NEW YORK, March 30, 2021 /PRNewswire/ -- TMRW Life Sciences, Inc. ("TMRW" or "the Company"), creator of the world's first and only automated cell management platform in the fast-growing in vitro fertilization (IVF) sector, named Tara Comonte Chief Executive Officer, effective May 10. Comonte, a founding member of TMRW's Board of Directors and passionate advocate for driving innovation in the fertility sector, will continue to serve on the Board.
Joshua Abram and Alan Murray, TMRW's Founders and current Co-CEOs, will become Co-Chairmen of TMRW's Board of Directors. Abram and Murray remain actively involved in the Company as it explores adjacent market growth and international expansion. TMRW's third Founder, Dr. Jeffrey Port, continues as the Company's Chief Medical Officer. Comonte, most recently President and Chief Financial Officer of Shake Shack (NYSE: SHAK), joins a seasoned executive team at TMRW, including Chief Operating Officer & Chief Financial Officer Melanie Goldey and Chief Commercial Officer Lori Batta.
"Tara believes in the power of technology to transform businesses and unlock growth at a global scale, and her track record is extraordinary," said Abram. "Our long-held plan has been to recruit a proven public market executive who would scale what we started three years ago. Since beginning TMRW, we've worked closely with Tara and we're thrilled to have her as our partner and CEO to lead our hyper-growth, category-defining company."
Data from the U.S. National Institutes of Health (NIH) indicate as many as 15 percent of couples worldwide are unable to conceive without medical help. With so many turning to IVF as their solution, the global market for IVF services is expected to exceed $47 billion by the year 2030, according to Precedence Research. Today, more than 2,000 IVF and specialty clinics around the world, the vast majority operating without the benefit of an automated solution, are responsible for the care of hundreds of millions of frozen eggs and embryos, a number which could quickly increase to in excess of a billion based on current IVF growth rates.
Comonte said, "It's been exciting to witness the innovation, passion and huge market need for the TMRW platform. In the rest of this century, hundreds of millions of people around the world will choose IVF to build their families. As more people turn to IVF on their journey to parenthood, technological advancements from TMRW will set new standards for transparency, safety and accessibility in the process, while solving the challenges of fertility cell management."
TMRW's groundbreaking robotic and SaaS platform delivers the first automated cell management solution and digital chain of custody for eggs and embryos in the IVF sector. Since launching commercial operations earlier this year, industry response and clinical demand has been outstanding, and TMRW's pipeline now represents more than one third of all U.S. IVF volume. The Company will expand its commercial operations to the United Kingdom and Europe in 2022.
"Tara is a rare combination of strategic innovator and gifted tactician," added Murray. "We're scaling solutions to meet exploding worldwide demand for our technology from clinicians and patients. Tara's entire career has driven long-term growth for companies on a global scale, and she brings to TMRW her extensive experience in building world-class teams, commercial strategy and operational excellence."
At Shake Shack, Comonte was instrumental in the company's accelerated implementation of people- and customer-first digital and technology solutions, which delivered significant value creation. Prior to Shake Shack, she held C-level positions at large public or private equity owned media companies, including Getty Images and McCann Worldgroup, part of Fortune 500 public company Interpublic Group (NYSE: IPG). Earlier in her career, Comonte was a founding member and Global CFO & COO of Mediabrands, IPG's award-winning media group, managing more than $30 billion in billings globally. She has received multiple accolades, including being the first CFO inducted into the American Advertising Federation Hall of Achievement and being named a Young Global Leader at the World Economic Forum.
Comonte will be based in TMRW's headquarters in New York City.
About TMRW Life Sciences, Inc.
TMRW is a life sciences technology company setting new standards for transparency, safety and accountability in IVF and cell management. TMRW's platform, the world's first automated cryo-management for eggs and embryos, provides a complete digital chain of custody fully integrated with a state of the art robotic storage and monitoring solution. This is in contrast to the manual and analog methods that have gone unchanged throughout the history of IVF. With TMRW's platform, clinics significantly reduce the chances of potentially devastating errors. The TMRW team includes celebrated innovators in fertility, embryology, cryo-management, automation, software development and robotics. TMRW Co-Founders Joshua Abram, Alan Murray and Dr. Jeffrey Port are serial technology and life sciences entrepreneurs. Their immediate prior ventures sold for a combined sum of more than $1 billion. To date, TMRW has raised $50 million. For more information, please visit TMRW.org.
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SOURCE TMRW Life Sciences