30 January 2008

ASI invests in clinical research company EGeen

Tallinn, January 30, 2008 – The investment group Ambient Sound Investments (ASI) has acquired a stake in EGeen – a clinical research company that conducts clinical trials of drugs for American and European clients.

According to an agreement between the companies, ASI is to invest 2.6 million EEK (250,000 USD) in EGeen. EGeen represents the second medical company in ASI's portfolio besides the biotechnology enterprise Celecure.

EGeen belongs to private persons and investment funds, including international venture capital companies like DraperFisher Jurvetson ePlanet Ventures L.P., Pentameter Investments Ltd, SEAF Central & Eastern European Growth Fund LLC and Estonian investment companies BaltCap and Lõhmus, Haavel & Viisemann (LHV).

EGeen represents one of the first medical companies of Estonian origin to have built an operating international network. The clients of EGeen are biopharmaceutical companies from primarily the USA, but also Europe that order clinical trials of drugs conducted in co-operation with doctors and medical institutions from Estonia, Latvia, Lithuania, Ukraine and Romania.

According to Kalev Kask, the CEO of EGeen the strengths of the company are its strong network of doctors, employees and software solutions, linking hospitals to a uniform, well-manageable and high-quality network. "We pay a lot of attention, above all, to the team and software solutions and the platform that contributes to the flexible and expeditious clinical trials," Kask commented.

According to Tauno Tats, the CEO of ASI the company proved to be an interesting investment due to its long-term vision and technical maturity, thus having won the confidence and trust of the most important partners. "EGeen has a solid foundation with an efficient network, strong investors and clients. We do believe the value of EGeen will grow," Tats explained.

The company has successfully completed expansion from the Baltic states to Ukraine; operations were started in Romania last year. EGeen plans to continue geographical expansion over the years to come, hiring qualified employees from all these countries.

Ambient Sound Investments (ASI) is an investment holding of four Estonian co-founders of Skype, using its assets to fund budding international technology enterprises. ASI is mostly focusing on Eastern Europe, searching companies that are developing novel technologies or based thereon to be added to its investment portfolio. For additional information see: www.asi.ee

EGeen is an international company with 50 employees that conducts the clinical testing of pharmaceuticals, its main clients being biotechnology and pharmaceutical companies. The company was established in co-operation with international investment companies in 2001. The company's headquarter is located in California; the company has representative offices in Estonia, Latvia, Lithuania, Romania and Ukraine. For additional information see: www.egeeninc.com

For additional information contact:
Kalev Kask
Managing Director, EGeen
Skype: kalevmac

Tauno Tats
Managing Director, Ambient Sound Investments
Skype: taunotats