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Evogene's Q3 Revenues Rise Sharply, Swings to Profit

NEW YORK (GenomeWeb News) – Evogene today reported that its third-quarter revenues increased nearly three-fold year over year, and it swung to a profit from a loss.

The Rehovot, Israel-based firm reported total revenues of $2.6 million for the three-month period ended Sept. 30, 2009, compared to $870,000 for the third quarter of 2008.

It posted a profit of $2.1 million, or $.07 per share, compared to a net loss of $7.1 million, or $.35 per share, for the third quarter of 2008. Last year's Q3 included a non-cash financial charge of $4.8 million due to the revaluation of options associated with the firm's 2007 initial public offering.

Evogene's R&D expenses declined to $741,000 from $2 million year over year, while its business development expenses dropped to $178,000 from $400,000, and its general and administrative spending increased to $393,000 from $344,000.

Evogene has developed a computational gene discovery platform, called the Athlete, which it uses in its research on plant traits and improvement of plants for biofuel uses.

The firm finished the quarter with $39 million in cash, cash equivalents, cash deposits, and short-term marketable securities.

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