Arcadia Biosciences Inc (NASDAQ:RKDA) revealed Tuesday that the agribiotech has won its first purchase commitment for its high-fiber bread wheat for 2020, through its North American partner Bay State Milling Company.
Earlier this year, Arcadia said that Bay State Milling would be the exclusive North American commercial partner for its high-fiber bread wheat under Bay State Milling's HealthSense brand portfolio.
"Arcadia's high-fiber wheat technology expands our HealthSense portfolio and strengthens our robust supply chain of identity preserved non-GM wheat varieties," said Bay State Milling CEO Peter Levangie.
"We look forward to continued innovation from Arcadia and its wheat portfolio," he added.
Investors responded well to the news, sending Arcadia shares up 19% to $6.10 by the close on Tuesday.
Successful harvest of GoodWheat
The consumer-driven agricultural technology company also announced the successful harvest of its GoodWheat non-genetically modified wheat varieties on 4,000 acres across Idaho, Montana, North Dakota, Oregon and Arizona.
Arcadia's contracted growers collectively farm over 80,000 acres, with 30% dedicated to wheat.
"We are pleased with this year's GoodWheat harvest, which exceeded the number of acres planted in 2018 by 10 times," said Arcadia Biosciences CEO Matt Plavan.
"We are well positioned to hit our revenue targets for GoodWheat in 2020 and 2021, having secured all our existing growers as repeat GoodWheat farmers, and expanding our acreage to meet our 2020 sales commitments and plans," he added.
In a statement, Paul Sproule of Sproule Farms in Grand Forks, North Dakota said Arcadia has been a “great partner,” bringing innovation and profitability to wheat.
"We significantly increased our GoodWheat acres this year, producing both seed and grain in several GoodWheat varieties,” said Sproule.
“We see tremendous opportunity to further expand our acres even beyond 2020," he added.
Arcadia, based in Davis, California, is an agricultural biotech company that develops high-value food ingredients and nutritional oils that aim to meet the demand for healthier diets. It also produces a GMO soybean.
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