EGeen International Completes $4.25 Million in First Venture Financing Round

 
Redwood City, CA - November 18, 2002

 
Draper Fisher Jurvetson ePlanet Ventures, Small Enterprise Assistance Funds and Biobank Technology Ventures Join Industry Veterans in Biotech Startup

EGeen International Corporation (EGeen), an emerging biotechnology company focused on population genetics, drug and diagnostic target discovery, and personalized medicine applications, announced today a completion of its first venture capital round of financing totaling $4.25 million. EGeen will use the funding to continue building the Estonian Gene Bank Foundation database and to expand its related commercial activities.

Draper Fisher Jurvetson ePlanet Ventures (DFJ ePlanet) led the round with participation from Small Enterprise Assistance Funds (SEAF) and Biobank Technology Ventures. Representatives from all named investors joined the board of EGeen.

"DFJ ePlanet Ventures seeks outstanding entrepreneurs cultivating large, emerging markets in IT and life sciences. EGeen's unique, systematic approach to undertaking drug discovery and clinical development projects makes it well-positioned to capitalize on several areas in the drug discovery and development value chain," said Carolyn Choi, Vice President of DFJ ePlanet Ventures.

EGeen's founding team consists of industry veterans from the biotech industry, and developed the concept for the Company from biomedical research carried out at University of Tartu and Estonian Biocentre.

"The participation of such an outstanding group of investors in this financing round further strengthens EGeen's ability to bring high value products and services to global healthcare markets," said Kalev Kask, Co-founder and CEO of EGeen.

About EGeen

EGeen has exclusive commercial rights to information from the Estonian Gene Bank Foundation. The Estonian Gene Bank project is a major ongoing national effort with the objective of gathering samples from a significant portion of the population and storing that information confidentially in the Gene Bank for the benefit of biomedical research and individual citizens in Estonia. EGeen will utilize this comprehensive database for drug and diagnostic target discovery and personalized medicine applications. The Company has established pharmacogenetic collaborations with partners seeking to validate drug target candidates and genetic drug profiles.

About Draper Fisher Jurvetson ePlanet Ventures

Draper Fisher Jurvetson ePlanet Ventures is a global venture capital firm focused on the information technology and life sciences sectors. Draper Fisher Jurvetson ePlanet Ventures was founded in 1999 to take advantage of the growing trend towards globalization in technology by the leading Silicon Valley-based venture capital firm, Draper Fisher Jurvetson (www.dfj.com) in partnership with Europe-based ePlanet partners. Draper Fisher Jurvetson ePlanet Ventures invests in startups throughout the United States, Europe, Israel and Asia. The fund currently operates offices in Silicon Valley (Redwood City, CA), London, Singapore, Beijing, Tel Aviv, Hong Kong and Tokyo.For more information, please visit www.dfj.com.

About Biobank Technology Ventures

Biobank Technology Ventures is a life science venture capital fund focused on creating and developing innovative product-driven biotechnology ventures. Founded in 2001, Biobank invests in projects in California and Europe with a rapid demonstration of proof of concept and the use of a global pool of resources for technology, scientific and managerial expertise, and capital. Besides seed and early stage financing, Biobank provides its network of companies with experienced management support for intellectual property, licensing and business and international development. The fund currently operates with offices in Del Mar, California and Paris, France. For more information, please visit www.biobankcom.com

About Small Enterprise Assistance Funds

SEAF is an international venture fund management firm with headquarters in Washington, D.C. Since its inception in 1989, SEAF has developed a worldwide network of emerging market SME funds operating in 14 countries in Central and Eastern Europe, Latin America, and China. SEAF manages over USD 140 million, and has made over 190 investments worldwide.
 
Contacts:

 EGeen International Corporation
Kalev Kask
CEO
650-632-4389
kalev.kask@egeeninc.com
http://www.egeeninc.com