— Seasoned agribusiness executive to help prepare drought tolerant soybeans for commercial launch —
DAVIS, Calif. and ROSARIO, Argentina (July 11, 2018) – Arcadia Biosciences, Inc.Nasdaq: RKDA) and Bioceres S.A., today announced they have hired Martin Mariani Ventura as general manager of Verdeca, a joint venture to develop, deregulate and market soybean varieties with next generation agricultural technologies.
Mariani Ventura is a seasoned agribusiness executive with nearly 20 years of experience in various roles, including business strategy, product licensing and commercialization, sales, marketing and research and development. Most recently he served with FMC Quimica Argentina, where he managed the insecticide and herbicide portfolio for the Southern Cone region of Latin America. Before that, Mariani Ventura worked for both DuPont Argentina and Monsanto Argentina, and earlier in his career, he worked with Bioceres. While at Monsanto Argentina, Mariani Ventura was instrumental in the launch of their Intacta insect resistant soybean trait in Latin America South.
“Martin’s experience in product strategy, trait licensing and commercializing new products will be invaluable as Verdeca prepares for the launch of its HB4 drought tolerant soybeans,” said Raj Ketkar, president and CEO of Arcadia. “We look forward to working with him to build the capabilities needed to bring this important trait to market.”
In multiple field trials, Verdeca’s HB4 soybeans have produced stable and high yields under multiple stresses typically found in soybean production areas, including drought and low-water conditions. HB4 soybeans have undergone extensive testing, including six seasons of multi-location field trials in Argentina and the United States and two years of regulatory field trials. Verdeca is currently working with partners to breed the HB4 trait into elite soybean varieties.
“During the 2017-18 drought in Argentina, local soybean farmers have lost an estimated five billion U.S. dollars of crop value beyond what is normally lost due to sporadic drought conditions every year, reminding all of us about the importance of developing solutions to mitigate these adverse weather effects,” said Federico Trucco, Bioceres’ CEO. “Verdeca’s HB4 technology is the only seed technology available today that addresses this specific problem in soybeans. Under Martin’s leadership, we hope to expedite the delivery of this solution to local and regional farmers, through proprietary as well as third party high yielding varieties.”
Arcadia and Bioceres formed Verdeca in 2012 with a goal of deploying its soybean traits in all key world regions, beginning in South America and North America, which makes up close to 80 percent of the global soybean acres, and exporting to China, which is the world’s largest importer of soybean products. Verdeca’s HB4 trait has already been approved in Argentina and by the U.S. Food & Drug Administration. Regulatory submissions are currently under consideration by the U.S. Department of Agriculture and in Brazil and China.
Bioceres is a fully integrated agricultural biotechnology company utilizing multiple technology platforms to develop and commercialize products that enhance crop productivity and expand feedstock applications. The company is owned by more than 250 of South America’s largest growers. Bioceres is a major shareholder of Rizobacter, INDEAR (Institute of Agricultural Biotechnology of Rosario), and Bioceres Semillas. For more information visit www.bioceres.com.ar.
About Arcadia Biosciences, Inc.
Based in Davis, Calif., Arcadia Biosciences (Nasdaq: RKDA) develops agricultural products that create added value for farmers while benefitting the environment and enhancing human health. Arcadia’s agronomic performance traits, including Nitrogen Use Efficiency, Water Use Efficiency, Salinity Tolerance, Heat Tolerance and Herbicide Tolerance, are all aimed at making agricultural production more economically efficient and environmentally sound. Arcadia’s nutrition traits and products are aimed at creating healthier ingredients and whole foods with lower production costs. For more information, visit www.arcadiabio.com.
Verdeca, a U.S.-based joint venture between Bioceres and Arcadia Biosciences, develops and deregulates soybean varieties with next-generation agricultural technologies. Working in partnership with South American growers, Verdeca aims to provide technologies that help increase crop productivity, making more efficient and sustainable use of land and water resources. For more information visit www.verdeca.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 relating to Verdeca’s HB4 trait and the regulatory process for such trait. 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, including the HB4 trait, 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.