-- Company advances monetization of wheat technology with one-time payment of $4 million --
DALLAS--(BUSINESS WIRE)--May 14, 2024--
Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, announced today it has sold its non-GMO Resistant Starch (RS) Durum Wheat trait to longtime partner Corteva Agriscience. Under the terms of the agreement, Arcadia will receive $4 million and retain the right to continue using Resistant Starch Durum in its GoodWheat portfolio of wheat products, including pastas and mac & cheese. Corteva will acquire 24 RS Durum patents in 20 countries.
Arcadia and Corteva began collaborating in 2017 when they signed an agreement to develop and commercialize RS Durum in North America. Since then, Corteva has been introgressing the RS Durum trait into elite germplasm lines in the company’s pipeline.
Arcadia’s high fiber RS Durum Wheat trait was developed using advanced non-GM breeding techniques resulting in wheat varieties that contain up to 94 percent amylose, a carbohydrate molecule that is less vulnerable to digestion. Resistant starch offers significant health benefits, particularly in the management of gastrointestinal health, cardiovascular disease and type 2 diabetes. Because it is digested more slowly, it has a lower glycemic index and acts as a prebiotic that improves gut health.
“Wheat is a staple crop worldwide, and consumers are looking for ways to enhance their nutrition through natural sources. As a leading global agricultural company, Corteva is an ideal partner to bring this trait to farmers globally,” said Stan Jacot, president & CEO of Arcadia. “This transaction enables our long-standing collaboration to continue, with Corteva eventually supplying seed that farmers could grow for the GoodWheat brand, while the financial component strengthens our balance sheet, allowing us to pursue strategic transactions.”
About Arcadia Biosciences, Inc.
Since 2002, Arcadia Biosciences (Nasdaq: RKDA) has been innovating crops to provide high-value, healthy ingredients to meet consumer demands for healthier choices. With its roots in agricultural innovation, Arcadia cultivates next-generation wellness products that make everybody feel good. The company’s food and beverage products include GoodWheat™ pasta, pancake mixes and mac & cheese and Zola® coconut water. 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 Company’s collaboration with Corteva and pursuit of strategic transactions. 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 risks set forth in Arcadia’s Annual Report on Form 10-K for the year ended December 31, 2023 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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Arcadia Biosciences Contact:
T.J. Schaefer
ir@arcadiabio.com
Source: Arcadia Biosciences, Inc.
