SOURCE: Evogene

Evogene

June 01, 2011 09:00 ET

Evogene Announces Exercise of the Company's Series 2 Warrants

Company Received $16.6 Million as Result of This Exercise

REHOVOT, ISRAEL--(Marketwire - Jun 1, 2011) - Evogene Ltd. (TASE: EVGN) announced today that it has received $16.6 million from the exercise of the company's series 2 warrants. The warrants, which expired May 31, 2011, were issued in June 2007 as part of the company's initial public offering on the Tel Aviv Stock Exchange and as part of an investment agreement signed with AquAgro Fund L.P on April 2008.

Ofer Haviv, Evogene's president and CEO, stated: "We greatly appreciate these additional votes of confidence from our existing and new investors, as represented by these further investments in our Company, resulting in the exercise of 99.9% of the outstanding series 2 warrants," Mr. Haviv continued. "Evogene has maintained a rapid pace of growth and development since our IPO and we expect to continue this progress in the coming years. This includes continued progress in our current and future collaborations, as well as further expansion of our core technologies and its commercial applications."

As of March 31, 2011, Evogene had $50.1 million in cash, cash equivalents, cash deposits and short-term marketable securities. This includes $3.6 million of the $16.6 million that has been received from the exercise of series 2 warrants; the remaining $13 million were received after March 31, 2001.

About Evogene
Evogene is a world leading developer of improved plant traits, such as yield and drought tolerance, for a wide diversity of key crops through the use of plant genomics. The company is focusing on providing a complete solution for plant trait improvement through combining state of the art biotechnology and advanced breeding methods, based on its computational genomic technologies: ATHLETE 3.0 for gene discovery; RePack for gene expression optimization and EvoBreed for breeding enhancement. Evogene's technology also combines high throughput plant validation systems, field experiments and proprietary genomic data creation. Evogene is collaborating with world leading seed companies to introduce its technology into key commercial crops. Evogene's headquarters are in Rehovot, Israel, and its stock is traded on the Tel Aviv Stock Exchange (TASE: EVGN). 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
    Director of IR & PR
    E-mail: Email Contact
    Tel: +972-8-931-1933