DAVIS, Calif. & ROSARIO, Argentina--(BUSINESS WIRE)--Verdeca, a joint venture between Arcadia Biosciences, Inc. (Nasdaq: RKDA) and Bioceres S.A., announced today that it has received approval in Argentina for its HB4 drought tolerant trait stacked with herbicide tolerant traits in soybeans. The approval allows Verdeca to incorporate tolerance to both glyphosate and glufosinate-ammonium into the trait.
Argentina’s Secretariat of Food and Bioeconomy evaluated the food, feed, environment and commercial impact of the stacked traits and approved them for deregulation contingent upon trade approval by China. The HB4-herbicide tolerance trait stack is Verdeca’s newest release from its pipeline of traits developed to benefit soybean producers through quality improvement or stress mitigation.
More than 50 million of the world’s soybean hectares are grown in Argentina and Brazil, a region that has experienced significant drought conditions in recent years. In the 2017-18 season, the HB4 trait would have prevented millions in grain yield drought losses for Argentina’s soybean farmers, and continuing use would reduce risk of losses due to local or regional drought conditions every season.
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, as well as in China, Brazil, Paraguay and Uruguay.
Commercial launch of the HB4 trait is contingent upon China’s regulatory approval, which is expected by the end of 2019. In the meantime, this regulatory approval of the HB4-herbicide tolerance stack will allow broader on-farm testing.
“This novel trait stack will enable soybean growers to protect yields under stressful climatic conditions while allowing low-cost, weed-free production,” said Martin Mariani Ventura, general manager of Verdeca. “The approval of this trait stack is another significant step for the successful commercialization of HB4 technology in Argentina.”
Arcadia Biosciences and Bioceres formed Verdeca in 2012 to deploy next-generation soybean traits in all key production regions, beginning in South America and North America, which together represent nearly 80 percent of the harvested soybean acres globally.
About Bioceres
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.
Arcadia Biosciences, Inc. (Nasdaq: RKDA) develops and markets high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. Arcadia’s GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The company’s agricultural traits are being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. For more information, visit www.arcadiabio.com.
About Verdeca
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. 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.