Lavie Bio Successfully Secures Second Half Advance Payment of $2.5M after Meeting Corteva’s Licensing Agreement Requirements
The payment completes the $5M advance payment received under the licensing agreement for bio-fungicide product candidates
REHOVOT, Israel, Feb. 28, 2024 /PRNewswire/ — 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.