SOURCE: Evogene

November 19, 2007 08:17 ET

Evogene Reports Third Quarter 2007 Results

Crop Trait Collaborations Signed With Monsanto and Pioneer and Biodiesel Collaboration With Ormat Subsidiary

REHOVOT, ISRAEL--(Marketwire - November 19, 2007) - Evogene Ltd. (TELAVIV: EVGN) today reported financial results for the third quarter ended September 30, 2007, the Company's first full quarter as a public company.

"Evogene's mission is to be a world leader in delivering improved plant traits to the agro-biotechnology and biofuel industries, and our current commercialization efforts are targeted at integrating Evogene discovered genes into the product pipelines of world leading companies in these industries under revenue sharing agreements," stated Ofer Haviv, Evogene's President and CEO. "Therefore we were of course extremely pleased to announce during the last few months the signing of crop trait agreements with the two leading companies in the global seed market -- Monsanto and Pioneer, a DuPont business. In addition, during this past quarter, we expanded our activity in the bio-diesel field -- which we consider an important engine for our company's growth -- through a collaboration with Orfuel, a subsidiary of Ormat, a leading alternative energy company. We are very proud of the growing recognition of the commercial potential offered by Evogene's unique capabilities as demonstrated by our growing list of collaborations with industry leading companies," Mr. Haviv concluded.

Revenues for the nine months ended September 30, 2007 were $191,000*, compared to $79,000** for the same period in 2006. Net loss for the nine months ended September 30, 2007 was $2.4 million (including a non-cash charge of $473,000 for amortization of deferred compensation), or $0.15 per share, compared with a net loss $2.1 million (including $45,000 of deferred compensation), or $0.18 per share, for the same period in 2006.

Revenues for the third quarter of 2007 were $41,000 compared to $46,000 for the third quarter of 2006. The net loss for the third quarter of 2007 was $1.05 million (including a non-cash charge of $198,000 for amortization of deferred compensation), or $0.05 per share, compared with a net loss of $589,000 (including $12,000 of deferred compensation), or $0.04 per share, for the corresponding quarter of 2006.

Evogene continues to invest in R&D focusing on further enhancements of its core proprietary discovery platform which combines state-of-the-art computational genomics, molecular biology and advanced breeding methods, and on the discovery and validation of a number of promising genes in major areas of interest to the industry. Net research and development expenses for the first nine months of 2007 were $1.69 million compared to $1.16 million for the first nine months of 2006 representing an increase of more than 40% from the prior year as the Company continues to expand its R&D operations, and representing approximately 65% of the Company's total expenses for the first nine months of 2007.

As of September 30, 2007, Evogene had $9.3 million in cash, cash equivalents, cash deposits and short-term marketable securities.

*Converted from New Israeli Shekels (NIS) at the exchange rate on September 30th, 2007 (4.013NIS = $1.00) for the convenience of readers.

** Converted from New Israeli Shekels (NIS) at and the exchange rate on September 30th, 2006 (4.302NIS = $1.00) for the convenience of readers.

About Evogene

Evogene's mission is to be a world leader in delivering improved plant traits to the agro-biotechnology and biofuel industries through the use of a continuously improving proprietary platform combining state-of-the-art computational genomics, molecular biology and advanced breeding methods. Evogene's current trait development portfolio includes: abiotic stress tolerance and yield, improving nitrogen use efficiency, enhancement of cotton fiber quality, increasing yield for canola and soybean and plant manufacturing of therapeutic proteins. Evogene was created in 2002 by the spin-off of the agro-biotechnology division of Compugen Ltd. (NASDAQ: CGEN). Evogene's core in-silico technology, the ATHLETE, is based on Compugen's proprietary LEADS computational platform. Evogene completed an IPO on the Tel Aviv Stock Exchange in June 2007. For additional information, please visit Evogene's Website at www.evogene.com

This press release contains "forward-looking statements." These statements include words like "may," "expects," "believes," "scheduled" and "intends," and they describe opinions about future events. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Evogene Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Contact Information

  • Contact Information
    Evogene:
    Liat Cinamon
    PR & IR Executive
    E-mail: Email Contact
    Tel: +972-8-931-1933