Arcadia Biosciences Inc (NASDAQ:RKDA), which focuses on enhancing the quality and nutritional value of crops and food ingredients, announced Thursday that the Australia Patent Office has granted it a foundational patent covering herbicide tolerance in wheat.
The patent grants intellectual property protection for mutations to the wheat genome that make it herbicide-tolerant, the company said.
Arcadia Biosciences also received a Notice of Allowance from the US Patent and Trademark Office to cover the same technology.
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Australia and the US are the first major wheat-producing countries to approve the patents, with additional patents pending in other key wheat markets, the company said.
"This technology will serve as the foundation for future innovation in herbicide tolerance in wheat," Randy Shultz, chief technology officer at Arcadia Biosciences said in a statement. "With additional research, this technology could also open the door to the development of a highly efficient hybrid wheat production system, which would transform the wheat industry."
Arcadia Biosciences, based in Davis, California, said it is currently soliciting potential licensing partners for its herbicide-tolerant wheat technology.
"This technology can be an important tool in the hybrid breeding toolkit for the right wheat innovator," added Sarah Reiter, the company’s chief commercial officer.
Arcadia's stock recently traded up by 3.3% to $4.32 a share in New York.
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