NEW YORK (GenomeWeb News) – Evogene said today that the venture capital group AquAgro Fund has invested $2 million in the company through a private placement.
Evogene, a Rehovot, Israel-based company, uses computational gene discovery technologies, high-throughput selection systems, and advanced breeding methods to develop plants for the ag-biotech and biofuel industries.
AquAgro will acquire 1,107,700 newly issued ordinary shares at a price of 6.5 NIS ($1.86) per share and will receive 651,584 warrants to purchase the same number of shares at 11.05 NIS. The fund will hold a 5 percent stake in Evogene following the investment.
Evogene also retains the right to issue additional ordinary shares to AquAgro until May 31, 2011, at a price of 4.5 NIS per share, up to an additional $2 million in investment, Evogene said.
AquAgro and Evogene “share a commitment to address major problems already facing the critically important worldwide alternative energy and food and feed fields,” said Evogene President and CEO Ofer Haviv in a statement.