Latest news with #MonashIVFGroup
West Australian
a day 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.
Sky News AU
a day ago
- Business
- Sky News AU
Beleaguered Monash IVF CEO Michael Knapp resigns days after second embryo mix-up plagues company
CEO of Monash IVF Michael Knapp has resigned two days after the fertility clinic mistakenly transferred the wrong embryo into a patient, the second incident for the company in months. On June 5 the Clayton fertility clinic, in Melbourne's south-east, admitted to wrongly giving a patient her biological embryo, instead of her partners as planned. "Monash IVF has extended its sincere apologies to the affected couple, and we continue to support them," the company said in a statement on the ASX on Tuesday. The company said it was conducting an internal investigation into the incident, and comes just months after it revealed that one of its patients had given birth to a stranger's child in a shocking embryo mix-up that made headlines across the country in April. In a statement to the ASX on Thursday, Monash IVF said it had accepted the resignation of current Chief Executive Officer and Managing Director Michael Knapp and that 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,' the statement read. Mr Knapp has occupied the role since 2019 after being appointed interim CEO in 2018 and was formerly Monash IVF Group's chief financial officer and company secretary. The company said its current Chief Financial Officer and Company Secretary, Malik Jainudeen, would be appointed as his replacement. 'Monash IVF Group Chief Financial Officer and Company Secretary, Malik Jainudeen has been appointed as Acting Chief Executive Officer," the statement said. Mr Knapp's departure comes a day before the Australian health ministers meeting in Melbourne, with IVF regulation set to dominate discussion after the damaging mishap. This is a developing story. More to come.
Sydney Morning Herald
2 days ago
- Health
- Sydney Morning Herald
‘Three strikes': Demands for answers over repeat Monash IVF bungles
'Clearly at some point in time, management is responsible because they are approving budgets and systems and everything else.' Victorian Health Minister Mary-Anne Thomas said she was open to reforms that would better safeguard patients as wider concerns over the regulation of Australia's fertility industry will be discussed by Australia's health ministers in Melbourne on Friday. 'We have recently reformed the way in which we regulate fertility services, including Monash IVF, and an investigation has commenced into what went wrong here in Melbourne,' Thomas said. 'When we're thinking about fertility care, it's such an emotional rollercoaster for so many families and people seeking to either start or grow a family, and I want to ensure that we've got regulation that's fit for purpose, and that people can have confidence in these private fertility services in which they invest so much money.' The Victorian Health Regulator has launched an investigation into the embryo mix-up at Monash IVF's Clayton clinic. Loading But Swinburne University senior lecturer in corporate law Helen Bird said the sharemarket might deliver a far quicker verdict. 'The signs aren't good that they [Monash IVF] took this seriously at the start,' she said. 'They all point to poor risk management, but they also point to poor oversight by the board. 'The board may have its justifications, but after you've done it three times, with three major issues across two states at least, then you've got more than just the odd mistake going on here. You've got a systemic issue to deal with.' Monash IVF Group's board refused to provide a statement of confidence in the company's management when asked to do so by The Age on Wednesday, saying it would not comment beyond information already released to the ASX. Australian Shareholder Association chief executive Rachel Waterhouse said Monash patients would have concerns, while investors will be asking questions about the company's oversight. 'It's a concern, because you've got to trust in management, you've got to trust in the board, and mistakes in other organisations could have quite different outcomes, but this has a huge effect on trust,' Waterhouse said. While Monash IVF Group's price increased slightly to 62¢ on Wednesday, it is still a long way from its $1.42 value in August 2024, as well as the $1.09 at which it was trading before news broke of the Brisbane embryo error on April 11. 'The price has dropped because the market lacks confidence in the current management and governance of the company. The market reacts very quickly, it's much more powerful than the law in this regard,' Swinburne's Helen Bird said. Loading 'So what the major investors are doing, I imagine, is knocking on the door and saying, 'please explain, please give us some confidence that you can get on top of these issues going forward'.' Head of medical negligence at Maurice Blackburn Tom Ballantyne said the string of issues at Monash IVF demanded stronger action by regulators. 'It's three incidents in a couple of years and all of them raise concerns about the fundamental processes in the organisation,' he said. 'Fertility treatments are provided commercially, but it's a health service and a public good and needs to live up to that, and the government and Safer Care Victoria need to ensure it does live up to that.' Compensation is typically only awarded in medical negligence cases when permanent harm can be proved, which is not the case where a person is denied the chance to have a child, or potentially when they give birth to an unintended child. Rather than result in compensation, Ballantyne said most cases are resolved by offering patients replacement or free IVF cycles, with little public accountability. 'The provider can avoid the scrutiny of an actual court case that occurs in other areas,' Ballantyne said. 'It's all done behind closed doors. And, you know, the deterrence or accountability the compensation otherwise provides, is lost.'
