Evogene reports declining revenue as focus shifts from gene discovery to pre-development

May 21, 2017 |

In Israel, Evogene reported $83.4 million in cash, short-term bank deposits and marketable securities, as compared to $88.2 million at December 31, 2016 and reported revenues for the first quarter of 2017 of $0.7 million, compared to $2.0 million for the first quarter of 2016.  The net loss for the first quarter of 2017 was $4.8 million.

The company attributed the decline in revenues to a net decrease in research and development cost reimbursement, in accordance with the work plans under Evogene’s various collaboration agreements — primarily, advancement of its collaboration agreement with Monsanto, from gene discovery to pre-development efforts, resulting in reduction of activity scope.

The company reported Ag-Biologicals positive field trial results showing increased efficacy and stability in corn under drought conditions – in seed traits, progress continued under a yield and environmental stress collaboration with Monsanto.

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