The payment completes the $5 million advance payment received under the licensing agreement for bio-fungicide product candidates

Rehovot, Israel (February 28, 2024) – 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."

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.

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.