The Age
2 days ago
- Health
- The Age
‘Three strikes': Demands for answers over repeat Monash IVF bungles
'Clearly at some point in time, management is responsible because they are approving budgets and systems and everything else.' Victorian Health Minister Mary-Anne Thomas said she was open to reforms that would better safeguard patients as wider concerns over the regulation of Australia's fertility industry will be discussed by Australia's health ministers in Melbourne on Friday. 'We have recently reformed the way in which we regulate fertility services, including Monash IVF, and an investigation has commenced into what went wrong here in Melbourne,' Thomas said. 'When we're thinking about fertility care, it's such an emotional rollercoaster for so many families and people seeking to either start or grow a family, and I want to ensure that we've got regulation that's fit for purpose, and that people can have confidence in these private fertility services in which they invest so much money.' The Victorian Health Regulator has launched an investigation into the embryo mix-up at Monash IVF's Clayton clinic. Loading But Swinburne University senior lecturer in corporate law Helen Bird said the sharemarket might deliver a far quicker verdict. 'The signs aren't good that they [Monash IVF] took this seriously at the start,' she said. 'They all point to poor risk management, but they also point to poor oversight by the board. 'The board may have its justifications, but after you've done it three times, with three major issues across two states at least, then you've got more than just the odd mistake going on here. You've got a systemic issue to deal with.' Monash IVF Group's board refused to provide a statement of confidence in the company's management when asked to do so by The Age on Wednesday, saying it would not comment beyond information already released to the ASX. Australian Shareholder Association chief executive Rachel Waterhouse said Monash patients would have concerns, while investors will be asking questions about the company's oversight. 'It's a concern, because you've got to trust in management, you've got to trust in the board, and mistakes in other organisations could have quite different outcomes, but this has a huge effect on trust,' Waterhouse said. While Monash IVF Group's price increased slightly to 62¢ on Wednesday, it is still a long way from its $1.42 value in August 2024, as well as the $1.09 at which it was trading before news broke of the Brisbane embryo error on April 11. 'The price has dropped because the market lacks confidence in the current management and governance of the company. The market reacts very quickly, it's much more powerful than the law in this regard,' Swinburne's Helen Bird said. Loading 'So what the major investors are doing, I imagine, is knocking on the door and saying, 'please explain, please give us some confidence that you can get on top of these issues going forward'.' Head of medical negligence at Maurice Blackburn Tom Ballantyne said the string of issues at Monash IVF demanded stronger action by regulators. 'It's three incidents in a couple of years and all of them raise concerns about the fundamental processes in the organisation,' he said. 'Fertility treatments are provided commercially, but it's a health service and a public good and needs to live up to that, and the government and Safer Care Victoria need to ensure it does live up to that.' Compensation is typically only awarded in medical negligence cases when permanent harm can be proved, which is not the case where a person is denied the chance to have a child, or potentially when they give birth to an unintended child. Rather than result in compensation, Ballantyne said most cases are resolved by offering patients replacement or free IVF cycles, with little public accountability. 'The provider can avoid the scrutiny of an actual court case that occurs in other areas,' Ballantyne said. 'It's all done behind closed doors. And, you know, the deterrence or accountability the compensation otherwise provides, is lost.'
Perth Now
3 days ago
- Business
- Perth Now
Monash IVF admits second major embryo mix up
Monash IVF Group has been forced to disclose another incident in which they transferred the wrong embryo into a woman, just months after a similar incident was exposed. In a statement released to the ASX on Tuesday, Monash Group advised the incident involved 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 the company 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 strangers 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 Brisbane incident involved a woman who gave birth to another couple's child after being implanted with the wrong embryo by Monash IVF. The error was discovered in February, when the couple requested that their remaining embryos be transferred to another provider. It is understood that the child, conceived through IVF in early 2023, is now a toddler. While the case was described as the first of its kind in Australia, US lawyer Adam Wolf, who has represented numerous families affected by IVF mix-ups, stated at the time he believed it was unlikely to be an isolated event. Shares in Monash IVF have plummeted off news of the second major procedure bungle, dropping 21 per cent and settling at 58c, which is their lowest value since November 2020.
