Arcadia Biosciences (RKDA) Announces Sale of Resistant Starch Durum Wheat Trait to Corteva Agriscience (CTVA)
May 14 2024 - 8:02AM
Business Wire
-- Company advances monetization of wheat
technology with one-time payment of $4 million --
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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version on businesswire.com: https://www.businesswire.com/news/home/20240514536599/en/
Arcadia Biosciences Contact: T.J. Schaefer
ir@arcadiabio.com
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