Evogen Raises $3 Million

Evogen Inc. (fka Sceptor), a Kansas City-based developer of on-site biological detection systems, has raised $3 million in Series B funding. L Capital Partners led the round, and was joined by return backer Midwest Research Institute and individual angels.

PRESS RELEASE

L Capital Partners, L.P., a venture capital firm in New York, is the lead investor in the $3 million Series B financing of Evogen, Inc. formerly known as Sceptor Industries. Evogen is a global diagnostics, biological collection and detection systems company dedicated to improving the quality of life and world safety by meeting the needs of multiple markets, including research, clinical, environmental and biodefense diagnostics.

Evogen is the new name for Sceptor Industries and represents the merger of two complimentary companies. The addition of state-of-the-art molecular diagnostic detection capabilities to the world’s leading aerosol collection company (Sceptor) transforms Evogen into a global biological detection system provider and positions the company to become the industry leader in detection systems.

Evogen’s unique technology brings detection and diagnostics capabilities, previously limited to the laboratory, into the field and gives the company a significant advantage over existing detection systems. Evogen’s affordable solutions save time and money. It eliminates days of waiting and the need to transport samples to a lab. Evogen makes detection faster, more affordable, easier, and leads to quicker answers for customers.

Sean Reineke, the President and CEO of Evogen and former President of Sceptor, says: “We have emerged as a global diagnostic company able to meet long-standing market needs for rapid, highly-informative, affordable gene-based detection systems. Our portfolio of technologies and applications allows us to further expand beyond the biodefense market into commercial markets, including clinical diagnostics, environmental testing and research.”

Sceptor had become one of the world’s most experienced providers of biohazard detection systems. After the 2001 anthrax scare, the US Postal System installed Sceptor’s SpinCon aerosol collection device in every mail sorting center nationwide. More than six billion pieces of mail have been scanned since 2004.

John Levy, a partner at L Capital Partners, and a member of Evogen’s Board of Directors, says: “The recent merger represents a milestone and gives the company all the components needed to offer a complete system at more affordable prices. Evogen brings the platform and the instruments and Sceptor brings the expertise for aerosol collection and the systems integration for complex biological detection systems. We are building on the company’s success as the market leader and L Capital is pleased to support the team as they grow organically and by acquisition.”

Evogen is globally launching the EvoCycler™HD12, the company’s first innovative diagnostics and detection instrument platform that uses ultra-rapid PCR amplification and thermocycling. The EvoCycler costs about 50% less than comparable capabilities. Its small size offers another advantage by allowing molecular diagnostics to sit on the desktop.

About Evogen

Evogen Inc. is the culmination of the merger of two leading independent companies bringing together technologies to meet the ever-evolving needs of the biodetection industries. Evogen Ltd. merged with Sceptor Industries which had been formed in 2002 after the American anthrax attacks to help meet the challenges of providing security against biological and chemical hazards. The new combined company, Evogen Inc., has emerged with the capability to provide accurate, rapid and affordable solutions for biodetection across multiple markets around the globe. Evogen Inc. is based in Kansas City, Missouri. For more information, visit www.evogen.com.

About L Capital Partners

L Capital Partners invests in development and later-stage companies in the healthcare, technology and energy & environment sectors. To help their portfolio companies realize the promise of transformational change, L Capital Partners is a committed multi-round investor that supports each company with a team of partners, principals and associates who have deep industry and financial expertise. In the technology sector, the firm targets companies in the areas of information technology & security/defense. Established in 2004, L Capital Partners has offices in New York and Tel Aviv. For more information, visit www.lcapitalpartners.com.

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