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Compugen plans NIS 60m bond issue
By Paz Vaysman

Biotechnology company Compugen is planning a bond issue backed by shares of Evogene, which was spun off in 2002.

Compugen needs fresh capital and wants to raise NIS 60 million without issuing or diluting its own shares, so the security for the bonds are options to buy Evogene shares at below-market prices.
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Compugen's decision to issue bonds followed its announcement of the sale of 1 million Evogene shares to a single investor, for $3.6 million. Compugen now owns 4% of Evogene.

Compugen is a biotechnology research company that uses specialized software to determine the probability that specific molecules can be used to make drugs.

In 2002, Compugen spun off its agricultural bioengineering division, which was floated as Evogene. After sharp declines on the stock market, Compugen is trading at a market cap lower than its spin-off.

Evogene's market value is NIS 447 million, while Compugen's is just NIS 242 million.

Compugen's CFO, Dikla Czaczkes Axselbrad, confirmed that the company has been seeking ways to raise capital for the past two years.
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