Evogene Stock Price, News & Analysis

AgPlenus Ltd., a subsidiary of Evogene (NASDAQ: EVGN), has successfully reached the 'Lead' stage in its Mode-of-Action herbicide program with its candidate APH1. This milestone follows positive field tests indicating APH1 effectively controls resistant weeds, achieving 70%-100% control in 6 out of 9 commercial weed species. Notably, APH1 has shown efficacy against glyphosate-resistant strains and demonstrated crop selectivity. The development of this novel herbicide addresses critical herbicide resistance issues, with the global market for herbicides projected to hit $34 billion by 2022.

Evogene Ltd. (NASDAQ: EVGN) reported its Q3 2020 financial results, achieving revenue of approximately $0.3 million, up from $0.1 million in Q3 2019. The operating loss widened to about $5.6 million, largely due to increased R&D and G&A expenses. The company raised $22 million through two equity offerings, aiming to enhance its subsidiaries' product pipelines and support expansion in various sectors, including immuno-oncology and medical cannabis. Evogene's cash position stands at roughly $43.5 million, with net cash usage projected between $13-15 million for the full year.

Canonic, a subsidiary of Evogene (NASDAQ: EVGN), has received IMC-GAP approval from the Israel Medical Cannabis Agency for its propagation farm. This approval enables Canonic to launch its commercialization plan for medical cannabis products. The farm is operational and set to provide seedlings to certified growers in 2021. Canonic aims to establish a value chain from genomics to end-product, leveraging Evogene's genomic assets. The company plans to achieve initial sales in Israel by 2022.

Evogene Ltd. (NASDAQ: EVGN) has successfully completed a registered direct offering, raising approximately $12 million. The offering consists of 3.92 million ordinary shares priced at $2.50 each and 883,534 pre-funded warrants at $2.49 each, with an exercise price of $0.01. Cantor Fitzgerald & Co. served as the placement agent. This capital is expected to aid in advancing Evogene's computational biology platform, which focuses on product discovery in health and agriculture sectors. The offering was conducted under a previously declared effective shelf registration statement.

Evogene Ltd. (NASDAQ: EVGN) will release its financial results for Q3 2020 on November 18, 2020, with a conference call hosted by management at 9:00 AM ET. Dr. Elran Haber, CEO of Biomica Ltd., will discuss the subsidiary's activities. The conference call will be accessible via phone and live webcast. A replay will be available shortly after the call until November 20, 2020. Evogene focuses on computational biology to advance product development in human health and agriculture through its Computational Predictive Biology platform.

Evogene Ltd. (NASDAQ: EVGN) announced a registered direct offering of 3.92 million ordinary shares at $2.50 each and 883,534 pre-funded warrants at $2.49 each, with an exercise price of $0.01. The offering is expected to raise approximately $12 million, aimed at advancing product pipelines and enhancing its computational predictive biology platform. The expected closing date is on or before November 3, 2020. Cantor Fitzgerald & Co. serves as the placement agent for this offering.

Lavie Bio, a subsidiary of Evogene (NASDAQ: EVGN), reported positive trial results for its bio-fungicide products LAV311 and LAV312, aimed at combating bunch rot diseases. Conducted in vineyards across Europe and the U.S., trials demonstrated a 60-70% reduction in crop damage compared to control groups. The products advance to 'Development Stage 2', supporting plans for a 2024 launch. This development responds to the rising demand for agricultural sustainability amid increased resistance to chemical fungicides, with the biological pest control market growing significantly.

Biomica, a subsidiary of Evogene Ltd. (NASDAQ: EVGN), has announced the advancement to large-scale production of its Live Bacterial Product candidate, BMC128. Following successful R&D, Biomica is preparing for first-in-man clinical trials in 2021. BMC128, a consortium of four bacterial strains, showed efficacy in enhancing immune-checkpoint inhibitors' effects during preclinical studies. The production will be managed by Biose Industrie, a GMP-certified manufacturer, marking a significant milestone for Biomica's immuno-oncology program.

Biomica Ltd., a subsidiary of Evogene Ltd. (NASDAQ: EVGN), will present at the H.C. Wainwright 22nd Annual Global Investment Conference from September 14-16, 2020. CEO Dr. Elran Haber will provide a business overview on September 16 at 12:30 PM EDT and engage in one-on-one meetings with institutional investors. Biomica focuses on microbiome-based therapeutics for antibiotic resistance, immuno-oncology, and gastrointestinal disorders, utilizing its Computational Predictive Biology platform. This participation aims to enhance investor engagement and showcase Biomica's innovations.