Latest news with #MalikJainudeen
Sky News AU
2 days ago
- Business
- Sky News AU
ASX 200 see-saws on Thursday as Monash IVF rises following second embryo mix-up, CEO departing
The ASX 200 has see-sawed on Thursday with an embattled health company jumping and a luxury fashion brand nosediving. The index is up flat after the first hour of trading after jumping 0.2 per cent in the first 20 minutes. Qantas has soared 4.8 per cent, Beach Energy jumped four per cent and gold miner West African Resources added 3.8 per cent. Luxury fashion brand Cettire is down 21.5 per cent after its CEO warned of weaker US demand, despite revealing sales revenue was up 1.7 per cent year-on-year. Embattled healthcare company Monash IVF has jumped again on Thursday after the company dropped 26 per cent when it informed the public of a second embryo mix-up at a clinic. The company informed shareholders on Thursday its chief executive Michael Knaap was resigning, leading to a four per cent bump in the share price, and its CFO Malik Jainudeen was appointed acting CEO. 'Since his appointment in 2019, Michael has led the organisation through a period of significant growth and transformation, and we thank him for his years of dedicated service,' Monash IVF's statement read. The bourse hit a new high on Wednesday as it shot up more than half a per cent before sinking throughout the day. The Dow Jones fell flat on Wednesday while the S&P 500 sank 0.3 per cent and the Nasdaq dropped 0.5 per cent. London's FTSE 250 Index added 0.2 per cent, Germany's DAX fell 0.2 per cent and the STOXX Europe 600 dropped 0.3 per cent on Wednesday. New Zealand's NZX 50 Index is down 0.2 per cent on Thursday and Japan's Nikkei 225 has dropped 0.6 per cent.
RNZ News
2 days ago
- Business
- RNZ News
Monash IVF CEO Michael Knaap resigns after second embryo bungle
Photo: 123rf Monash IVF chief executive officer Michael Knaap has resigned following the reveal of a second embryo bungle. In a statement to the ASX, Monash IVF said its board had accepted Mr Knaap's resignation and "respects his decision". "Since his appointment in 2019, Michael has led the organisation through a period of significant growth and transformation, and we thank him for his years of dedicated service," the statement said. Monash IVF revealed on Tuesday that it had incorrectly transferred the wrong embryo to a patient - the second incident the company has apologised for in recent months. The patient's own embryo was used instead of their partner's, which was "contrary to the treatment plan", the company said on Tuesday. It comes two months after the company revealed a Brisbane patient was mistakenly implanted with another patient's embryo. The woman gave birth to a baby who had no genetic link to her later that year, which the ABC understands happened in 2023. Knaap was also the managing the director of Monash IVF Group and had led the organisation since 2013. Chief financial officer and company secretary Malik Jainudeen has been appointed as acting CEO. -This story was first published by the ABC.
West Australian
2 days ago
- Business
- West Australian
Monash IVF CEO Michael Knaap resigns days after second embryo mix-up announced
Days after Australian fertility company Monash IVF disclosed they were investigating a mix-up that led to a woman being impregnated with the wrong embryo, their embattled CEO has resigned. The company confirmed in Thursday that their chief executive officer and managing director Michael Knaap, will depart following fallout from the second such bungle announced in recent months, and on the back of the company's share price plummeting. Monash IVF announced that the current company finance boss, Malik Jainudeen, will take over as interim CEO. 'The Board has today accepted Michael Knaap's resignation as Chief Executive Officer and Managing Director of Monash IVF Group,' a Monash IVF statement said. 'Mr. Knaap also resigned as a director of Monash IVF Group Limited. 'The Board acknowledges and respects his decision. 'Since his appointment in 2019, Michael has led the organisation through a period of significant growth and transformation, and we thank him for his years of dedicated service.' Earlier this week, the company released a statement to the ASX, advising that an incident had occurred involving transferring a patient's own embryo to her, instead of inserting the embryo of her same-sex partner. The Melbourne-based woman is now being supported by the reproductive giant. 'Monash IVF has extended its sincere apologies to the affected couple, and we continue to support them,' it said in a statement. In a statement to the ASX, Monash IVF said the incident is being investigated and safeguards are being introduced. Its shares were hammered 25 per cent lower to a near five-year low of 55.5¢ after news of the bungle broke. 'Commencing immediately, Monash IVF will implement interim additional verification processes and patient confirmation safeguards over and above normal practice,' Monash IVF Group said in their statement. Two months ago, the fertility specialists were forced to admit they had mixed up the delivery of embryos at their Brisbane centre and a woman had given birth to a stranger's baby. 'Monash IVF is conducting an internal investigation into the incident. It has also extended the scope of the independent review being conducted by Fiona McLeod AO SC in relation to the Brisbane incident, noting that the different incidents occurred some years apart.,' the statement added. '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 Reproduction Technology Accreditation Committee certifying body and Victorian Health Regulator. 'In addition, Monash IVF has notified it's insurers and expects the incident to fall within the scope of its insurance coverage,' the company noted.
