Evogene Ltd. reports developments as a computational chemistry company focused on generative design of small molecules for pharmaceutical and agricultural applications. Its recurring updates center on ChemPass AI™, a proprietary generative AI platform used to explore chemical space and optimize small-molecule candidates across multiple parameters.
Company news also covers financial results, strategic refocusing around ChemPass AI™, collaborations in drug discovery and ag-chemical development, and subsidiary activity. Reported subsidiary themes include Casterra's castor seed varieties and castor farming systems for bio-based industries, AgPlenus work on novel herbicides and fungicides, Biomica microbiome-based therapeutics, and Nasdaq listing-compliance matters for EVGN ordinary shares.
On February 24, 2021, Cannbit Ltd. and Canonic Ltd., both leaders in the medical cannabis sector, announced a collaboration to develop novel cannabis products. The partnership aims to leverage Cannbit's extensive clinical data and Canonic's advanced computational biology platform to address key challenges in the cannabis industry. Each company will retain full commercial rights to the products developed, with cross-royalties in place. Financial terms were not disclosed, but both companies expressed optimism about the competitive advantage this collaboration could provide.
On February 24, 2021, Cannbit, a subsidiary of Tikun Olam-Cannbit, and Canonic, a subsidiary of Evogene (NASDAQ: EVGN), announced a collaboration to develop novel medical cannabis products. This agreement aims to combine Cannbit's extensive clinical data and Canonic's computational biology platform to address challenges in the medical cannabis industry. Both companies will have full commercial rights to the products developed, with cross royalties in place. Financial details were not disclosed, but the collaboration is seen as a strategic growth opportunity for both firms.
Evogene Ltd. (NASDAQ: EVGN) announced it will release its financial results for Q4 and full-year 2020 on March 3, 2021. The company aims to revolutionize life-science product development through its Computational Predictive Biology platform, applicable in human health and agriculture. During the release, Dr. Arnon Heyman, CEO of Canonic Ltd., will discuss its activities. A conference call is scheduled at 09:00 AM ET, with access available via phone and live webcast. A replay will be accessible following the call until March 5, 2021.
Biomica Ltd., a subsidiary of Evogene Ltd. (NASDAQ: EVGN), announced its participation in the Crohn's & Colitis Congress® taking place virtually from January 21-24, 2021. Prof. Yehuda Ringel will present on the live bacterial consortium BMC322, developed for treating inflammatory bowel disorders (IBD), during a session on January 23 at 2 PM (EST). The study's abstract was recognized for its high quality, ranking in the top 10% of submissions.
Biomica specializes in microbiome-based therapeutics, focusing on conditions like antibiotic resistance and GI disorders.
Biomica Ltd., a subsidiary of Evogene (NASDAQ: EVGN), will present at the Microbiome Movement Drug Development Europe Conference on January 28-29, 2021. CEO Dr. Elran Haber will participate in a panel discussing strategies for microbiome-based therapeutics, while VP Dr. Shiri Meshner will unveil pre-clinical trial results from their immune-oncology program. The conference aims to explore market strategies and regulatory support for the microbiome sector. Biomica focuses on innovative microbiome-based therapies addressing antibiotic resistance and gastrointestinal disorders.
Evogene Ltd. (NASDAQ: EVGN) announced a year-end update for the CRISPR-IL consortium, with Dr. Eyal Emmanuel as Chairman. The consortium completed the first version of the AI-driven genome-editing platform, "Go-Genome," improving precision and efficiency. New members Better Seeds and FreeZem joined, expanding the platform's applicability. The CRISPR-CAS technology aims to develop therapeutics and agricultural products, targeting a $500 billion market by 2025. The consortium addresses challenges such as off-target edits and inefficient modifications, positioning Evogene at the forefront of CRISPR technology.
Lavie Bio, a subsidiary of Evogene (NASDAQ: EVGN), announced progress on its product pipeline for 2020, highlighting the advancement of bio-stimulant LAV211 towards a commercial launch planned for 2022. LAV211, targeting spring wheat, aims to benefit farmers by enhancing productivity, potentially delivering an additional $20 per acre. The company also detailed advancements in its bio-pesticides, specifically LAV311 and LAV312, which target bunch rot diseases and are set for launch in 2024. Lavie Bio's innovative approach utilizes its Biology Driven Design platform, enhancing its product development.
Canonic Ltd., a subsidiary of Evogene Ltd. (NASDAQ: EVGN), has signed its first commercial agreement with Telcann Ltd. to provide plant growth services in Israel. This agreement completes a crucial step in Canonic's medical cannabis production infrastructure, allowing them to launch their products, MetaYield and Precise, starting in 2022. The Israeli medical cannabis market is projected to grow significantly, with estimates reaching 250,000 active patients by 2025, representing a potential $220 million annual market.
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.