Ladies and gentlemen, thank you for standing by. Welcome to Evogene's third quarter 2018 results conference call. All participants are at present in a 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 November 14, 2018. 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 obligations 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 you joining us today for our third quarter 2018 results conference call. With me today as usual is Alex Taskar, our CFO and joining us is Assaf Dotan, CEO of our subsidiary, Evofuel. As I stated in our first quarter results conference call, in each quarterly call in addition to providing highlights from our ongoing activities, we will focus in-depth on one of our subsidiaries or division. During the first quarter we focused on Ag-Chemicals, and during the second quarter we focused on Ag-Biologicals. In today's call, Assaf Dotan, Evofuel’s CEO will talk about Evofuel’s activity, with focus on addressing the growing demand for a stable supply of castor oil for diverse industrial uses. So, in my comments today, I will emphasize once again Evogene’s strategy as outlined in our letter to shareholders issued at the beginning of the year, and how we are implementing the strategy as it is reflected from the highlights from the last quarter. Assaf with then take the floor to provide more insight on Evofuel’s activity and will be followed by Alex, who will discuss our financial results for the third quarter of 2018. We will then open the call for your questions. For those of you who are new to Evogene, I would like to take this opportunity to encourage you to read our letter to the shareholders from the beginning of the year which can be found on our website. As you all know, Evogene’s mission is to develop novel products for life science markets through the use of our unique computational predictive biology CPB platform. Today we are leveraging the CPB platform in the following life science markets; agriculture, in which we currently have activities in the following three fields, Ag-Chemicals, Ag-Biologicals, and seed…

Thank you, Ofer. I'm happy to take part in Evogene’s quarterly conference call for the first time. My name is Assaf Dotan, and I have been leading Evofuel since 2016. As Ofer stated in his opening remarks, Evofuel’s mission is to develop an ag solution to address the growing global demand for stable castor oil supply. The market for castor oil and its derivatives is rapidly growing and according to market publications is expected to reach $2.3 billion by 2024. Today there are many industrial applications for castor oil, such as in the cosmetics, electronics, automotive and aerospace industries. One of the challenges we see in the castor oil market is the unstable supply of castor grains resulting in highly price volatility of castor oil. This is an outcome of the fact that today most of the global castor supply is from India where castor is grown in traditional methods. For example, the harvesting is done manually. This leads to a significant deviation in annual yield of grains, which leads to volatility in the price of castor oil. Evofuel’s approach to solve this challenge is to cultivate castor as a modernized commercial crop in order to stabilize the yield and decrease growing process. In order to achieve this target Evofuel has established a unique integrated ag solution, which includes two main efforts; development of proprietary castor seed varieties and establishment of novel agrotechnical growth protocols. These now allows farmers in South America and other locations to grow castor like any other modern crop. Evofuel’s business model is mainly based on establishing partnerships with industrial oil producers to provide a stable supply of castor grains to the factories. Our revenue model would be based on revenue-sharing with such companies. In essence, in return for the stable supply of castor grains to…

Thank you, Assaf. Let me begin with reviewing our balance sheet. Evogene continues to maintain a strong financial position with approximately $58.2 million in cash, cash related accounts and bank deposits as of September 30, 2018, which represents cash usage of approximately $13.5 million during the first nine months of 2018 and approximately $4 million during the third quarter of 2018. Our current projection for Evogene’s cash burn rate for 2018 is expected to increase to the range of $16 million to $17 million from $14 million to $16 million assuming the companies continue to operate according to the current growth of business and assuming no significant change in the dollar shekel exchange rate. This increase is mainly due to a significant reduction of approximately $1 million in the company’s focus for its financing income for the year. I will go into further detail later. Let's now turn to the statement of operations. As we discussed in prior calls, Evogene's revenues to-date have consisted primarily of research and development revenues, reflecting R&D cost reimbursements under our various collaboration agreements as reflected in the cost of revenue. The majority of those agreements also provide for development milestone payments and royalties or other form of revenue sharing from successfully developed products. Gross profit for the first nine months of million was approximately $0.3 million in comparison to approximately $0.4 million during the first nine months of 2017. Gross profit for the third quarter of 2018 was approximately $0.1 million in comparison to approximately $0.2 million reported for the third quarter of 2017. Moving on, research and development expenses continue to be our single largest category of expense despite a decrease in this category. The R&D expenses for the first nine months of 2018 decreased to approximately $10.8 million compared to approximately $12.3…

Yes, thank you. I would like to thank everyone that participated in the call today. Thank you and good day.