Business
Evogene Reports Second Quarter 2021 Financial Results
- Evogene's management provides update on its plans for unlocking the value of its subsidiaries - Conference call and webcast: today, August 11, 2021, 9:00 am
About this update from Evogene Ltd.
[{"type":"text","content":"- Evogene's management provides update on its plans for unlocking the value of its subsidiaries\n - Conference call and webcast: today, August 11, 2021, 9:00 am ET\n\n\nREHOVOT, Israel, Aug. 11, 2021 /PRNewswire/ -- Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), a leading computational biology company targeting to revolutionize life-science product discovery and development across several market segments, announced today its financial results for the first half and the second quarter of 2021, ended June 30, 2021.\nMr. Ofer Haviv, Evogene's President and Chief Executive Officer, stated, \"As Evogene's subsidiaries continue to advance and mature, we feel that now is the time to introduce our strategy of how we will bring increased shareholder value in the near term from our subsidiaries. \nOur starting point is that each of our subsidiaries contains substantial internal value, created through its rapidly developing pipelines powered by Evogene's unique computational predictive biology technology, the CPB platform. Our technology is available to each of our subsidiaries for their fields of focus and provides a substantial advantage for dealing with the challenges normally faced by life-science companies, such as high failure rates and long time to market.\nWe now see significant inherent value developing within each of our subsidiaries and believe that valued separately, these companies would result in a far greater combined market value for Evogene. We believe that one way to achieve this in a manner that will be beneficial to our shareholders is to turn one or more of our subsidiaries into public companies that will trade independently of Evogene. Among the paths that we are exploring, is the distribution of a portion of Evogene's holdings in one or more of those subsidiaries to our shareholders. \nOf course, the decision if, when, and how, to spin-off a subsidiary company will depend on many considerations, including our goal of ensuring maximum value creation for shareholders as well as market conditions, the subsidiary's financial needs, pipeline maturity, valuation, applicable regulations, etc.\"\nConcluded Mr. Haviv, \"2021 is turning out to be a key strategic year for unlocking value at Evogene and its subsidiaries and I look forward to providing further updates as we advance on our strategy.\" \nMain Activities, Advancements an...