Ladies and gentlemen, thank you for standing by. Welcome to Evogene’s Second Quarter 2015 Results Conference Call. All participants are 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, August 5, 2015. 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 relates to future events, risks and uncertainties, regarding business strategy, operations and future performance and results of Evogene. I encourage you to review the 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 in a similar way on the earnings conference call that are not historical facts, maybe 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 announce of the 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 U.S. Securities and Exchange Commission. That said, I would now like to hand the call over to Ofer Haviv, Evogene’s CEO. Ofer, Please go ahead.

Good day, everyone, and thank you for joining us. On the call with me is Sigal Fattal, our CFO. I will begin the call with an overview of the too most recent announcement we made representing the progress in our growth areas insect control and ag-chemical. I'll then briefly touch on the other areas of the business before handing over the call to Sigal to comment on our financial results for the quarter. Assaf Oron, our Executive Vice President, Business Development in the U.S., but he will join us for the Q&A session, which followed our prepared remarks. This past few weeks has been very rewarding from the standpoint of Evogene ongoing corporate growth and development. As we indicated at the time of our U.S. IPO in late 2013, Evogene intended to allocate a large portion of the IPO proceed towards certain new opportunities with substantial growth potential and a real need of innovation to drive the next generation of ag product development. And with all of our market focused operations this new activity and efforts were to be accomplished leveraging the technological resources and knowledge we have gained over the prior 10 years and leverage them toward additional substantial growth areas. The success of these efforts was well demonstrated by the two milestone announcements made recently. First in our insect control program, the successful completion of our first computational round of microbial genes for insect control. And second, was in our ag-chemical program the recovery and validation of our first plant target for herbicide. Let me give you a bit more detail on those two important accomplishments. First, with regard to our announcement in the early of insect control, this is a remarkable achievement continuing that in a relatively short period of time, we were able to leverage our…

Thank you, Ofer, and hello, everyone. Looking at our financial statements released earlier today. Let us first direct your attention to our cash position. As noted on the balance sheet, we continue to maintain a strong financial position ending the second quarter of 2015 with approximately $110 million in cash and equivalents representing a decrease of $3.2 million during the quarter and result any corporate debt. Moving to the statement of operations currently our reported revenues are largely research revenues reflecting R&D cost reimbursement under certain of our collaboration agreements. However, looking ahead our future revenues and profitability is expected to be largely related to milestone payments, royalties and other revenue sharing arrangements derived from existing and future collaborations. Specifically revenues from research and development payments for the first half of 2015 were $5.3 million compared with $7.5 million in the first half of 2014. This net decrease largely results from the previously disclosed amended work plan with Bayer. Looking at this line item quarter by quarter, we can see that the impact of the revised work plan stabilized with revenues for the first quarter of 2015 at $2.7 million versus $2.6 million for the second quarter of 2015. As I mentioned in the past, prior to our U.S. IPO research revenues were key contributors to our financial stability. However, given the strength of our balance sheet that is no longer the case. Going forward and on a cash-by-cash basis, we intend to consider self financing or jointly financing with our partners certain activities and the future collaborations and possibly in some cases under existing collaboration particularly with expect to our new growth areas. Although, this would result in less short-term R&D revenues then would otherwise be the case, our goal in negotiating the over financial terms will be maximize…

Thank you. Ladies and gentlemen, at this time we will now begin the question-and-answer session. [Operator Instructions] The first question is from Chris Parkinson of Credit Suisse. Please go ahead.

Perfect, thank you. Regarding your announcements over the last two weeks on the herbicide and insect resistance initiatives, is this fair to say that those came ahead of schedule or are they relatively in line with your development expectations? And then also regarding each initiative, how much far there can you run with each without signing with a partner, so basically how much runway is there? Any color would be appreciated. Thanks.

Hi Chris, this is Ofer. It’s great to talking with you. I will take the first – your first question and Assaf will address the second part. So regarding the first question, if we are ahead of our schedule, so the answer is yes. Especially in – the Assaf identifies microbial genes that are predicted to be toxin for insects and I mean we are already quite proud about it. I think that we succeed to solve some significant issues in the technology aspects earlier than what we expected and we are very pleased about it. Regarding the second part, the second question, Assaf can you address it?

Yes, of course. So there are two fields, the first is the issue of insect resistance, so where the announcements stated that we have discovered novel toxins that we believe to trail some novel mode of action. These are toxins that have been now discovered. The next stage is to validate and feeding assays, the meaning is that in a way you overexpressed the protein that you discovered and you put it in an assay where the actual insects eats that protein and you see if it has any toxic effect. That is something that we still have not done, have now initiated doing and is something that we are planning to do in-house. Actually that activity will be in our St. Louis facility. And that is an activity that that we will go within the next six months for example for this first set of genes. Then we usually do some repeats of those assays. The next stage if you see their toxic activity is going into target plant work. And for that stage, we do need a partner that would actually put it in a relevant [indiscernible] corn, soybean according to the relevant cropping insect. So in short we can move along all the way to show validation results in feeding assay and then would collaborate with the partner that would take in downstream. With respect to herbicides, we have now completed the validation of our target discovery activity after now we know that there are proteins within the plant that if we inhibit their activity the plant died. Now what we need to do is discover the chemistry that would actually do that. So what we are doing internally now is using our computational platform PointHit in order to discover the chemistry itself. And then we will have a library of chemistry for screening. At this stage, we do have internal capabilities in order to screen that chemistry over plants where you would like to see signs of plants dying, when using that chemistry. But there is also a possibility to do some of that work through already existing screening platforms that the big agro chemical companies have as well. So in short, we in-house can continue and we will continue to discover the chemicals themselves and then screen them over plants. And in any event of that case, we will look for partners that would take chemistry that has worth and will improve its performance in order to take it downstream into broad field training.

Perfect, thank you.

I hope that answered your question, Chris.

No, very certainly I appreciate it. And just a quick follow-up, its – I’m sure it’s fairly clear to you that a lot of investors remained pretty zoned in on the pipeline advancements or just the hope for pipeline advancements with Monsanto and understandably. So but can you comment on other areas of your pipeline with your other partners which you believe are showing a lot of promise and – or aren’t necessarily on investors radar screens as much as they should be?

This is Ofer. I think that [indiscernible] in addition to the collaboration with Monsanto, we have relationship with DuPont on certain genes that will license to them before we enter into the broad collaboration with Monsanto, which I think that there is also a nice progress with them. And in the area of plant disease, we are now in the stage that we start to receive – this year, we would start to receive some initial feedback on our gene. Probably, the good thing that we will know what – how our genes are advancing in Phase I in our partner pipeline. I’m not sure that we will be able to disclose all of this information because the expectation for the gene to move to Phase II is still in – it will need another year or so. So our gene are advancing in our partner – in partner pipeline in Phase I, not necessarily we can announce moving to Phase II. We will try to discuss with our partners to try to share information from Phase I with our investors, hopefully they will agree to do so and then we’ll be happy to update you in at the end of this year.

Perfect, thank you very much.

[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 participants that the replay of this call is schedule to begin two hours after the conference. In the U.S., please call 1-888-782-4291, in Israel please call 03-9255-904, internationally please call 9723-9255-904. Mr. Haviv, would you like to make your concluding statement.

Thank you, everyone. I appreciate your time today and I look forward to continuing to update you on our growth and other exciting developments next quarter. Thank you.

Thank you. This concludes Evogene’s second quarter 2015 financial results conference call. Thank you for your participation. You may go ahead and disconnect.