Evogene Ltd. (NYSE:EVGN) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 09:00 am ET
The goal of this change was to apply our world leading computational biology capabilities to important new market areas, both within and outside agriculture.
Our unique computational biology capabilities aim to revolutionize life-science product development in human health and agriculture to substantially increase the probability of success, while reducing the time and cost of life science product development. These unique capabilities were developed for over a decade and with an expenditure of tens of millions of dollars and validated through collaborations with industrial leaders. As a result, our Computational Predictive Biology, the CPB platform, today incorporates an increasing number of deep scientific understanding together with multiple big databases and advanced artificial intelligence technologies.
Until 2014, Evogene's initial market focus was on decoding important aspects of biology in order to improve seed traits based on genetic modification. These capabilities were the basis for a significant expansion of our technology platform over the past few years, which now provide us with substantial competitive advantages for the discovery and development of life science based products inside and outside of agriculture. In this regard, it is important to note that a substantial percentage of life-science products are based on microbes, small molecules and genetic elements, as their core components. Therefore, we established three distinct solutions addressing the discovery and development of life-science products based on these core components: MicroBoost AI for products based on microbes, ChemPass AI for products based on small molecules and GeneRator AI for products based on genetic elements.
One clear demonstration of the value of our technology is the promising early stage pipeline of novel product candidates that are taking place within our subsidiaries, all of which were established only a few years ago. We are committed to continuously enhancing and improving these solutions. To that end, we are very pleased to welcome Dr. Gaya Loren, who joined Evogene as Executive Vice President for Product Development. We are very pleased that Gaya, with over 20 years of multidisciplinary managerial expertise in innovation-driven ventures as well as research and development experience in the biotech and hi-tech industries, has chosen to join us. As EVP Product Development, Dr. Loren's mission will be to position Evogene as a leading decoding biology partner of choice in selected strategic market-segments.
The business model we implement to capture the value of our diverse and broadly applicable technology is based on two avenues for product development. The first is product development through partnerships with leading companies for defined products using Evogene's product solutions. Later-stage development and commercialization of the product will likely be done by the partner. This avenue was our main business model until 2014. During these years, Evogene was engaged with leading ag companies, including Bayer, DuPont, Monsanto and Syngenta, for the development of new GMO seed traits.
Looking forward, we aim to engage in partnerships in additional market segments. The second avenue for capturing the value of Evogene's technology is product development through subsidiaries. Evogene established subsidiaries to focus on a defined commercial field