Opertech Bio Completes $750,000 Financing
Funding Will Support New Approach to Taste Testing
PHILADELPHIA, PA – December 15, 2014 – Opertech Bio, Inc., a company that has pioneered a new highly efficient, cost effective approach to sensory evaluation, today announced it has raised $750,000 in private equity financing. Gabriel Investments of Philadelphia led the round which also included participation from management and other investors.
The funding will be used to complete development and support marketing for Opertech’s taste evaluation technology called Microtiter Operant Gustometer, or MOG. MOG technology is the first automated high throughput system for rapid characterization of taste sensory properties. Before MOG, taste testing required many subjects, large amounts of test samples, and days to weeks for evaluation of only a few samples — all adding up to extensive expenditures in resources and dollars. MOG accomplishes the task on hundreds of samples in an afternoon, using far fewer subjects and much smaller sample amounts; all at a fraction of the cost and with greater accuracy and consistency than previously possible.
“We are pleased at the high level of confidence our investors have shown in Opertech,” said Scott Horvitz, Opertech’s Chief Executive Officer. “We plan to use this funding to complete development of the MOG technology and deploy our technology to meet the needs of our expanding customer base.” Concurrent with this financing, Kevin Kleinschmidt, a partner at Gabriel Investments, joined Opertech’s Board of Directors.
Kleinschmidt added, “We have been impressed with Opertech Bio’s technology and management team, and we believe the sensory tasting market will benefit from use of the high efficiency, cost-savings and enhanced data produced by use of MOG technology for human and animal evaluation.”
The MOG Approach to Taste Evaluation
MOG is a new approach to taste testing and measurement for both humans and animals. MOG is an automated high throughput system with the capacity to determine the taste characteristics of hundreds of samples in less than an hour. Testing with MOG does not rely on subjective rating scales of taste sensation and can be performed with 3 to 4 human or animal subjects. Taste sample sizes are small -- a fraction of the amounts required for traditional taste tests --- creating dramatic savings in costs associated with synthesizing or purifying new ingredients.
Kyle Palmer, Opertech’s Chief Science Officer and lead inventor of the technology platform stated: “More data means greater informative power. The comparatively large datasets that we rapidly generate with MOG are amenable to sophisticated computational and analytic tools not practical for the limited information derived from traditional taste assessment. Among the many advantages that result are greater precision in detecting taste effects, improved consistency and predictive value of test outcomes, and the ability to more quickly and broadly test across a diversity of human and animal subjects.”
About Gabriel Investments Gabriel Investments consists of Philadelphia-area professionals who have joined forces to fund and aid the development of local companies through their collective business experience and contacts. Gabriel’s leadership has depth in all functional areas including general management, marketing, sales, product development, marketing communications, and finance. Individuals in the group have been the founders, Presidents, CEOs and members of the Board of Directors for an extensive list of successful businesses in and around the Philadelphia area. For more information, please visit the Company's website at http://gabriel-investments.com/.
About Opertech Bio, Inc.
Opertech Bio has developed a revolutionary approach to taste testing, a multi-billion dollar market covering the food and beverage, flavor ingredients, pet food, and pharmaceutical industries. Opertech Bio’s technology can be used to discover new flavor ingredients, measure palatability and optimize flavor formulations. For more information, please visit the Company's website at www.opertechbio.com.
CONTACT AT: Opertech Bio Scott Horvitz Chief Executive Officer (215) 456-6142 firstname.lastname@example.org