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Evogene Q3 Revenues Increase 5 Percent

NEW YORK (GenomeWeb News) – Israeli plant genomics firm Evogene today reported a 5 percent increase in revenues for its third quarter.

Evogene said that revenues for the three months ended Sept. 30 totaled $4.2 million, up from $4.0 million a year ago. Its comprehensive loss for the period rose to $2.3 million, or $.06 per share, from a comprehensive loss of $1.0 million, or $.03 per share, in the year-ago period.

The firm's R&D costs increased 58 percent to $3.0 million from $1.9 million, while general and administrative costs spiked 84 percent to $863,000 from $470,000 and business development expenses rose 18 percent to $374,000 from $316,000.

Evogene exited the quarter with $16.7 million in cash and cash equivalents, as well as $31.7 million in marketable securities.

Last month, the firm filed to go public in the US, with plans to list its shares on the New York Stock Exchange. During the third quarter, it also extended an agreement with Syngenta to develop soybeans that are resistant to a plant parasite nematode.

Earlier this month, Evogene said it and DuPont Pioneer extended and expanded a collaboration to develop soybeans that are resistant to Asian Soybean Rust.

"[I]n addition to our program-directed activities in each division, we continue to make increasing investments to enhance and extend our core technologies and capabilities," Evogene President and CEO Ofer Haviv said in a statement. "These efforts have been primarily related to our computational technologies and plant validation platforms, including the broadening of our field-trial capabilities and greenhouse facilities."