Evogene Ltd.
Evogene Ltd.

Evogene Ltd.


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Key Executives:
Ofer HavivOfer Haviv
Pres & CEO 
Investor Relations:Liat Cinamon   Phone: +972-8-931-1933/00  
Web Site:http://evogene.com/
Email:liat.cinamon@evogene.com
Exchange:
TASE Symbol: EVGN Year Listed: 2007 
Main Indexes:TA Biomed, TA Blue-Tech 50, TA Mid Cap-50
Industry:Agriculture, Biotechnology
Year Established:2002
# of Employees:150
Auditor:Ernst & Young - Kost, Forer, Gabbay & Kasierer
Main Subsidiaries:Evogene Inc.   |   Evofuel Ltd.
Office Address:13 Gad Feinstein St., Park Rehovot P.O.B 2100, Rehovot 76121 Israel
Telephone:+972-8-931-1900
Fax:+972-8-946-6724
  Evogene is a world leading developer of improved plant traits, such as yield and drought tolerance, for a wide diversity of key crops through the use of plant genomics *.
  The company focuses on utilizing its proprietary computational genomic technologies to provide a complete solution for plant trait improvement through combining state-of-the-art biotechnology and advanced breeding methods. These technologies include ATHLETE™ for gene discovery; Gene2Product™ for improving trait efficacy and probability of successful development of biotechnology seed products; and EvoBreed™ for breeding enhancement. Evogene's plant genomics capabilities combine high throughput plant validation systems, field experiments and proprietary genomic data creation.
  Evogene is collaborating with world leading seed companies to introduce its improved plant traits into key commercial crops under milestone and royalty bearing agreements. 
  The company’s multi-disciplinary team includes experts for plant genetics, plant physiology, agronomy as well as first tier bioinformatics expertise. 85% of the company’s personnel are involved in R&D with over 25% holding Ph.D. degrees. In addition, Evogene benefits from tight interactions with agriculture and plant science academia.
  Technology
  Evogene's core competence strongly relies on its computational technologies, combining unique analysis tools with extensive plant genetics and agriculture know-how, resulting in a rich and robust trait pipeline. These technologies are designed to analyze various data types, covering over 130 plant species from both public and self-generated proprietary data, allowing the company to predict the effect and compatibility level of candidate genes. 
  Evogene has developed a high throughput model plant validation platform, which offers a quick and efficient way to assess gene effects, with a capacity for validating over 1,000 genes per year.
  Products
  Evogene is currently focusing on developing improved traits for crops that feed the world, including corn, soybean, cotton, canola, rice and wheat, as well as castor for the production of biofuel. Evogene's trait pipeline includes key traits such as improved yield, drought tolerance, nitrogen use efficiency and pest and plant disease resistance, generating estimated annual revenues of billions of dollars. To date, Evogene has over 2,500 novel genes under granted or pending patents relating to these key plant traits.
  Partnerships 
  Evogene is collaborating with world leading seed companies to introduce its improved traits into commercial crops, and further develop and commercialize seeds displaying improved performance.
  Among Evogene's partners are Bayer CropScience, Biogemma (the Limagrain Group), Monsanto Company, Pioneer Hi-Bred (a DuPont Business), Syngenta and others. 
  Under Evogene’s business model, Evogene specializes in the upstream innovative development phases while downstream activities are carried out by its partners. Genes discovered are licensed to Evogene's partners for further plant evaluation and commercial launch through seed product sales. The collaborations are based on research and licensing agreements that usually include Evogene receiving research payments, milestone payments and royalties from seeds sold.
  Collaborations Highlights
  Monsanto Company  
  In 2008, Evogene entered  into a multi-year collaboration with Monsanto Company to improve yield, drought tolerance and nitrogen use efficiency in key commercial crops, including corn, soybean, canola and cotton. 
  The agreement, which was expanded in 2011, includes research payments to Evogene of $47 million, development milestones and royalty payments based on sales of resulting products. In addition, Monsanto acquired an $18 million equity stake in Evogene with an option for an additional investment of $12 million by Monsanto.
  Bayer Crop Science
  In 2010, Evogene entered into a five year collaboration with Bayer CropScience to improve yield, drought tolerance and fertilizer use efficiency in wheat. The agreement includes research payments to Evogene of $20 million, development milestones and royalty payments based on sales of resulting products. In addition, Bayer CropScience acquired a $12 million equity stake in Evogene.
  Company Mission
  Evogene's mission is to be the world leader in applying plant genomics to improve plant performance in order to address the global demand for food, feed and fuel.

