Evogene Reports Third Quarter 2007 Results
19 Noviembre 2007 - 7:17AM
Marketwired
REHOVOT, ISRAEL today reported financial results for the third
quarter ended September 30, 2007, the Company's first full quarter
as a public company.
"Evogene's mission is to be a world leader in delivering
improved plant traits to the agro-biotechnology and biofuel
industries, and our current commercialization efforts are targeted
at integrating Evogene discovered genes into the product pipelines
of world leading companies in these industries under revenue
sharing agreements," stated Ofer Haviv, Evogene's President and
CEO. "Therefore we were of course extremely pleased to announce
during the last few months the signing of crop trait agreements
with the two leading companies in the global seed market --
Monsanto and Pioneer, a DuPont business. In addition, during this
past quarter, we expanded our activity in the bio-diesel field --
which we consider an important engine for our company's growth --
through a collaboration with Orfuel, a subsidiary of Ormat, a
leading alternative energy company. We are very proud of the
growing recognition of the commercial potential offered by
Evogene's unique capabilities as demonstrated by our growing list
of collaborations with industry leading companies," Mr. Haviv
concluded.
Revenues for the nine months ended September 30, 2007 were
$191,000*, compared to $79,000** for the same period in 2006. Net
loss for the nine months ended September 30, 2007 was $2.4 million
(including a non-cash charge of $473,000 for amortization of
deferred compensation), or $0.15 per share, compared with a net
loss $2.1 million (including $45,000 of deferred compensation), or
$0.18 per share, for the same period in 2006.
Revenues for the third quarter of 2007 were $41,000 compared to
$46,000 for the third quarter of 2006. The net loss for the third
quarter of 2007 was $1.05 million (including a non-cash charge of
$198,000 for amortization of deferred compensation), or $0.05 per
share, compared with a net loss of $589,000 (including $12,000 of
deferred compensation), or $0.04 per share, for the corresponding
quarter of 2006.
Evogene continues to invest in R&D focusing on further
enhancements of its core proprietary discovery platform which
combines state-of-the-art computational genomics, molecular biology
and advanced breeding methods, and on the discovery and validation
of a number of promising genes in major areas of interest to the
industry. Net research and development expenses for the first nine
months of 2007 were $1.69 million compared to $1.16 million for the
first nine months of 2006 representing an increase of more than 40%
from the prior year as the Company continues to expand its R&D
operations, and representing approximately 65% of the Company's
total expenses for the first nine months of 2007.
As of September 30, 2007, Evogene had $9.3 million in cash, cash
equivalents, cash deposits and short-term marketable
securities.
*Converted from New Israeli Shekels (NIS) at the exchange rate
on September 30th, 2007 (4.013NIS = $1.00) for the convenience of
readers.
** Converted from New Israeli Shekels (NIS) at and the exchange
rate on September 30th, 2006 (4.302NIS = $1.00) for the convenience
of readers.
About Evogene
Evogene's mission is to be a world leader in delivering improved
plant traits to the agro-biotechnology and biofuel industries
through the use of a continuously improving proprietary platform
combining state-of-the-art computational genomics, molecular
biology and advanced breeding methods. Evogene's current trait
development portfolio includes: abiotic stress tolerance and yield,
improving nitrogen use efficiency, enhancement of cotton fiber
quality, increasing yield for canola and soybean and plant
manufacturing of therapeutic proteins. Evogene was created in 2002
by the spin-off of the agro-biotechnology division of Compugen Ltd.
(NASDAQ: CGEN). Evogene's core in-silico technology, the ATHLETE,
is based on Compugen's proprietary LEADS computational platform.
Evogene completed an IPO on the Tel Aviv Stock Exchange in June
2007. 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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