On 2 October, Evolva announced equity financing plans with the aim of raising CHF80m (gross) proceeds in two separate transactions in October and November 2017. The funds will be used to continue investing in R&D, and in commercialisation of the products. The company has not ruled out further debt financing in the coming months to meet its contractual obligations to its partner, Cargill. The new equity financing plans should have raised enough cash (CHF86m) to allow the company to reach break-even, expected around FY21. Our fair value is CHF0.65 per share (previously CHF0.69) and we believe this remains an attractive investment.

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