Arcadia Biosciences and Beck’s Hybrids Form Collaboration to Develop and Commercialize Corn Productivity Traits
— Innovative Yield and Stress Traits to Improve Economics for Corn Growers —
DAVIS, Calif. and Atlanta, Indiana (March 31, 2016) – Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural technology company, and Beck’s Hybrids, Inc., the largest family-owned retail seed company in the United States, today announced a collaboration to bring high-value yield and stress traits to the market in corn. The collaboration leverages Arcadia’s abiotic stress traits and Beck’s leadership in breeding, commercial seed production, marketing and sales.
Under the agreement, Arcadia and Beck’s will jointly invest in commercial development of abiotic stress and yield traits, and both companies will share in the commercial value of resulting products. The collaboration will focus on commercializing traits that improve yield, nutrient efficiency and stress tolerance under various environmental conditions.
“Beck’s is recognized as a high-quality, customer-focused seed company that is trusted by thousands of farmers in the Corn Belt,” said Roger Salameh, interim president and CEO of Arcadia. “This partnership will give farmers access to breakthrough yield and stress traits in hybrids uniquely suited to their growing conditions.”
Scott Beck, president of Beck’s Hybrids added, “We are excited to collaborate with Arcadia, which has a proven track record of working with regulatory agencies for acceptance of biotech traits. Arcadia and Beck’s have like-minded philosophies in serving customers and sustainably improving the quality and amount of food production worldwide.”
Corn is one of the most important crops in the United States, with more than 88 million acres planted in the U.S. and a harvest value of more than $49 billion. While major gains have been made in corn productivity, farmers still depend on a combination of fertilizers, advanced genetics and traits to increase crop productivity.
Arcadia’s agronomic yield and stress tolerance traits are designed to increase crop yields and improve farm economics by improving efficiency in the use of key inputs, such as fertilizer and water, or by increasing tolerance to environmental stresses, such as drought and water stress. Arcadia’s Nitrogen Use Efficiency trait in particular has demonstrated double-digit yield gains in multiple years of field testing in wheat and rice.
“While we continue to advance our yield and stress trait pipeline in important food crops such as wheat and rice, joining forces with Beck’s on the most important row crop in the U.S. market creates a compelling and highly competitive business opportunity for our companies,” said Salameh.
About Beck’s Hybrids
Beck’s Hybrids is a family-owned and operated seed company that serves farmers in Indiana, Illinois, Ohio, Michigan, Kentucky, Tennessee, Iowa, Missouri, and Wisconsin. According to a recent media survey, Beck’s ranks as the sixth largest seed company in the United States and the only one in the top six that is family-owned, making Beck’s the largest retail, family-owned seed company in the United States. To learn more about Beck’s, please visit www.beckshybrids.com.
About Arcadia Biosciences, Inc.
Based in Davis, Calif., with additional facilities in Seattle, Wash. and Phoenix, Ariz.,
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. The company was previously listed in the Global Cleantech 100 and has been named one of MIT Technology Review’s 50 Smartest Companies. 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 relating to Arcadia’s strategic partnership with Beck’s Hybrids to develop and commercialize corn traits. 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 its traits, including agronomic yield traits in corn, and to complete the regulatory review process for such products; Arcadia’s compliance with laws and regulations that impact the company’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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 and additional information in its Form 10-K for the year ended December 31, 2015. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements.