Lavie Bio Successfully Secures Second Half Advance Payment of $2.5M after Meeting Corteva's Licensing Agreement Requirements
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
Logo - https://mma.prnewswire.com/media/945133/lavie_bio.jpg
Logo - https://mma.prnewswire.com/media/1947468/Evogene.jpg
View original content:https://www.prnewswire.com/news-releases/lavie-bio-successfully-secures-second-half-advance-payment-of-2-5m-after-meeting-cortevas-licensing-agreement-requirements-302074094.html
SOURCE Lavie Bio