The Guardian
2 days ago
- Health
- The Guardian
Monash IVF chief executive resigns after company's second embryo transplant bungle
Monash IVF boss Michael Knaap has resigned in the wake of the reproductive healthcare company's second embryo transplant bungle. In a statement to the ASX, Monash IVF said the board had accepted Knaap's resignation as chief executive officer and managing director. This week, Monash IVF admitted to a second bungled embryo implant. In April, Monash IVF revealed a woman had given birth to the child of an unrelated woman after a separate incorrect embryo transplant in Queensland. Monash IVF said in the statement on Thursday that it 'acknowledges and respects [Knaap's] decision'. 'Since his appointment in 2019, Michael has led the organisation through a period of significant growth and transformation, and we thank him for his years of dedicated service,' the statement said. Malik Jainudeen, Monash IVF chief financial officer and company secretary, will serve as acting chief executive. Experts are now calling for national regulation of the sector, something that the health minister, Mark Butler, said would be discussed on Friday when health ministers meet in Melbourne. Currently, IVF is regulated by state and territory laws, but a more consistent, federal approach is being urged. Clinics must be licensed by the Reproductive Technology Accreditation Committee (RTAC), a subcommittee of the Fertility Society of Australia and New Zealand (FSANZ). That's the unit that carries out audits, including on some assisted reproductive technology (ART) clinics internationally. Clinics must also follow ethical guidelines from the National Health and Medical Research Council. FSANZ said in a statement about the latest Monash IVF incident that Australia's fertility care system was 'among the safest, most transparent, and tightly regulated in the world'. FSANZ president Dr Petra Wale said errors were 'exceedingly rare' although 'deeply difficult for those affected'. FSANZ has called for a nationally consistent framework for ART, and an independent statutory authority to 'strengthen oversight and trust'. It said that while the clinical standards in IVF clinics are nationally consistent, each state and territory has its own legislation. Transitioning the RTAC to an independent statutory authority would strengthen the accreditation scheme with 'the regulatory clarity and operational flexibility needed to uphold rigorous standards and respond swiftly to emerging risks', it said, while a national approach to ART would 'strengthen transparency, streamline governance, and enhance patient care across the country'. The latest audit of Australian ART facilities found 172 non-conformance reports (NCRs), but only one was 'major'. Other countries audited, including New Zealand, had higher rates of NCRs. Professor Jeremy Thompson, from the University of Adelaide, is the cofounder and chief scientific officer at Fertilis Pty Ltd. Sign up to Afternoon Update Our Australian afternoon update breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion He said there is a global shortage of well-trained and experienced embryologists, so 'levels of training and experience can vary', and that it was a stressful job where 'skill and time management are critical for the best outcome'. But he said that 'Australia's reputation as a leader in embryology training and technique auditing is beyond question'. University of NSW associate professor Kuldip Sidhu, co-founder and director of CK Cell Technologies, said more rigorous compliance was needed in the industry. Embryologists are not currently registered under a national scheme, and doing this would 'help in adding another layer of responsibility to check such mishappenings in the IVF industry', he said. Dr Evie Kendal, a senior lecturer in health promotion at Swinburne University of Technology, said that with more human intervention in reproduction there was an increased potential for human error. 'Previous safeguards are clearly not up to the challenge of protecting clients against such incidents, and urgent ethical and policy guidance is needed to prevent such mistakes from occurring again,' she said. On Tuesday, Monash IVF told the ASX it would extend the review into the Queensland incident and start a new investigation into the Victorian one. Victorian health minister, Mary-Anne Thomas, confirmed the Victorian health regulator was also investigating. She said Monash IVF's 'clinical governance standards are not where they should be'. Monash IVF said on Tuesday that as well as the investigations it would put extra verification processes and patient confirmation safeguards in place 'over and above normal practice and electronic witness systems, to ensure patients and clinicians have every confidence in its processes'.
Bloomberg
2 days ago
- Business
- Bloomberg
Monash IVF CEO Steps Down After Latest Embryo Transfer Mix-Up
Monash IVF Group Ltd. Chief Executive Officer Michael Knaap resigned, days after the pioneering reproductive health-care company disclosed a second embryo transfer incident that sent shares tumbling. Malik Jainudeen, the company's longtime chief financial officer and company secretary, has been appointed acting CEO, the Melbourne-based firm said in a statement Thursday. Monash IVF pioneered the world's first IVF pregnancy in the 1970s.
