— Collaboration will scale-up grower base for identity preserved specialty wheat varieties and improve grower economics —
DAVIS, Calif. (June 27, 2018) – Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural food ingredient company, and Farmer’s Business Network, Inc. (FBNSM), the independent farmer-to-farmer network, today announced a partnership to expand the grower base of Arcadia’s family of specialty wheat varieties, GoodWheatTM. This new collaboration enables the FBN DirectSM inputs platform to distribute Arcadia’s identity-preserved GoodWheat seeds to growers in its network, aiming to increase farmer profitability over commodity wheat.
This agreement is a critical milestone in the development of Arcadia’s supply chain and its ability to scale its specialty wheat production to meet the demand anticipated following commercial launch in 2019. The FBN network has been rapidly growing its analytics, agricultural inputs distribution infrastructure, farmer member base and geographical reach, now representing over 24 million acres in the United States and Canada.
Arcadia’s GoodWheat is a non-transgenic (non-GM) portfolio of innovative wheat quality traits, including high fiber resistant starch, reduced gluten and others. GoodWheat was developed to add value to the entire wheat supply chain, from seed to table, by enabling a wider range of healthy choices to meet evolving consumer demands. Arcadia believes farmers can improve their economics by growing these premium specialty grains instead of commodity wheat. In addition, food manufacturers can differentiate their products by integrating these new GoodWheat varieties directly into their food formulations.
“With their commitment to innovation and growing network of premier farmers, the FBN network is an ideal partner to help us build capacity for our specialty wheat varieties,” said Raj Ketkar, Arcadia’s president and CEO. “Arcadia’s GoodWheat branded ingredients will provide consumers with healthier choices in their favorite foods, and the high demand for these premium products will enable improved economics for wheat growers.”
“This important partnership with Arcadia provides our members access to grow specialty, identity-preserved GoodWheat and enables them to earn a premium over commodity wheat,” said Amol Deshpande, CEO and co-founder of the FBN network. “Together, we are working to improve the economics of wheat production for farmers and bring wheat buyers a unique high-value crop.”
About Arcadia Biosciences, Inc.
Based in Davis, Calif., Arcadia Biosciences (Nasdaq: RKDA) develops agricultural products that create added value for farmers, enhance human health and improve the environmental sustainability of agriculture. Arcadia’s nutrition traits and products are aimed at creating healthier ingredients and whole foods with lower production costs. Arcadia’s agronomic performance traits are aimed at making agricultural production more economically efficient and environmentally sound. For more information, visit www.arcadiabio.com.
About Farmer’s Business Network, Inc.
Farmer’s Business Network, Inc. is an independent farmer-to-farmer network that aims to enhance farmer profitability by providing farmers comprehensive farm, seed and input analytics and price intelligence based on over 150 million acre events of real-world precision agronomic data. The FBN Direct e-commerce platform provides national, transparent pricing on ag chemicals, fertilizers, seeds, technology and services. FBN Crop Marketing provides farms premium contracts, production contracts, risk management, and price intelligence powered by a global buyer network. The FBN network has grown to over 24 million acres of member farms in the US and Canada. The FBN network’s mission of creating a better farm economy has earned the support of world-class technology investors GV (formerly Google Ventures), DBL Partners, Kleiner Perkins Caufield Byers LLP, Bow Capital, Acre Venture Partners, Temasek, and T. Rowe Price. To learn more, visit: www.farmersbusinessnetwork.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. 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 commercial products incorporating their traits, and complete the regulatory review process for such products; Arcadia’s compliance with laws and regulations that impact Arcadia’s business, and changes to such laws and regulations; Arcadia’s future capital requirements and ability to satisfy its capital needs; and the other risks set forth in Arcadia’s filings with the Securities and Exchange Commission from time to time, including the risks set forth in Arcadia’s Annual Report on Form 10-K for the year ended December 31, 2017 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.