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Rehovot, Israel
August 13, 2009
- Increased research revenues
result in profit from operations for quarter
- $9 million received from exercise of options issued in 2007
IPO
Evogene Ltd. (TASE: EVGN) announced today its financial
results for the second quarter, ended June 30, 2009.
Ofer Haviv, Evogene's president and CEO stated: "During the
second quarter of 2009, our accelerating growth and development
continued with new collaborations with world leading
agro-biotech companies, important enhancements to our discovery
methodologies and further broadening of the scope of our R&D
activities. These achievements included the recently announced
initiation of a collaboration with Syngenta Biotechnology,
focusing on identifying plant genes for resistance to soybean
nematode, one of the most devastating and yield limiting pests
of soybean. This collaboration is the first where we will be
focusing our gene discovery capabilities in the critical area of
pest protection for major field crops."
Mr. Haviv continued: “In addition, we greatly appreciate the
vote of confidence expressed by our investors through the recent
exercise of 99.6% of the company's outstanding Series 1 options.
These options were issued as part of the company’s IPO in June
2007, and with the approximately $9 million received from this
exercise, Evogene ended the quarter with cash and cash
equivalents of $39 million.”
Revenues for the first six months ended June 30, 2009 were $4.8
million, compared to $202 thousand for the same period in 2008.
Revenues for the second quarter of 2009 were $2.4 million,
compared to $88 thousand for the same period in 2008. Revenues
for the first six months and second quarter of 2009 include
revenues generated mainly under the collaboration with Monsanto.
Profit from ordinary operations for the first six months of 2009
was $860 thousand, compared to a loss from ordinary operations
of $2.7 million in the same period in 2008. Profit from ordinary
operations for the second quarter of 2009 was $236 thousand,
compared to a loss from ordinary operations of $1.5 million in
the same period in 2008.
Total comprehensive loss for the first six months ended June 30,
2009, was $5.1 million, or $0.2 per share, as a result of $6.3
million of non-cash financial expenses due to revaluation of
certain non-employee options, primarily options issued in the
2007 IPO. These revaluations for accounting purposes reflect
changes in the fair market value of Evogene ordinary shares and
the market value of the options. This is compared to a total
comprehensive loss of $1.5 million, or $0.12 per share, in the
same period in 2008, including non-cash financial revenues of
$0.5 million due to the revaluation of options.
Total comprehensive loss for the second quarter of 2009 was $3.8
million, or $0.14 per share, as a result of $4.7 million of
non-cash financial expenses due to revaluation of certain
non-employee options, primarily options issued in the 2007 IPO.
This is compared to a total comprehensive loss of $0.9 million,
or $0.06 per share, including non-cash financial revenues of
$0.3 million due to the revaluation of options.
As of June 30, 2009, Evogene had $39 million in cash, cash
equivalents, cash deposits and short-term marketable securities
compared to $29.4 million as of December 31, 2008.
Evogene is a world leading developer of improved plant
traits. The company’s proprietary product development platform
combines state of the art computational gene discovery
technology (The 'ATHLETE'), plant and field validation
capabilities and unique selection systems. Evogene's current
programs focus on the improvement of key plant traits, such as
yield and stress tolerance, and the improvement of plants
specifically for biofuel uses. Evogene has collaboration and
licensing agreements with world leading companies in the
agro-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). |
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