Ladies and gentlemen, thank you for standing by. Welcome to Evogene's Second Quarter 2016 Results Conference Call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded August 11, 2016. Before we begin, I would like to caution that certain statements made during this earnings conference call by Evogene's management will constitute forward-looking statements that relate to future events, risks and uncertainties regarding business strategy, operations and future performance and results of Evogene. I encourage you to review Evogene's filings with the U.S. Securities and Exchange Commission and read the note regarding forward-looking statements in their earnings releases, which states that statements made in those earnings releases and in a similar way on this earnings conference call that are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements made herein speak only as of the date of the announcement of results. Many of the factors that impact whether forward-looking statements will come true are beyond the control of Evogene and may cause actual results to differ materially from anticipated results. Evogene is under no obligation to update publicly or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. We expressly disclaim any obligation to do so. More detailed information about the risk factors potentially, adversely impacting our performance can be found in our reports filed with the U.S. Securities and Exchange Commission. That said I would now like to turn over the call to Ofer Haviv, Evogene's CEO. Ofer, Please go ahead.

Thank you and good day everyone. We appreciate your joining us on this quarterly conference call. With me today are Eyal Leibovitz, our CFO; and Eran Kosover, who heads our Crop Protection Operating Division. I ask Eran to join us for the Q&A session continuing this quarter we have had some expecting advancements in the value of programs that he overseas. I will begin the call with brief introductory comment with respect to some of our most recent development and achievement across our various market segments. Please note, that as mentioned in our press release today and our SEC filing, during my talk I will be referring to a short slide presentation that is also been added to our website. This presentation shows some of the results we are seeing both in our lab and greenhouses, as well as in several tests conducted in Israel and overseas and I encourage you to follow the slides in parallel to the call as I will be referencing to them in this remark. Eyal will follow me and briefly comment on our financial results for the second quarter. As previously mentioned, we will then be joined by Eran to answer any questions you may have. As I indicated in our last quarterly call, we entered 2016 with a very strong sense of accomplishment with respect to their robust R&D infrastructure that we have built and its applicability for developing next generation high culture product. Just three years ago, Evogene Research and Development program were almost entirely focused on fixed rates, and within this market segment, many improving yield and abiotic stress tolerance. Since then, we have grown to a company that has levered its unique technology platform to address multiple product opportunities in three multi-billion dollars market segment. Expanding our fixed rate activity…

Thank you, Ofer. Looking at our financial results for the first half and the second quarter of 2016, we continue to maintain a strong financial position ending the second quarter of 2016 with approximately $97 million in cash and cash equivalent representing a decrease of $1.9 million for the quarter and $3.8 million for the first six months of 2016. The net cash uses reflect our discipline spending despite growing investment across our growth area and increase in self funded activities. Looking ahead to the remainder of 2016, we believe that our net cash spend will be somewhat higher over the second half and for the year as a whole we expect to be at the lower range of our previously disclosed net annual cash usage of $14 million to $16 million. Moving to the statement of operation, currently our reported revenue are largely research and development revenues reflecting R&D cost reimbursement under certain of our collaboration agreements. In general, these agreements provide for development milestones payments and royalties and other form of revenue sharing from successfully developed products and therefore longer term we anticipate that our future revenues and profitability will largely reflect the receipt of payments from our existing and future collaborations. Specifically revenue from research and development payment for the first half of 2016 was $3.8 million compared with $5.4 million for the first half of 2015. Revenue for the second quarter of 2016 were $1.8 million compared with $2.7 million for the same quarter in 2015. This decline reflects the net decrease in research and development cost reimbursement in accordance with the terms of our collaboration agreement including the shift in major activities in our collaboration with Monsanto as mentioned by Ofer. This shift is also partially reflected in our cost of revenue. Here you can…

[Operator Instructions] The first question is from Chris Parkinson of Credit Suisse. Chris, please go ahead.

Perfect, thank you. Could you just cover a little more on all the current field trials you have across the globe, obviously you’ve mentioned some already in the U.S., where they compare on a year-on-year basis just in terms of acreage, types of seed hybrids, varieties et cetera and then just generally where you’re expecting to go over the next two or three year and if there are any that are particularly exciting. Thank you.

This is Ofer, and I will try to address your question but we can’t disclose the full information because it’s confidential information coming from our partners but I think what we can disclose is that today a significant number of Evogene genes is undergo a product cannibalization mainly in corn and soybean in different location in United States as part from our coloration with the big seed companies including Monsanto, DuPont, Biogemma but you can imagine the majority is with Monsanto. We also have field trials in Central America focusing on our relationship with Rahan targeting Black Sigatoka in banana. We also have field trials but as far from our, the activity of our subsidiary Evofuel in Brazil, Argentina and in Mexico but this field trials are mainly focusing on the cluster bean variety that we’re developing as part of the Evofuel activity.

