Lavie Bio successfully secures second half advance payment of $2.5M after meeting Corteva's licensing agreement requirements

Date:02-29-2024

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."