Osage Ventures Invests in MODA Technology Partners
Bala Cynwyd and Fort Washington, PA, July 10, 2006 – Osage Ventures today announced its lead investment in a $2.3 million Series A Preferred Stock financing round in MODA Technology Partners (MODA), headquartered in Wayne, PA. The company has developed MODA-EM™, a mobile computing solution that serves as a regulatory compliance platform for the collection, management and reporting of environmental monitoring information by pharmaceutical manufacturers.
“MODA has demonstrated the ability to successfully introduce new and innovative mobile computing solutions into an industry in need of technological advances. We are excited by the pharmaceutical industry’s reaction to MODA-EM, which provides direct, tangible return-on-investment by reducing the effort and error rates inherent with paper-based systems,” remarked Darren C. Wallis, Managing Partner of Osage Ventures. “The experienced management team has already made significant progress.” Wallis will join MODA’s Board of Directors.
“We are very pleased that Osage Ventures led this financing. We plan to accelerate the development of our product suite, our market presence, and our team which will result in new applications of mobile computing for the pharmaceutical and other regulated industries,” said MODA CEO David Lipson. “We admire the guidance and enthusiasm that Osage Ventures provided throughout this process – they represent the true spirit of a value-creation partnership.
About Osage Ventures
Osage Ventures is a venture capital fund that seeks to invest in determined and creative entrepreneurs that have a unique concept or product. Osage provides capital and value-added services to early-stage information and enabling technology and life science/healthcare businesses in the Northeast corridor. Initial investments range from $1 - $1.5 million. Additional information is available at www.osageventures.com.
About MODA Technology Partners
MODA Technology Partners is a commercial software company whose primary focus is addressing the growing need for effective automation and efficient regulatory compliance within pharmaceutical manufacturing. MODA’s software systems leverage mobile computing technology to help pharmaceutical clients increase operational efficiency, improve quality, and reduce manufacturing costs. Additional information is available at www.modatp.com.
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