Business
Evogene Reports Second Quarter of 2019 Financial Results
REHOVOT, Israel, July 31, 2019 /PRNewswire/ -- Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), a leading biotechnology company developing novel products for life
About this update from Evogene Ltd.
[{"type":"text","content":"REHOVOT, Israel, July 31, 2019 /PRNewswire/ -- Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), a leading biotechnology company developing novel products for life science markets, announced today its financial results for the second quarter ending June 30, 2019.\n \nOfer Haviv, Evogene's President and CEO, stated: \"During the first half of 2019 we completed the transition to our new corporate structure consisting of Evogene as a technology hub for multiple subsidiaries in different life-science markets. This corporate structure provides the subsidiaries with support from Evogene, to allow the subsidiaries to focus on building valuable assets and fast-tracking their product development towards commercialization. Evogene's support to its subsidiaries can be attributed to three main areas: \nAccess to the CPB platform– right to use the CPB platform by each subsidiary for its dedicated area of activity, to (i) advance subsidiaries' current product pipelines, (ii) to expand the subsidiaries' product pipeline. Corporate and infrastructure support – (i) the subsidiaries' management works closely with Evogene's board, management, and advisors to benefit from their broad experience & access to industry network, (ii) Evogene provides access to its facilities and infrastructure including labs, greenhouses, and other. Funding – Evogene intends to leverage its strong financial position to financially support its subsidiaries until a point of maturity, wherein enough valuable assets have been created to warrant an attractive valuation at fundraising, or through the generation of revenues from sales or collaborations to cover expenses. Evogene aims to remain a major shareholder in its subsidiaries following external fundraising in order to maintain, for Evogene shareholders, a significant share of the subsidiaries' future profits and/or market value.Evogene and its subsidiaries are fully committed to achieving the milestones presented in Evogene's updated corporate presentation filed today.\" – Mr. Haviv concluded\nRecent Developments:\nLavie Bio announced positive 2nd year field results in its bio-stimulant program for wheat with product candidates showing repeated significant yield improvement in spring wheat field trials across multiple locations, varieties and conditions. Amendment of Evogene's collaboration agreement with Bayer[1] to includ...