SOURCE: Evogene

April 30, 2008 10:00 ET

Thanks Evogene Announces $2,000,000 Private Investment by AquAgro Venture Fund

REHOVOT, ISRAEL--(Marketwire - April 30, 2008) - Evogene Ltd. (TASE: EVGN) today announced that AquAgro Fund L.P., a venture capital fund focused on innovative water, agriculture, food and alternative energy technologies will invest $2,000,000 in the Company in a private placement. AquAgro will acquire 1,107,700 newly issued ordinary shares at a price of 6.5 NIS ($1.86) per share, and will in addition receive 651,584 warrants to purchase 651,584 ordinary shares at a price of 11.05 NIS ($3.16) per share.

Under the terms of the recently signed investment agreement, Evogene will also obtain the right, exercisable at its election until May 31st , 2011, to issue additional ordinary shares to AquAgro at a price of 4.5NIS per share, up to a total additional NIS investment by AquAgro in Evogene equivalent at such time to $2,000,000.

"In view of AquAgro's investment focus and their managers' expertise in these fields, we are very pleased to have them join Evogene as a major shareholder, holding approximately five percent of the Company's shares after this purchase," stated Ofer Haviv, Evogene's President and CEO. "The two organizations fully share a commitment to address major problems already facing the critically important worldwide alternative energy and food and feed fields, and these problems are certain to become more extreme in view of continuing population growth and global climate changes," Mr. Haviv concluded.

"The AquAgro fund is focusing on food and 'smart' agro in view of its managers' long-term experience in these fields and the understanding that food and water are the next fields to adopt new technologies," stated Nir Belzer, Managing Partner of the Fund. "We seek out established companies with excellent growth and development potential, and therefore we are extremely enthusiastic about this investment in Evogene , a company we are confident is bringing a unique and powerful approach to key problems in these fields."

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.

About AquAgro

AquAgro Fund, L.P. is a venture capital fund focused on Israel's innovative water and agriculture technologies, as well as other innovative clean technologies. The Fund was formed by Gaon Agro Industries, AquAgro GbR Germany and Ainsbury Properties Ltd. together with Hillel Milo and Nir Belzer who have extensive investment experience with Israeli technology companies and proven track record of providing superior returns to investors. The Fund Managers bring substantial experience in the field of R&D, marketing and management of the portfolio, and are assisted by a team of experienced research and operational personnel.

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
    E-mail: Email Contact
    Tel: +972-8-931-1933

    AquAgro Fund:
    Didi Kalaydzhiev
    E -mail: Email Contact
    Tel: +972(3)7954111