Rehovot, Israel
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.
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 agbiotech and alternative energy industries.
Evogene's headquarters are in Rehovot, Israel, and its stock is
traded on the Tel Aviv Stock Exchange (TASE:EVGN). |
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