Evogen Ltd (NASDAQ:EVGN) has announced its financial results for the three months ended September 30, 2020.
Avogene raises $22 million through a fundraising round
The company’s CEO and President Ofer Haviv said that they are pleased with the rapid progress their subsidiaries have achieved in some areas exceeding the company’s plans even worth the ongoing pandemic. Haviv said that the progress was among the factors for the company’s decision to raise more funds to support its collective business targets. Recently Evogene completed two fundraising rounds for an aggregate of $22 million. The CEO said that the leading investors who took part in the funding rounds are long-term focused and strategic investors who are delighted for their support and confidence.
Haviv added that they are confident that the net proceeds from the recent fundraising plus existing cash resources will offer required funding for various objectives in advancing the development of product pipelines of its subsidiaries. He said that the company continues to expand and enhance its unique computational predictive biology platform.
Avogene subsidiaries advancing different programs
Recently Biomica released encouraging pre-clinical in vivo results for BMC128, its lead live bacterial product candidate comprising four bacterial strains to enhance immunotherapy efficacy. BMC1289 demonstrated significant anti-tumor activity in animal models both before and in combination with immune checkpoint inhibitors. Evogene’s objective is to support Biomica in pre-clinical trials expected next year for the immune-oncology program.
Its other subsidiary Caonic recently received approval from the Israeli Medical Cannabis Agency for medical cannabis seedlings propagation. This allows the company to go on with its commercialization plan and will deliver the first batch to cultivation farms in 2021and to release the first products in Israel by 2022.
Lavie Bio, which focuses on ag-biologicals, recently released positive study results for LAV3111 and AV312, its leading bio-fungicide product candidates. The bio-fungicides target Bunch rots that severely impact crop yield.
Avogene raised $10 million in September and an additional $12 million in November from equity offering. At the end of the quarter, the company had around $43.5 million in cash and equivalents.