Evogene releases 2014 results, offers update of Evofuel business

By Erin Voegele | March 04, 2015

Evogene Ltd. has released 2014 financial results, reporting revenues of $14.51 million, compared to $17.58 million in 2013. Gross profit was $4.8 million, down from $7.47 million. The company reported a total comprehensive net loss of $14.75 million, compared to a total comprehensive net loss of $8.88 million in 2013.

Evogene is a plant genomics company. Its operations focus on the improvement of crop productivity and economics for food, feed and biofuel industries. “This past year was a year of significant progress and achievements as we continue to establish Evogene as a recognized innovation engine for novel product candidates in multiple agriculture based industries,” said Ofer Haviv, president and CEO of Evogene.

The company’s wholly owned subsidiary Evofuel Ltd. is focused on the commercialization of castor seeds as biofuel feedstock. According to Haviv, the company is making process towards its goal of commercializing its proprietary castor seeds in 2016 and is making key achievements in strengthening its agronomic offering and commercial reach in Brazil.

In mid-February, Evogene announced EvoFuel signed a collaboration agreement with Insolo Agroindustrial S.A. for the selection and optimization of Evofuel’s proprietary castor bean varieties in Insolo famers located in Piaui state in northeast Brazil. Under the two-year collaboration, the companies will example the suitability and adaptability of growing Evofuel’s castor varieties as a second crop solution for Insolo farms. The companies will also evaluate the economic and agronomic benefits of growing the castor seed varieties in the region, select the best performing varieties, and develop agronomic knowhow to integrate castor into Insolo’s production system.

Evofuel also recently announced an ongoing collaboration with Case New Holland for the development of a customized combine solution for large-scale harvesting of castor, and a collaboration with Embrapa for research of castor disease control practices.

Also in February, Evogene announced it has signed a letter of intent to establish a research and development facility in the Bio-Research and Development Growth Park, developed by Wexford Science and Technology, on the campus of the Donald Danforth Plant Science Center in St. Louis. According to Evogene, establishment of the facility is a key component of its previously disclosed entry into the field of advanced solutions for insect control.