Arcadia Biosciences Announces End to Lawsuit Against Arista Cereal Technologies in New York
Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural food ingredient company, today announced that its lawsuit in the United States District Court for the Southern District of New York against Arista Cereal Technologies, Pty. Ltd. has ended based on a jurisdictional decision by the court. The lawsuit sought to correct inventorship on key patents for Arista’s high-amylose wheat.
“The vast majority of our GoodWheat™ portfolio as well as the overall target market for our wheat, soy and other nutrition and ingredient products is unaffected by our dispute with Arista. Our global commercialization plans for those products remain on track, with first sales expected this year,” said Raj Ketkar, president and CEO of Arcadia. “We remain committed to defending our intellectual property, however, and are still pursuing other avenues to protect our technology.”
Arcadia’s GoodWheat platform is a portfolio of novel non-GM wheat varieties including high fiber resistant starch (RS), reduced gluten and others. These varieties have been specially bred for unique value using Arcadia’s non-GM TILLING platform and can be delivered as organic or conventional wheat. For instance, Arcadia’s RS GoodWheat contains up to 94 percent amylose, the highest levels available, which has been proven to deliver significant health benefits. These same wheat varieties deliver total dietary fiber levels high enough to meet the US Food and Drug Administration’s “Good Source” of fiber or “High in Fiber” designations on consumer packaging.
In addition, Arcadia recently announced a major partnership with Ardent Mills, North America’s leading flour-milling and ingredient company, to develop and commercialize innovative wheat trait improvements. The first project focuses on extending the shelf life and improving the taste of whole wheat products for North American consumers, driving the increased consumption of fiber.
“The global wheat flour market is forecasted to reach $200 billion by 2022, and we remain convinced that it can be served by many different technical approaches,” said Ketkar. “We’re excited about the science behind GoodWheat and about the partnerships with farmers and food companies working with us to bring these innovations to tables around the world.”
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.
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; Arcadia’s ability to develop, enforce and defend its intellectual property rights; 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.
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