Lavie Bio Successfully Secures Second Half Advance Payment

REHOVOT, ISRAEL – February 29, 2024 – Lavie Bio Ltd., a number one ag-biologicals firm that develops microbiome-based, computational-driven bio-stimulant and bio-pesticide novel merchandise, and a subsidiary of Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN), introduced that it has efficiently secured the second-half advance fee of $2.5 million after assembly Corteva’s (NYSE: CTVA) licensing settlement necessities. This fee signifies the completion of a $5 million advance fee outlined within the licensing settlement signed in July 2023. Following the preliminary $2.5 million installment obtained in September 2023, Lavie Bio has now fulfilled the necessities set by Corteva and secured the remaining portion of the advance fee.

The settlement signed in July 2023 grants Corteva unique rights to additional develop and commercialize the main bio-fungicide product candidates concentrating on fruit rots and powdery mildew. These candidates had been initially recognized and developed by means of Lavie Bio’s BDD expertise platform, powered by Evogene’s MicroBoost AI tech-engine.

Lavie Bio may also be eligible for extra future milestone funds and royalties from Corteva’s anticipated future gross sales of those merchandise.

“We’re happy to attain this milestone in our collaboration with Corteva,” stated Amit Noam, CEO of Lavie Bio. “The settlement not solely showcases Lavie Bio’s technological capabilities but in addition permits us to swiftly introduce groundbreaking ag-biological options, that may profit farmers, customers, and the atmosphere.”