Arcadia Biosciences Announces Management Succession; Provides Financial Guidance
"I am thankful to the board and the team at Arcadia for their support during my tenure at Arcadia" said Ketkar. "I wish Arcadia the best in its journey to continued success."
"I personally, and on behalf of the Board, want to thank Raj for his leadership at Arcadia," said
Added Comcowich, "We are pleased to welcome Raj's successor,
Since joining the company in 2016 as chief financial officer, Plavan has played an instrumental role in shifting the company's focus towards crop innovation and commercialization. In February, he was named president of Arcadia's new strategic business unit devoted to hemp, Arcadia Specialty Genomics.
Plavan is an accomplished senior executive with more than 30 years of successful leadership experience in public and private companies within the ag-tech, cell-therapy and healthcare industries. Prior to joining Arcadia in 2016, he served as CEO and board member at Cesca Therapeutics. Plavan holds a Bachelor of Arts in Business Economics from
"I am grateful to the board for this opportunity and honored to lead such an exceptional organization of scientists, strategists and innovators," said Plavan. "I look forward to working with this talented team to achieve large-scale commercialization of our signature nutritional ingredient, GoodWheat™, and accelerate our vertically-integrated hemp seed, cultivation and extraction operations in
Plavan continued, "Our commercial progress thus far in 2019, punctuated by our Arista wheat collaboration announced today, has illuminated our path to new revenue generation. With global distribution channels set for our flagship GoodWheat ingredient— high fiber resistant starch wheat—and our acquired experience with hemp in the lab, the field and in the product markets, we now have a clearer view on the timing and scale of incoming revenues. In fact, we believe these revenues are imminent and could scale significantly from our current levels.
"As a result, we can with confidence provide our investors financial guidance to better align market expectations for growth and value creation at Arcadia," Plavan said. "Specifically, in 2020 and 2021, we expect total revenues will exceed
"We are aligned around a single-minded focus: profitable growth. We look forward to reporting our key milestone achievements in the lab, in the field and in the commercial markets as we progress towards accomplishing these financial goals," Plavan concluded.
Plavan's successor as chief financial officer,
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about commercializing our products, our growth and our guidance regarding our revenue in 2020 and 2021 and our net cash from operations in 2021. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the price and demand for our wheat and hemp related products are lower than expected; we are not able to produce or source a sufficient supply of hemp that complies with federal law; laws governing the growth and commercialization of hemp and hemp derived products are enacted by the states more slowly than expected; we and our partners and affiliates are not successful at developing and commercializing products; we are unable to comply with changing laws and regulations in a cost-effective manner; we are unable to source sufficient capital for operations and growth; and the other risks set forth in our filings with the
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Press Contact: Lisa Weser, Trailblaze, firstname.lastname@example.org; Investor Relations Contact: Matt Plavan, email@example.com