Evogene Reports Second Quarter 2011 Financial Results
Highlights for Quarter Include Development of New Gene2Product Technology and Infrastructure Expansion; As of End of Quarter, Evogene Had Over $60 Million in Cash, Including Approximately $16 Million Received From Exercise of Public Warrants and $12 Million Investment by Bayer CropScience
(firmenpresse) - REHOVOT, ISRAEL -- (Marketwire) -- 08/10/11 -- Evogene Ltd. (TASE: EVGN) announced today its financial results for the second quarter ended June 30th, 2011.
Ofer Haviv, Evogene's president and CEO, stated: "2011 has been a year of both execution and expansion. With respect to execution, we are continuing to successfully provide our partners with genomic discoveries under our various collaborations, including agreements with most of the world's leading seed companies. With respect to expansion, we are substantially enhancing and expanding our infrastructure for the future, in terms of capabilities, people and physical facilities. Furthermore, we are very pleased with Evogene's current financial stability: as of June 30, 2011, we had over $60 million in cash, representing an increase of more than $25 million during the first half of 2011, including amounts received from the exercise of public warrants and the Bayer CropScience investment."
Mr. Haviv continued, "An important key component of our expansion is our new technology that focuses the power of our proven industry leading computational genomic capabilities on optimizing trait efficacy and the product development process of novel genes in our partners' pipelines. The first component of the technology, RePack, has been commercially launched, with additional components under development and planned for introduction during the coming months. We are very excited about the potential that this powerful new capability has to substantially improve the probability of success, in terms of both quality of performance and quantity, of biotechnology seed products resulting from industry-wide development efforts."
for the first six months ended June 30, 2011 were $6.8 million representing an increase of approximately 28% compared to $5.3 million for the same period in 2010. Revenues for the second quarter of 2011 were $3.4 million, representing an increase of approximately 30% compared to $2.6 million reported for the same period in 2010. Revenues for the first half and the second quarter of 2011 consist of research and licensing revenues generated under the company's various collaboration agreements with seed companies.
for the first six months ended June 30, 2011 were $2.7, compared to $2.2 million for the same period in 2010. Research & Development expenses for the second quarter of 2011 were $1.5 million, compared to $1.3 million reported for the same period in 2010. These increases mainly relate to the development of the computational genomic technologies and increased efforts focused on additional traits, mainly biotic tolerance traits.
for the first six months of 2011 was $1 million, compared to loss from ordinary operations of $0.9 million in the same period in 2010. Loss from ordinary operations for the second quarter of 2011 was $0.6 million, compared to loss from ordinary operations of $0.7 million in the same period in 2010.
: Evogene had approximately 4.5 million publicly traded warrants outstanding, which were issued as part of its IPO on the Tel Aviv Stock Exchange in May 2007, 99.9% of which were exercised by May 31, 2011 (the warrant expiry date). While these warrants were outstanding, any change as of the end of a reporting period in the market price of the Company's ordinary shares results in non-cash financial income (expense) due to their revaluation on our statements of comprehensive profit or loss. This will not be applicable for future quarterly results.
for the first six months ended June 30, 2011, was $3.9 million, which includes $3.7 million of non-cash financial revenues due to previously outstanding publicly traded warrants, as described above, compared to a total comprehensive loss of $0.4 million, including $0.9 million of non-cash financial revenues for the same period in 2010. Comprehensive profit for the second quarter of 2011 was $2.8 million, which includes $2.7 million of non-cash financial revenues, compared to a comprehensive profit of $3.4 million, including $4.5 million of such non-cash financial revenues for the same period in 2010.
As of June 30, 2011, Evogene had , compared to $35.8 million as of December 31, 2010. The June 30, 2011 amount includes $16.6 million from the exercise of the publicly traded warrants (including $13 million received in the second quarter of 2011) and $12 million from an equity investment in the Company by Bayer CropScience pursuant to a wheat collaboration agreement signed in December 2010.
The technology consists of a number of computational genomic components, under development by Evogene, to improve the probability of successful development of biotechnology seed products. Utilization of is complimentary and additive to use of for gene discovery. The aim of is to improve trait efficacy through optimizing gene 'mode of use' in the pipelines of seed companies utilizing computational genomics and includes the following components: to improve trait efficacy by optimization of gene regulation; to improve trait efficacy by multiple gene stacking; to improve trait efficacy through genes stable to different environments and genetic backgrounds; and to improve trait efficacy by selecting the preferred allele for each gene.
Evogene is a world leading developer of improved plant traits, such as yield and drought tolerance, for a wide diversity of key crops through the use of plant genomics. The company focuses on utilizing its proprietary computational genomic technologies to provide a complete solution for plant trait improvement through combining state of the art biotechnology and advanced breeding methods. These technologies include for gene discovery; for improving trait efficacy and probability of successful development of biotechnology seed products; and for breeding enhancement. Evogene's plant genomics capabilities combine high throughput plant validation systems, field experiments and proprietary genomic data creation. Evogene is collaborating with world leading seed companies to introduce its improved plant traits into key commercial crops under milestone and royalty bearing agreements. 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 .
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.
Liat Cinamon
Director of IR & PR
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Tel: +972-8-931-1933
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Datum: 10.08.2011 - 14:02 Uhr
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