  *Plant Genomics - Science of understanding and analyzing plant components to identify and impact biological elements responsible for traits

Management
Pres & CEO: Ofer Haviv
Ofer HavivPrior to being named CEO of Evogene in late 2004, Mr. Haviv held the positions of company COO and CFO from 2002 to 2004 and was involved in Evogene's spin-off from Compugen. Prior to the spin-off, he served as Director of Finance and Treasurer of Compugen (NASDAQ: CGEN) for four years, during which time the company completed two private placements and an IPO on NASDAQ. Earlier, Mr. Haviv was the CFO of Klei Zemmer. He was also an auditor with a leading accounting firm belonging to a network of the "Big Five". Mr. Haviv holds a B.A. degree in Economics from Tel Aviv University and is a Certified Public Accountant in Israel. More Info

EVP Dev & CTO : Dr. Hagai Karchi
Dr. Hagai  KarchiDr. Karchi is a co-founder of Evogene and served as its CEO from 2002 to 2004. Prior to the spin-off of Evogene from Compugen he was the Co-Head of Compugen's Plant Genomic Division. He has over 15 years experience in the breeding of tomatoes and in molecular genomics research. His scientific achievements include the development of a molecular system for gene discovery and the development of high yielding, high quality greenhouse tomato varieties. Dr. Karchi has lectured widely in the field of plant genomics and has an extensive record of publications and patents. Dr. Karchi holds B.Sc and M.Sc degrees from the Hebrew University of Jerusalem’s Faculty of Agriculture, specializing in gene expression. He holds a Ph.D. from The Weizmann Institute of Science and the Hebrew University of Jerusalem, Israel. More Info

EVP Strategy & Bus Dev: Assaf Oron
Assaf  OronMr. Oron has a mixed business and scientific background. Prior to joining Evogene, Mr. Oron was CEO of ChondroSite Ltd., a biotechnology company that develops tissue engineered products in the field of orthopedics (2004-2006). Mr. Oron was previously with Glenrock Ltd., a private investment firm in the field of biotechnology and also has over five years of experience in strategic consulting at POC Ltd., a leading Israeli management consulting company, where he served as senior project manager working with leading companies in Israeli industry. Mr. Oron also has academic experience in the study of protein interactions through bioinformatic means. He holds an M.Sc. degree in Biology and a B.Sc. degree in Economics and Chemistry from Tel Aviv University.

EVP Technology Platform: Assaf Kacen
Assaf  KacenMr. Kacen is responsible for the technology platform at Evogene, which includes 11 units from bioinformatics, information management and IT, through molecular biology, tissue culture and plant transformation as well as the plant growth, seed bank and seed production units. Prior to joining Evogene, Mr. Kacen was a product manager at Nokia Siemens Networks (2008-2009). He has substantial R&D management experience leading lateral software groups with multiple teams of engineers (2004-2008), implementing advanced development procedures and management methods with proven results. Mr. Kacen holds an MBA from Interdisciplinary Center, Herzliya, with a specialization in Finance and a B.Sc in Communication Systems Engineering from Ben-Gurion University.

VP Technology Expansion: Dr. Sharon Ayal
Dr. Sharon  AyalDr. Ayal has been with Evogene since 2004. Before her appointment as VP Technology Expansion, from mid 2011 to mid 2012, she served as Program Management VP and led the Project Management group, which supports Evogene's multiple collaborations with its various partners. From 2009 to 2010, she served as Collaboration Manager and from 2004 to 2009, worked as a trait researcher and was responsible for a variety of projects including cotton fiber and a-biotic stress tolerance. Sharon grew up on a farm, and has over 30 years experience working with agricultural traits, starting with hands-on field work. Research during her studies included work with a tomato breeding team from the Faculty of Agriculture during her first degree, pepper breeding as part of her M.Sc, and work on wheat domestication during her Ph.D. Dr. Ayal holds B.Sc and M.Sc degrees from the Hebrew University of Jerusalem's Faculty of Agriculture, specializing in plant genetics. She holds a Ph.D. from The Weizmann Institute of Science, specializing in plant genetics.

