and her partner as the child's legal parents. How did it happen? The mistake was discovered in February after the birth parents requested to transfer their remaining embryos to another IVF provider. After an extra embryo was found in their storage compartment, an internal inquiry discovered they'd received the wrong embryo. It's not clear how the error was made but according to the Monash IVF statement, another patient's embryo was 'incorrectly thawed and transferred to the birth parents.' Knaap, the company's CEO, said he was confident it was 'an isolated incident.' 'We are reinforcing all our safeguards across our clinics – we also commissioned an independent investigation and are committed to implementing its recommendations in full,' he added. The Fertility Society of Australia and New Zealand (FSANZ) said in a statement that it was 'aware of the serious incident' and its immediate thoughts were with the families affected. It said such incidents are rare and require 'the highest standards of transparency.' Similar errors have been made in the United States, including a recent case where a White woman discovered she'd been given the wrong embryo after giving birth to a Black infant. This is not the first time Monash IVF has been accused of wrongdoing. Last year, the company agreed to pay 56 million Australian dollars ($35 million) to settle a class action suit brought by 700 former patients. The patients alleged the company didn't disclose the risk of false positives in genetic testing on embryos, which led them to discard potentially viable embryos.
CNN
11-04-2025
- Health
- CNN
Woman gives birth to another couple's child after IVF mix-up
A major Australian IVF clinic has apologized for giving the wrong embryo to a woman who then gave birth to another couple's baby, blaming the mix-up on 'human error.' Monash IVF, which operates more than 100 clinics across Australia, said in a statement staff were 'devastated' by the mistake, believed to be the first of its kind in Australia. It's not clear whether either of the couples suspected a mix-up before the clinic discovered the error in February. 'On behalf of Monash IVF, I want to say how truly sorry I am for what has happened,' said CEO Michael Knaap in the statement. 'We will continue to support the patients through this extremely distressing time,' he added. Monash IVF has not named the couples involved, nor has it responded to questions about when the baby was born, or who has custody of the child. The error occurred at Monash IVF's Brisbane clinic, in the state of Queensland, where the law recognizes the birth mother and her partner as the child's legal parents. How did it happen? The mistake was discovered in February after the birth parents requested to transfer their remaining embryos to another IVF provider. After an extra embryo was found in their storage compartment, an internal inquiry discovered they'd received the wrong embryo. It's not clear how the error was made but according to the Monash IVF statement, another patient's embryo was 'incorrectly thawed and transferred to the birth parents.' Knaap, the company's CEO, said he was confident it was 'an isolated incident.' 'We are reinforcing all our safeguards across our clinics – we also commissioned an independent investigation and are committed to implementing its recommendations in full,' he added. The Fertility Society of Australia and New Zealand (FSANZ) said in a statement that it was 'aware of the serious incident' and its immediate thoughts were with the families affected. It said such incidents are rare and require 'the highest standards of transparency.' Similar errors have been made in the United States, including a recent case where a White woman discovered she'd been given the wrong embryo after giving birth to a Black infant. This is not the first time Monash IVF has been accused of wrongdoing. Last year, the company agreed to pay 56 million Australian dollars ($35 million) to settle a class action suit brought by 700 former patients. The patients alleged the company didn't disclose the risk of false positives in genetic testing on embryos, which led them to discard potentially viable embryos.
