SOURCE: Evogene

March 13, 2008 09:30 ET

Evogene Reports Fourth Quarter and Annual 2007 Results

REHOVOT, ISRAEL--(Marketwire - March 13, 2008) - Evogene Ltd. (TASE: EVGN) today reported financial results for the fourth quarter and year-end December 31, 2007.

"All of us at Evogene are very pleased by the significant progress we made during 2007 towards strengthening our position as world leaders in developing improved plants for the ag-biotech and biofuel industries," stated Ofer Haviv, Evogene's President and CEO. "This progress was achieved in all fronts of our business, including substantial enhancements of our computational gene discovery, validation and development platform; the discovery of hundreds of novel candidates genes of interest in our various programs and further validation of selected genes by us and our partners; the integration of groups of our discovered genes in the pipeline of leading ag-biotech companies through deals and collaborations, and a rapidly growing list of partners, such as Bayer CropScience, Monsanto Company, and Pioneer Hi-Bred; the utilization of our plant capabilities for the field of biofuels, especially through the joint biodiesel program with Orfuel, a subsidiary of Ormat; and the strengthening of our financial situation through the public offering of Evogene shares on the Tel Aviv Stock Exchange." Mr. Haviv continued, "Based on this progress and momentum -- and the growing recognition of Evogene's unique and innovative capabilities in the ag-biotech and biofuel fields -- we enthusiastically look forward to continuing this progress during 2008 and future years."

Revenues for the year ended December 31, 2007 were $268,000*, compared to $114,000** for the same period in 2006. Net loss for the year ended December 31, 2007 was $3.6 million (including a non-cash charge of $656,000 for amortization of deferred compensation), or $0.21 per share, compared with a net loss $2.7 million (including $59,000 of deferred compensation), or $0.22 per share, for the same period in 2006.

Revenues for the fourth quarter of 2007 were $69,000, compared to $34,000 for the fourth quarter of 2006. The net loss for the fourth quarter of 2007 was $1 million (including a non-cash charge of $147,000 for amortization of deferred compensation), or $0.05 per share, compared with a net loss of $534,000 (including $13,000 of deferred compensation), or $0.04 per share, for the corresponding quarter of 2006.

As of December 31, 2007, Evogene had $9.2 million in cash, cash equivalents, cash deposits and short-term marketable securities.

*Converted from New Israeli Shekels (NIS) at the exchange rate on December 31, 2007 (3.846NIS = $1.00) for the convenience of readers.

** Converted from New Israeli Shekels (NIS) at and the exchange rate on December 31, 2006 (4.225NIS = $1.00) for the convenience of readers.

About Evogene

Evogene is a leading developer of improved plants for the ag-biotech and biofuel industries. The Company's proprietary product development platform combines world leading computational gene discovery technologies, high throughput selection systems and advanced breeding methods. The platform's computational biology component -- the ATHLETE -- is based on Compugen's (NASDAQ: CGEN) in-silico predictive discovery capabilities. Evogene's current programs focus on yield under normal and various environmental stress conditions (such as drought), fertilizer utilization and the improvement of plants specifically for biofuel uses. Evogene has collaboration and licensing agreements with world leading companies in the ag-biotech and alternative energy industries. Evogene's headquarters in Rehovot, Israel, and 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
    PR & IR Executive
    E-mail: Email Contact
    Tel: +972-8-931-1933