SOURCE: Evogene

August 30, 2007 10:00 ET

Evogene Reports Second Quarter 2007 Financial Results

First Quarterly Report Following IPO on Tel Aviv Stock Exchange

REHOVOT, ISRAEL--(Marketwire - August 30, 2007) - Evogene Ltd. (TELAVIV: EVGN) today reported financial results for the second quarter ended June 30, 2007.

"During the past five years -- initially as a division of Compugen, and then as a private company -- Evogene created a unique, powerful and continuously improving agbio discovery and development capability," stated Ofer Haviv, Evogene President and CEO. "Now, in our first quarterly report as a public company, we are pleased to focus on the accelerating commercialization of this broadly applicable capability. During the past few months, we announced collaborative activities with Ormat Ltd., a leading company in the field of alternative energy, for development of crops for biodiesel use; with Bayer CropScience, a world-wide leader in agbio, which exclusively licensed the rights to certain genes discovered by Evogene for increasing the productivity and yield of a Bayer core crop under drought and other stress conditions; and with Rahan Meristem Ltd., a world-wide leading producer and marketer of banana plantlets, for development of banana plants with resistance to a key banana disease." "We welcome our new shareholders and enthusiastically look forward to reporting our continuing progress and growth," Mr. Haviv concluded.

Revenues for the quarter were $129,000* compared to $10,500 for the second quarter of 2006. The net loss for the quarter was $738,000 (including a non-cash charge of $225,000 for amortization of deferred compensation), or $0.05 per share, compared with a net loss of $836,000 (including $13,000 of deferred compensation), or $0.06 per share, for the corresponding quarter of 2006.

Revenues for the first six months ended June 30, 2007 were $146,000, compared to $34,000 for the same period in 2006. Net loss for the first six months of 2007 was $1.4 million (including a non-cash charge of $282,000 for amortization of deferred compensation), or $0.1 per share, compared with a net loss $1.6 million (including $31,000 of deferred compensation), or $0.15 per share, for the same period in 2006.

As of June 30, 2007, Evogene had $9.9 million in cash, cash equivalents, cash deposits and short-term marketable securities, an increase of $6.6 million from $3.3 million as of March 31, 2007, reflecting the net proceeds from the IPO on TASE completed in June.

* Converted from New Israeli Shekels (NIS) at the exchange rate on August 28th, 2007 (4.125NIS = $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, enhancement of cotton fiber quality, improving nitrogen use efficiency, increasing oil yield for the biodiesel use 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