Arcadia Biosciences, Inc. (NASDAQ: RKDA) rose sharply Wednesday after the company and Farmer's Business Network announced partnership for Arcadia's GoodWheat.
This new collaboration, according a news release issued Wednesday enables the FBN Direct℠ inputs platform to distribute Arcadia’s identity-preserved GoodWheat seeds to growers in its network, aiming to increase farmer profitability over commodity wheat.
This agreement is a critical milestone in the development of Arcadia’s supply chain and its ability to scale its specialty wheat production to meet the demand anticipated following commercial launch in 2019.
Arcadia’s GoodWheat is a non-transgenic (non-GM) portfolio of innovative wheat quality traits, including high fiber resistant starch, reduced gluten and others. GoodWheat was developed to add value to the entire wheat supply chain, from seed to table, by enabling a wider range of healthy choices to meet evolving consumer demands.
Arcadia believes farmers can improve their economics by growing these premium specialty grains instead of commodity wheat. In addition, food manufacturers can differentiate their products by integrating these new GoodWheat varieties directly into their food formulations.
According to CEO Raj Ketkar, “With their commitment to innovation and growing network of premier farmers, the FBN network is an ideal partner to help us build capacity for our specialty wheat varieties. Arcadia’s GoodWheat branded ingredients will provide consumers with healthier choices in their favorite foods, and the high demand for these premium products will enable improved economics for wheat growers.”
Arcadia shares climbed $1.18, or 15.1%, to $8.99
