EVOGENE LTD. - EVGN STOCK NEWS

Lavie Bio, a subsidiary of Evogene (Nasdaq: EVGN), announced significant progress with its bio-fungicide LAV321. The product demonstrated an average 70% efficacy rate against downy mildew in grapes during three years of European field trials. LAV321 also showed over 60% efficacy against late blight in tomato trials, matching commonly used copper products. The product is now advancing to pre-commercial stage with regulatory processes beginning.

The global fungicide market, valued at $24.5 billion in 2024, is projected to reach $33.27 billion by 2028. LAV321 was developed using Lavie Bio's Biology Driven Design platform, powered by Evogene's MicroBoost AI tech-engine.

Lavie Bio , a subsidiary of Evogene (Nasdaq: EVGN), announced the commercial expansion of its bio-inoculant product, Yalos®, to soybean following successful 2024 field trials in the US. Yalos® demonstrated an average yield increase of over 5% in soybean, enhancing early vigor, biomass, root and shoot development, and nutrient availability. Currently available for spring and winter wheat, durum, and barley in North America, Yalos® will be available for soybean in the 2025 US spring season. This expansion doubles Yalos®' market potential, adding 86 million acres in the US. The trials showed consistent improvements across various soil conditions, supporting Yalos®' effectiveness. Lavie Bio aims for global expansion into Brazil and European markets in the coming years.

Evogene (Nasdaq: EVGN, TASE: EVGN), a computational biology company, announced the release of its Q3 2024 financial results on November 21, 2024. The company's management will discuss the results in a Zoom conference call scheduled for the same day at 9:00 AM ET (4:00 PM Israel time). To attend, participants need to register in advance. The conference will be available online on Evogene's website a few days after the event.

Evogene (NASDAQ: EVGN) announced a collaboration with Google Cloud to develop a generative AI foundation model for small molecule design. The initiative will enhance Evogene's ChemPass AI tech-engine, leveraging Google Cloud's Vertex AI, GPUs, and Storage capabilities. The foundation model will be trained on ~40 billion molecular structures to accelerate the discovery of novel products in pharmaceuticals, agriculture, and other life-science industries.

The collaboration aims to expedite drug discovery, reduce costs, and increase success rates in identifying promising candidates. The technology will also support sustainable crop protection and food security solutions.

Casterra Ag, a subsidiary of Evogene (NASDAQ: EVGN), announced completion of its first shipment of over 100 tons of castor seeds to a customer in Africa. The seeds were cultivated and processed in Kenya, marking a significant milestone in the company's African expansion plan. The production facility near Naivasha, Kenya, which began operations in August 2024, processed the seeds through dehulling, cleaning, sorting, and packaging. Currently, approximately 700 additional hectares are sown with Casterra's premium varieties in Kenya, with harvest expected in late 2024 and early 2025. The local production provides geographical advantages, reducing shipping costs while supporting the local economy.

Lavie Bio, a subsidiary of Evogene (Nasdaq: EVGN), has received a grant from the Israel Innovation Authority to advance its 'MicroFermentor' technology. This patented technology aims to revolutionize the delivery of ag-biologicals by enabling beneficial bacteria multiplication directly on plants. Key benefits include:

1. Reduced application costs
2. Extended shelf life
3. Prolonged bacterial viability after field application

The grant follows positive initial microbe encapsulation and greenhouse validation experiments. The global ag-biologicals market is growing at over 13% annually, expected to reach nearly $33 billion by 2030. 'MicroFermentor' presents an opportunity to bring new bacterial-based ag-biologicals to market, addressing current challenges in commercial production, application costs, and shelf life.

Evogene (Nasdaq: EVGN, TASE: EVGN) has announced a US$5.5 million registered direct offering and concurrent private placement. The company will sell 1,692,308 ordinary shares (or equivalents) at $3.25 per share, along with unregistered Series A and B warrants to purchase additional shares. The Series A warrants have a 5-year expiration and the Series B warrants expire in 18 months, both with an exercise price of $3.55. The offering is expected to close around August 26, 2024. A.G.P./Alliance Global Partners is acting as the sole placement agent. Evogene plans to use the net proceeds for working capital and general corporate purposes.

Evogene (Nasdaq: EVGN) reported its Q2 2024 financial results, highlighting significant revenue growth and reduced losses. H1 2024 revenues reached $5.1M, up from $1.3M in H1 2023, while Q2 2024 revenues were $914K, up from $654K in Q2 2023. The company anticipates continued revenue growth in H2 2024, driven by Casterra's seed orders totaling over $8.0M. H1 2024 loss decreased to $9.8M from $14.8M in H1 2023, and Q2 2024 loss reduced to $6.0M from $7.8M in Q2 2023. Evogene projects 2024 cash usage (excluding Biomica & Lavie Bio) to be $8.0M, down 36% from 2023. The company implemented a 10:1 reverse stock split in July 2024.

Evogene (Nasdaq: EVGN) has successfully regained compliance with Nasdaq's minimum closing bid price rule. The company received formal notification from Nasdaq that it has met the requirement of maintaining a minimum bid price of $1.00 per share for its ordinary shares. This compliance was achieved after Evogene's closing bid price remained at or above $1.00 for 10 consecutive business days. As a result, Nasdaq has closed the prior bid price deficiency matter, and Evogene is now fully compliant with Listing Rule 5550(a)(2).