SOURCE: Evogene

August 14, 2008 09:21 ET

Evogene Reports Second Quarter 2008 Financial Results

REHOVOT, ISRAEL--(Marketwire - August 14, 2008) - Evogene Ltd. (TASE: EVGN) reports financial results for the second quarter ended June 30, 2008.

"Our initial collaborations with the leading agbio companies in the world are confirming the uniqueness and potential value of the predictive biology driven gene discovery and validation platform that has been established at Evogene. We are now expanding our R&D capacity in terms of both physical infrastructure and scientific and management expertise to support current and anticipated new activities," stated Ofer Haviv, President and CEO. "During the past quarter, we were pleased to announce our collaboration with Vilmorin, the fourth largest seed company in the world, to improve yield and yield stability in tomatoes, and to welcome AquAgro Fund L.P, a venture capital fund focused on innovative water, agriculture, food and alternative energy technologies, as a significant shareholder," Mr. Haviv concluded.

Revenues for the first six months of 2008 were $212,000*, compared to $141,000** for the same period in 2007. Operating loss for the first six months of 2008 was $2.8* million, and the net loss for that period was $2.4* million, or $0.12* per share. Operating loss for the first six months of 2007 was $1.5** million, and the net loss for that period was $2.0** million, or $0.15** per share.

Revenues for the second quarter of 2008 were $89,000*, compared to $125,000** for the second quarter of 2007. Operating loss for the second quarter of 2008 was $1.5* million, and the net loss for that quarter was $1.2* million, or $0.06* per share. Operating loss for the second quarter of 2007 was $772,000**, and the net loss for that quarter was $1.9** million, or $0.13** per share.

As of June 30, 2008, Evogene had $10.6 million in cash, cash equivalents, cash deposits and short-term marketable securities.

*Converted from New Israeli Shekels (NIS) at the exchange rate on June 30, 2008 (3.352NIS = $1.00) for the convenience of readers.

** Converted from New Israeli Shekels (NIS) at the exchange rate on June 30, 2007 (4.249 NIS = $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 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
    PR & IR Executive
    E-mail: Email Contact
    Tel: +972-8-931-1933