Lavie Bio Announces Commercial Expansion of Yalos™ to Winter Wheat
Lavie Bio successfully completed testing of Yalos™ for winter wheat and will commence sales across the US for the 2024-2025 season
REHOVOT, Israel, July 2, 2024 /PRNewswire/ -- Lavie Bio Ltd., a leading ag-biologicals company and a subsidiary of Evogene Ltd. (NASDAQ:EVGN) (TASE: EVGN), is pleased to announce the commercial expansion of its bio-inoculant product, Yalos™, to winter wheat, following successful trials. This expansion effectively doubles the potential market for Yalos™ compared to markets in which Lavie Bio already operates. Winter wheat growers across the US will have access to Yalos™ for the upcoming 2024-2025 season.
Winter wheat is one of the crucial crops in North America and globally, significantly contributing to the agricultural economy and food supply. The US is expected to produce about 1.28 billion bushels in 2024[1], with a market value, according to Lavie Bio's estimation, between $5-$10 billion annually. Introducing Yalos™ to this market offers substantial potential to capture market share by enhancing crop productivity and sustainability. To date, Lavie Bio has focused on the spring wheat market, along with durum and barley, which together form a smaller market compared to winter wheat.
During the successful field trials, Yalos™ has demonstrated enhanced early vigor, biomass, root and shoot development, nutrient availability, and feed quality in winter wheat. Yalos™ aims to reduce crop abandonment rates and increase farm productivity through advanced biological technologies.
In addition, Lavie Bio is expecting to expand Yalos™ into other key crops, such as soybean and canola, with ongoing field trials in North America and an expected commercial launch in 2025. The US soybean market size is estimated by Lavie Bio at approximately $56.2 billion in 2024.
"We are thrilled to offer Yalos™ to winter wheat growers," said Amit Noam, CEO of Lavie Bio. "Yalos™ addresses key growth challenges and enhances plant health and yield. Our strategy consistently brings new innovative ag-biological products to the market, while expanding existing products to more crops and regions. This expansion is part of our plan for Yalos™ to become a leading solution for growers in all major field crops, reinforcing our commitment to advancing agricultural productivity and sustainability on a global scale."
[1] https://www.nass.usda.gov/Newsroom/2024/05-10-2024.php
About Lavie Bio Ltd.
Lavie Bio, a subsidiary of Evogene Ltd., aims to improve food quality, sustainability, and agriculture productivity through the introduction of 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
About Evogene Ltd.
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 probability of success while reducing development time and cost. Evogene established three unique technological engines – MicroBoost AI, ChemPass AI and GeneRator AI – leveraging Big Data and Artificial Intelligence and incorporating deep multidisciplinary understanding in life sciences. Each technological 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 technological engines to develop products through subsidiaries and with strategic partners. Currently, Evogene's main subsidiaries utilize the technological engines to develop human microbiome-based therapeutics by Biomica Ltd., ag-chemicals by AgPlenus Ltd. and ag-biologicals by Lavie Bio Ltd.
For more information, please visit: www.evogene.com
Forward Looking Statements
This press release contains "forward-looking statements" relating to future events. These statements may be identified by words such as "may", "could", "expects", "hopes" "intends", "anticipates", "plans", "believes", "scheduled", "estimates", "demonstrates" or words of similar meaning. For example, Evogene and its subsidiaries are using forward-looking statement in this press release when it discusses the ability of Yalos™ potential to capture market share of winter wheat, Yalos™ ability to reduce crop abandonment rates and increase farm productivity, the expansion of Yalos™ into other key crops, such as soybean and canola, Lavie Bio's entrance into new markets for biologicals, including Brazil and Europe. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, the current war between Israel, Hamas and Hezbollah and any worsening of the situation in Israel such as further mobilizations or escalation in the northern border of Israel, and those risk factors contained in Evogene's reports filed with the applicable securities authority. In addition, Evogene and its subsidiaries rely, and expect to continue to rely, on third parties to conduct certain activities, such as their field-trials and pre-clinical studies, and if these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, Evogene and its subsidiaries may experience significant delays in the conduct of their activities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.
Investor Relations Contact:
Rachel Pomerantz Gerber I Head of Investor Relations at Evogene
[email protected] I Tel: +972-8-9311901
Logo: https://mma.prnewswire.com/media/1947468/Evogene.jpg
Logo: https://mma.prnewswire.com/media/945133/lavie_bio_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/lavie-bio-announces-commercial-expansion-of-yalos-to-winter-wheat-302187839.html
SOURCE Lavie Bio