Evogene Ltd. (TASE:EVGN) and French biotechnology company Biogemma SAS today announced that Biogemma will advance to the second development phase of genes with improved yield and drought tolerance traits for corn. The gene technology is licensed from Evogene. The companies began their joint multi-year R&D program in 2006.
The two companies evaluated a number of candidate genes. Positive genes validated in the new stage will be further evaluated and integrated by Biogemma through its corn yield and drought development pipeline.
As a result of this milestone, Biogemma maintains worldwide exclusive commercialization rights for corn with certain of Evogene's discovered yield and drought tolerance genes.
Evogene's share price rose 2.8% in morning trading on the TASE to NIS 20.58, giving a market cap of NIS 677 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2011
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