The payment completes the $5M
advance payment received under the licensing agreement for
bio-fungicide product candidates
REHOVOT, Israel, Feb. 28,
2024 /PRNewswire/ -- Lavie Bio Ltd., a
leading ag-biologicals company that develops microbiome-based,
computational-driven bio-stimulant and bio-pesticide novel
products, and a subsidiary of Evogene Ltd. (Nasdaq: EVGN) (TASE:
EVGN), announced that it has successfully secured the second-half
advance payment of $2.5 million after
meeting Corteva's (NYSE: CTVA) licensing agreement
requirements. This payment signifies the completion of a
$5 million advance payment outlined
in the licensing agreement signed in July
2023. Following the initial $2.5
million installment received in September 2023, Lavie
Bio has now fulfilled the requirements set by Corteva and
secured the remaining portion of the advance payment.
The agreement signed in July 2023
grants Corteva exclusive rights to further develop and
commercialize the leading bio-fungicide product candidates
targeting fruit rots and powdery mildew. These candidates were
initially identified and developed through Lavie Bio's BDD technology platform, powered by
Evogene's MicroBoost AI tech-engine.
Lavie Bio will also be eligible
for additional future milestone payments and royalties from
Corteva's expected future sales of these products.
"We're pleased to achieve this milestone in our collaboration
with Corteva," said Amit Noam,
CEO of Lavie Bio. "The agreement
not only showcases Lavie Bio's
technological capabilities but also enables us to swiftly introduce
groundbreaking ag-biological solutions, that will benefit farmers,
consumers, and the environment."
About Lavie Bio Ltd.
Lavie Bio, a subsidiary of
Evogene Ltd., aims to improve food quality, sustainability, and
agriculture productivity by introducing microbiome-based
ag-biological products. Lavie Bio
utilizes a proprietary computational predictive platform, the BDD
platform, powered by Evogene's proprietary MicroBoost AI
tech-engine, harnessing the power of big data, artificial
intelligence, and advanced informatics for the discovery,
optimization and development of bio-stimulant and bio-pesticide
products.
For more information, please visit www.lavie-bio.com.
About Evogene Ltd.
Evogene (Nasdaq: EVGN) (TASE: EVGN) is a computational biology
company aiming to revolutionize the development of
life-science-based products by utilizing cutting-edge technologies
to increase the probability of success while reducing development
time and cost. Evogene established three unique tech-engines –
MicroBoost AI, ChemPass AI and GeneRator AI –
leveraging Big Data and Artificial Intelligence and incorporating
deep multidisciplinary understanding in life sciences. Each
tech-engine is focused on the discovery and development of products
based on one of the following core components: microbes
(MicroBoost AI), small molecules (ChemPass AI), and
genetic elements (GeneRator AI).
Evogene uses its tech-engines to develop products through
subsidiaries and strategic partnerships. Evogene's subsidiaries
currently utilize the tech-engines to develop human
microbiome-based therapeutics by Biomica, ag-biologicals by
Lavie Bio, ag-chemicals by AgPlenus,
medical cannabis products by Canonic and castor varieties, for the
biofuel and other industries, by Casterra.
For more information, please visit www.evogene.com.
Forward-Looking Statements:
This press release contains "forward-looking statements"
relating to future events. These statements may be identified by
words such as "may", "could", "expects", "hopes" "intends",
"anticipates", "plans", "believes", "scheduled", "estimates",
"demonstrates" or words of similar meaning. For example, Evogene
and its subsidiaries are using forward-looking statement in this
press release when they discuss the development and
commercialization of a leading bio-fungicide product candidates
targeting fruit rots and powdery mildew, receipt of royalties and
milestone payments. Such statements are based on current
expectations, estimates, projections and assumptions, describe
opinions about future events, involve certain risks and
uncertainties which are difficult to predict and are not guarantees
of future performance. Therefore, actual future results,
performance or achievements of Evogene and its subsidiaries may
differ materially from what is expressed or implied by such
forward-looking statements due to a variety of factors, many of
which are beyond the control of Evogene and its subsidiaries,
including, without limitation, the current war between Israel and Hamas and any worsening of the
situation in Israel such as
further mobilizations or escalation in the northern border of
Israel, and those risk factors
contained in Evogene's reports filed with the applicable securities
authority. In addition, Evogene and its subsidiaries rely, and
expect to continue to rely, on third parties to conduct certain
activities, such as their field-trials and pre-clinical studies,
and if these third parties do not successfully carry out their
contractual duties, comply with regulatory requirements or meet
expected deadlines, Evogene and its subsidiaries may experience
significant delays in the conduct of their activities. Evogene and
its subsidiaries disclaim any obligation or commitment to update
these forward-looking statements to reflect future events or
developments or changes in expectations, estimates, projections,
and assumptions.
Evogene Investors' Contact:
Rachel Pomerantz Gerber, Head of Investor
Relations at Evogene
Email: rachel.pomerantz@evogene.com
Tel: +972-8-9311901
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SOURCE Lavie Bio