Business
Evogene Reports Third Quarter 2022 Financial Results
Conference call and webcast: today, November 17, 2022, 9:00 am ET REHOVOT, Israel, Nov. 17, 2022 /PRNewswire/ -- Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), a
About this update from Evogene Ltd.
[{"type":"text","content":"Conference call and webcast: today, November 17, 2022, 9:00 am ET\nREHOVOT, Israel, Nov. 17, 2022 /PRNewswire/ -- Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), a leading computational biology company targeting to revolutionize life-science based product discovery and development utilizing cutting edge computational biology technologies, across multiple market segments, announced today its financial results for the third quarter, ended September 30, 2022.\nMr. Ofer Haviv, Evogene's President and Chief Executive Officer, stated, \"Reviewing our developments in 2022, the activities of Evogene and our subsidiaries are advancing well, and we have met important milestones. Each one, whose technology leverages Evogene's AI tech engines, is generating significant value for the Evogene Group, and I am very pleased with our progress.\n\"An example for such milestone progress can be seen in our clinical trial for subsidiary Biomica's microbiome-based immuno-oncology drug candidate, which was launched earlier this year and developed using Evogene's MicroBoost AI tech engine. In recent weeks, we progressed to our third patient out of twelve, and we aim to have our first data readout in spring 2023, as these first few patients conclude their treatment programs. Another important milestone achieved recently by our subsidiary Lavie Bio, was the submission of the registration package to the U.S. Environmental Protection Agency in October, for its novel bio-fungicide product, developed using Evogene's MicroBoost AI tech engine. We expect this process to take around 18 months. Our goal is a soft launch for the 2024 growing season, pending the regulatory approval.\"\nContinued Mr. Haviv, \"In these challenging times in the capital markets, it's important to emphasize that we maintain a strong consolidated cash position of approximately $38 million, which based on our business plan, we expect will be enough to take us towards late 2024. Furthermore, with the strategic steps we continue to pursue, the fundraising at our subsidiary level, as well as the collaborations with non-dilutive payments, we believe we will extend this runway out further. \n\"The strategic collaboration and $10 million investment in the quarter by ICL, a leading specialty minerals company, into our subsidiary, Lavie Bio, is a great example of the successful execution of this strate...