DAVIS, Calif., June 18, 2020 /PRNewswire/ -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today announced the Australia Patent Office has granted the company a foundational patent covering herbicide tolerance in wheat. Patent Number 2016288257 grants intellectual property protection for mutations to the wheat genome to make it herbicide tolerant. The company also received a U.S. Notice of Allowance 15/740,876 from the U.S. Patent and Trademark Office for the same technology. Australia and the United States are the first major wheat-producing countries to approve the patents, with additional patents pending in other key wheat markets.
"This technology will serve as the foundation for future innovation in herbicide tolerance in wheat," said Randy Shultz, Ph.D., chief technology officer at Arcadia Biosciences. "With additional research, this technology could also open the door to development of a highly efficient hybrid wheat production system, which would transform the wheat industry."
Arcadia is currently soliciting potential licensing partners for its herbicide tolerant wheat technology. "This technology can be an important tool in the hybrid breeding toolkit for the right wheat innovator," added Sarah Reiter, chief commercial officer at Arcadia.
About Arcadia Biosciences, Inc.
Arcadia Biosciences (Nasdaq: RKDA) is a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients. The company's new GoodHemp™ seed catalog delivers genetically superior hemp seeds, clones, transplants, flower and extracts, applying the company's proprietary crop innovation technology, ArcaTech™, to an emerging crop. The company's GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. Arcadia's agricultural traits are being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. For more information, visit www.arcadiabio.com.
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 regarding the expected additional benefits of these patents. 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: Arcadia's and its partners' and affiliates' ability to develop and sell commercial products incorporating their traits, and complete the regulatory review process for such products; the adequacy of hemp seed demand and pricing to support our projections; Arcadia's compliance with laws and regulations that impact Arcadia's business, and changes to such laws and regulations; the potential impact of COVID-19 on our business; and the company's future capital requirements and ability to satisfy its capital needs. Further information regarding these and other factors that could affect the company's financial results is included in filings the company makes with the Securities and Exchange Commission from time to time, including the section entitled "Risk Factors" and additional information set forth in its Form 10-K for the year ended December 31, 2019 and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements.
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SOURCE Arcadia Biosciences, Inc.
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