Evogene Reports Second Quarter 2008 Financial Results
August 14 2008 - 9:21AM
Marketwired
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.
About Evogene
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 ag-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). For additional information,
please visit Evogene's website at www.evogene.com.
This press release contains "forward-looking statements." These
statements include words like "may," "expects," "believes,"
"scheduled" and "intends," and they describe opinions about future
events. These forward-looking statements involve known and unknown
risks and uncertainties that may cause the actual results,
performance or achievements of Evogene Ltd. to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
Contact Information Evogene: Liat Cinamon PR & IR Executive
E-mail: Email Contact Tel: +972-8-931-1933
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