Lavie Bio secures second $2.5M advance payment from Corteva

Lavie Bio, a subsidiary of Evogene (EVGN) announced that it has successfully secured the second-half advance payment of $2.5M after meeting Corteva’s (CTVA) licensing agreement requirements. This payment signifies the completion of a $5M advance payment outlined in the licensing agreement signed in July 2023. Following the initial $2.5M 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.