VP Project Management: Amos Shachar
Prior to joining Evogene, Mr. Shachar served as a Program Manager at RADiFlow, a RAD group start-up company, where he led multiyear, million dollar projects, including product planning, development, integration with complex systems and operations activities. Prior to that, Mr. Shachar held a Senior Project Manager position with Nokia Siemens Networks (2008-2011), leading large scale, multiple-team and multidisciplinary projects worldwide. He has substantial R&D development and management experience leading software, hardware and testing groups (2000-2008) of various technologies and business ventures to successful quality products. Mr. Shachar holds a B.Sc. in Communication Systems Engineering from Ben-Gurion University in Beer Sheva, Israel.

Directors
Chairman: Martin Gerstel
Martin Gerstel is Chairman of Compugen Ltd., a publicly owned drug and diagnostic discovery company, Keddem Bioscience, a privately owned drug discovery company and Co-Chairman of Itamar Medical, a publicly owned medical device company. Prior to relocating to Israel in 1994, Mr. Gerstel was the Co-Chairman and CEO of ALZA Corporation, a pharmaceutical company based on advanced drug delivery. In addition, Mr. Gerstel serves as a director of YEDA Technology Transfer, Yissum Technologies and the Foundation for the US National Medals of Science and Technology. He is a member of the Board of Governors and the Executive Committee of the Weizmann Institute of Science and the Board of Governors of the Hebrew University of Jerusalem, and is an advisor to the Burrill Life Science Funds and to the Board of the Israel-U.S. BiNational Industrial Research and Development (“BIRD”) Foundation. Mr. Gerstel is a graduate of Yale University and the Stanford Graduate School of Business. More Info
Dr. Michael Anghel
Dr. Michael Anghel serves as a member of various boards of major Israeli corporations, including Partner Ltd., Syneron Medical Ltd., ECI Telecom Ltd., and Scopus Ltd. Previously, Dr. Anghel served on the management of the Discount Investment Corporation and as CEO of Discount Capital Markets, the investment banking arm of the Israel Discount Bank. He was actively involved in the founding and management of various technology and communications enterprises including Cellcom and Tevel. Dr. Anghel holds a B.A. (Economics) from the Hebrew University in Jerusalem and an M.B.A. and Ph.D. from Columbia University in New York. More Info
Dr. Adina Makover
Dr. Adina Makover currently serves as Director of Life Sciences Investments at Proseed VC and is a consultant to private investors. For the past four years, Dr. Makover has been the managing director of Tzina Bio Perspective, a private investment company focusing on biotechnology and medical device ventures. Previously, she held senior management positions in biotech and device companies focusing on drugs, diagnostics and tissue engineering. Holding positions of CEO and board member, R&D, process development and production manager, Dr. Makover was responsible for both the technology and business aspects. Dr. Makover holds a joint PhD degree in life sciences from Columbia University, New York and the Weizmann Institute of Science (Israel) and performed post-doctoral research at the Weizmann Institute of Science. Dr. Makover also holds an MBA degree from Bar-Ilan University. More Info
Leon Recanati
Mr. Leon Recanati is the founder and CEO of GlenRock Israel, a private equity group. Mr. Recanati was Chairman and CEO of IDB Holding Corporation, one of the largest investment groups in Israel until May 2003. In addition, he served as Chairman of Clal Industries and Investments, Discount Investment Corporation, and Azorim Investment Development and Construction. Mr. Recanati was Chairman of Delek Israel Fuel Corporation and Shufersal until 1997, in addition to several other positions in a variety of operating companies in Israel. Mr. Recanati's personal involvement in organizations and diverse causes has earned him a reputation as one of Israel's outstanding community leaders. He is Chairman of the Board of the Israel National Museum of Science in Haifa, Vice Chairman of the Israel Cancer Association and Chairman of Tel Aviv University's Development Committee. He is also an active member of the Board of Governors of Tel Aviv University and the Hebrew University of Jerusalem, The Technion Israel Institute of Technology, The Jewish Agency, and Chairman of Tapuah - The Israeli Society for the Advancement of the Information Age. Mr. Recanati received his BA and MBA degrees from The Hebrew University of Jerusalem and Honorary Doctorates from the Technion Israel Institute of Technology and Tel Aviv University. More Info
Dr. Simcha Sadan
Dr. Simcha Sadan has been a faculty member at Tel Aviv University's business school since 1976. He served as the Chairman of the Tel Aviv University Accounting Department (1977-1980) and as an Assistant Professor at New York University (1972-1975). He is a management and business consultant for various companies and an academic consultant for professional courses. Dr. Sadan has held positions of General Manager and Chief Executive Officer of companies, has been a member of boards of directors and a member of governmental and professional committees. Dr. Sadan holds a PhD in Business Administration from the University of California, Berkeley (1972); an MBA in Accounting and Finance (1967) and a BA in Economics and Statistics (1966), both from the Hebrew University in Jerusalem. Dr. Sadan also holds a Bachelor of Laws (LLB) degree from Tel Aviv University (2002). More Info
Dr. Kinneret Savitsky
Dr. Kinneret Savitsky serves as Chief Executive Officer of BioLineRx Ltd., a publicly traded biopharmaceutical development company. From 2004 to 2009, Dr. Savitsky served as the general manager of BioLine Innovations Jerusalem and was responsible for drug development acceleration and pre-clinical activities. Prior to joining BioLineRx, Dr. Savitsky served as the Vice President of Biology at Compugen Ltd. and was responsible for drug discovery and development in the company. Dr. Savitsky holds a Ph.D. from the Tel Aviv University, a B.Sc. in Biology from the Hebrew University of Jerusalem and a Masters degree in Human Genetics from Tel Aviv University. More Info

