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Evogene's Q3 Revenues, Loss Rise

NEW YORK (GenomeWeb News) – Evogene on Friday reported a spike in its year-over-year revenues and net loss.
The Rehovot, Israel-based agricultural genomics firm reported revenues of $870,000 for the three-month period ended Sept. 30, compared to $39,000 for the third quarter of 2007. The most recent quarter’s results include revenue from the firm’s recently signed collaboration with Monsanto.
In August, Evogene inked a five-year research and development collaboration with Monsanto, under which Evogene will use its computer-based, predictive biology tools to pinpoint new candidate genes involved in plant yield, environmental stress, and fertilizer use. These genes will be tested and validated in model plants by Monsanto. The deal is worth up to $35 million to Evogene in upfront and annual research payments.
Monsanto also paid $18 million to acquire a 13.6 percent equity stake in Evogene, and it may acquire an additional $12 million of Evogene stock in the future.
Evogene’s net loss for the third quarter of 2008 was $7.1 million, or $.33 per share, compared to a net loss of $1.4 million, or $.07 per share, in the comparable period of 2007.
The firm finished the quarter with $32.1 million in cash, cash equivalents, cash deposits, and short-term marketable securities.