Perfect, that's plenty of color, thank you. And then also - you already mentioned the promotors as a successful new initiative, and you've launched a few other new initiatives actually over the 12 to 18 months or so. Can you just talk a little bit more about how you’re planning to further leverage these various platforms potentially together, it sounds like you are pretty excited about that. And do you believe the overall enhanced platform could potentially lead to additional collaborations. Thank you.

I am not sure that I understand your question, can you repeat it once again, because exactly the promotor and I'm not sure if your question was focusing on the promotors or on the overall company activity?

Overall company activities, it seems like you’ve added a new few new potential growth pillars and I was just wondering if you potentially kind of into repackaging that total platform to potentially get new collaborations?

Okay. So in this conference call we decided to focus mainly on the result from the ongoing activity and in a way we didn’t focus a lot on the technology the platform that we’re using, the core technology that we’re using which you can definitely use it into more areas and what the company is focusing on now. And we are in continuous process of evaluating how we can use the core technology that Evogene develop to more, to additional area and really to capture the value for what we built here. I am planning in the next teleconference quarterly update to focus more about on the technology and how we see this technology and how it’s involved to support the different area in agriculture and maybe even outside of the agriculture world because what you don’t hear it has a huge value which what you see now is just a piece from what you can built on this technology. And again as I said it, really amazing in such a short time period in the last two, three years we built a very short presence in ag-chem, ag-biological insect control and I think that result will show you today is just the beginning of what we’re going to see in the next few years. So yes, you can use it to other area.

Perfect. Thank you.

The next question is from one Brett Wong of Piper Jaffray. Please go ahead.

Hi, thanks Ofer for taking my questions. Just wondering if any of the company priorities have changed given the ongoing progress across your segments and then maybe you kind of less the opportunities by priority if you see them right now and I know there are - a lot of different opportunities that have potential value, but kind of get a better sense how you’re thinking internally?

So I think that what I can disclose is that, we increased significantly our investment in every total in many - in ag-chem insect control and ag-biological and in the way the activity in the [indiscernible] is reduced a little bit. The main reason is because we deliver to our partner so many genes and currently we have a very nice result on. So the focus now is really more to extent the gene that we already discovered, and a positive result to the next phase. So bringing in more and more genes it’s not but knowing that in Monsanto 500 with more than 1000 genes coming from Evogene collaboration and we have a nice numbers of genes that show positive results. So we are now focusing more on how to advance those genes to checking and probably there we’re going to see reduce in the level of activity and increase in insect control, ag-chem and ag biological. But it is really nice also in three areas that they mentioned is the time to see a significant result is a lot faster than even not expressed. As we enter into this earlier in the last two, three year and we already have a very nice results and there is more in the pipeline, I can't disclose in this stage. So we are very encouraging to visit in the early. Regarding what might happen in the future, yes we are looking on some maybe additional activity that can generate value from using our technology and we are looking for early - make in the type of problems that Evogene can solve using our technology and that you can reach to significant market in a relatively short period of time at market you can look for when you talking in biology.

Okay, great, thanks for that. And then you previously mentioned that given the current consolidation in ag-biotech that it's limited to the additional potential agreement in your near term, are you continuing to see that?

So I think consolidation process that we are going through it creates positive things and negative things. The negative things that, it's not easy to catch management attention when such a significant transaction is happening because everybody is also trying to evaluate what’s going to happen in the day after. But in the other hand it also create a very, very interesting opportunity, because each company is trying for the same position in such processes and it's open up to connected for Evogene. So it’s going in two direction and we are – based on the relationship we built in the past dated with a lot of this company, I think that there is a very strong positive impression on Evogene in this companies and we are talking with the people and especially now when you have you this result, I’m expecting that would be triggered to things that will happen in the future. It is different when you have applied on what you want to do compared to when you a future result coming from your lab and greenhouses results.

Yes, definitely. Very good. Thank you for the color Ofer.

[Operator Instructions] There are no further questions at this time. Before I ask Mr. Ofer Haviv to go ahead with his closing statement, I would like to remind our participants that a replay of this call is scheduled to begin two hours after the conference. In the U.S. please call 1-877-456-0009. In Israel, please call 03-925-5936. Internationally, please call 972-3-925-5936. Mr. Haviv, would you like to make your concluding statement?

Thank you. In closing I want to thank you board for your continuing interest and support and for giving us opportunity today to share with you summary of most recent achievements. We look forward to continuing to update you with our progress in our municipal area of activity. Thank you once again.

Thank you. This concludes Evogene's second quarter 2016 results conference call. Thank you for your participation. You may go ahead and disconnect.