Three Months Ended
December 31
2011
2010
Revenues ($m)
 4.7
 4.7
Gross Profit ($m)
2.0
3.1
Gross Margin
 42%
 66%
Operating Income (Loss) ($m)
 -0.8
 0.2
Financial Income (Expenses), net ($m)
 0.0
 -0.8
Net Income (Loss) ($m)
 -0.9
 -3.0
Basic Earnings (Loss) Per Share ($)
 -0.02
 -0.10
 
 
 


Year Ended December 31
2011
2010
2009
Revenues ($m)
14.9
12.6
10.0
Gross Profit ($m)
6.7
6.8
5.0
Gross Margin
45%
54%
50%
Operating Income (Loss) ($m)
-3.2
-1.9
0.3
Financial Income (Expenses), net ($m)
0.3
0.7
1.3
Net Income ($m)
0.6
-7.0
-3.4
Basic Earnings (Loss) Per Share ($)
0.02
-0.24
-0.13
 


Balance Sheet Data ($m)
12/31/11
12/31/10
Total Cash & ST Investments
58.8
35.8
Current Assets
 60.6
38.5
Total Assets
 67.9
42.9
Current Liabilities
 9.1
16.3
Total Equity
48.1
16.7
 
 
 

 
Key Financial Ratios
12/31/11
12/31/10
Current Ratio
6.7
2.4
L-T Debt/Equity
-
-
  
 
 

  
Dividend Policy
The company does not currently distribute dividends.
 


Main Shareholders (March 20, 2012)
 
Monsanto
8.93%
Psagot Pension Funds
5.38% 
 
 
 


Products
Improved yield
  Improved yield
Improved yield allows better utilization of existing arable lands by increasing productivity per plant or per area unit. In order to keep up with the current growth in world population and the continuous improvements in quality of life in developing countries, agricultural output would have to double by 2050. Evogene’s Monocot program focuses on improved yield enhancement for corn, wheat and rice, the world’s three main staples, which are used for both human and animal consumption. In addition, the Dicot improved yield program focuses on soybean, canola and cotton, which are used for a multitude of purposes, from food and feed to fuel and fiber.
Abiotic stress tolerance
  Abiotic stress tolerance
Abiotic stresses such as drought conditions, soil salinity and heat stress, results in reduced yield. Improving plant tolerance to these stresses increase yield and enables the use of semi-arable lands for agricultural production. Developing plants displaying improved tolerance to abiotic stress has an important impact on crop productivity and agricultural supply, especially in light of global warming, erratic climate changes and annual loss of agricultural farming land. Evogene’s program for improving plant resistance to abiotic stress was initiated in 2003 and focuses on key crops, such as corn, cotton, soybean and wheat.
Improved nitrogen use efficiency
  Improved nitrogen use efficiency
Improved nitrogen use efficiency results in higher yield using fewer resources by enhancing the plant's utilization of nitrogen fertilizer, which reduces costs as well as land and water pollution. Nitrogen fertilizers represent one of the largest input costs in agriculture, accounting for almost 25% of the operating costs for a corn producer. Plants typically absorb less than half of the nitrogen fertilizer applied, and most of the rest leaches into the groundwater and pollutes the environment.
Biotic stress tolerance
  Biotic stress tolerance
Biotic stress tolerance reduces costs due to use of pesticides as well as soil and water pollution. Evogene is currently focusing on developing pest-resistant crops such as soybeans resistant to cyst nematodes; soybeans resistant to soybean rust; and bananas displaying resistance to Black Leaf Streak disease.

Evofuel
Evofuel
  Evofuel
Evofuel Ltd., a wholly owned subsidiary of Evogene, develops and commercializes seeds of second-generation feedstock for the growing biofuel market. The company applies advanced breeding together with agro-technique expertise in order to improve potential biofuel feedstock and enable efficient and sustainable large scale production of biofuel crops. Evofuel is focused on developing advanced high yielding castor bean varieties as a sustainable and competitive feedstock for the biodiesel and biojet industries. Evofuel aims at delivering castor bean oil, with potentially tens of millions of hectares worldwide for planting, at a price equivalent to $50/barrel. Evofuel currently focuses on Brazil as its primary target location for commercial production of its varieties. Evofuel partnered with SLC Agricola, a leading Brazilian agribusiness, producing 250,000 hectares of soybean, cotton and corn, to develop castor varieties for commercial production in Brazil. Evofuel also partnered with NASA and Honeywell's UOP to demonstrate suitability of castor as feedstock for jet-fuel alternatives and define product performance specifications.
Bayer CropScience
Bayer CropScience
In 2010, Bayer CropScience and Evogene entered into a multi-year collaboration focused on improving yield, abiotic stress tolerance and nitrogen use efficiency in wheat. This follows an agreement signed in 2009 which focused on improving rice productivity and yield. More Info

Biogemma
Biogemma
In 2006, Biogemma, of the Limagrain Group, and Evogene entered into a multi-year collaboration, focused on improving yield and draught tolerance in corn. More Info

Monsanto
Monsanto
In 2008, Monsanto and Evogene entered into a multi-year collaboration, focused on improving yield, drought tolerance and nitrogen use efficiency in key commercial crops, including corn, soybean, canola and cotton. The collaboration was extended in 2011. This follows an agreement, signed in 2007, to improve nitrogen use efficiency in key crops. More Info

Pioneer/DuPont
Pioneer/DuPont
In 2011, Pioneer Hi-Bred, a subsidiary of DuPont, and Evogene entered into a collaboration, focused on improving resistance to soybean rust. In 2007, the companies signed an agreement for improving yield and abiotic stress tolerance for corn and soybean. More Info

Syngenta
Syngenta
In 2009, Syngenta and Evogene entered into a collaboration focused on improving soybean resistance to Nematodes. More Info


Announcements
15/5/2012
Evogene Reports First Quarter 2012 Financial Results More Info

4/4/2012
Evogene Announces Launch of ATHLETE™ 4.0 Gene Discovery Computational Technology More Info

2/4/2012
Evogene Expands Research and Development Facilities by Over 50% More Info

20/3/2012
Evogene Reports Fourth Quarter and Full Year 2011 Results


All Announcements


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