Arcadia Biosciences (RKDA) Acquires European Food Ingredient Platform that Further Enhances its GoodWheat™ Business
-- Company will broaden its market access in Europe and add a novel cereal grain to its portfolio of products --
DAVIS, Calif., April 19, 2021 /PRNewswire/ -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today announced it has acquired, through Arcadia SPA, S.L., the assets of Agrasys S.A, a food ingredients company based in Barcelona, Spain. The transaction includes the physical and intellectual property assets to enable Arcadia to commercialize Tritordeum, a proprietary cereal grain that was developed at the Instituto de Agricultura Sostenible - Consejo Superior de Investigaciones Científicas, (IAS-CSIC) the largest public institution dedicated to agricultural research in Spain, and subsequently licensed exclusively to Agrasys for commercialization.
Tritordeum is a combination of durum wheat and wild barley, resulting in a nutritious grain that is high in fiber, protein and lutein. Lutein is a carotenoid with anti-inflammatory properties that is known to improve or even prevent age-related macular degeneration, a leading cause of blindness and vision impairment. Tritordeum is highly functional in a wide range of cereal-based applications such as bread, crackers, pasta, baked snacks and beer. As a crop, Tritordeum is a robust and sustainable cereal that is water-efficient with good disease and pest resistance and broad environmental adaptability. Finished products made with Tritordeum have a unique golden color and a slightly sweet, buttery taste.
Agrasys works with a network of more than 50 grain producers and 25 millers and distributors to deliver its proprietary products to customers. The company has commercialized Tritordeum in 10 countries with seven retailers in Europe, most recently launching its Tritordeum bread product with Albert Heijn, the largest grocery retailer in Holland.
"Not only do we see further growth for Tritordeum in Europe, we believe that there is untapped potential for the product in North America and other important cereal markets around the world," said Matt Plavan, CEO of Arcadia. "Additionally, the network and capabilities that the Agrasys team have built will serve as an excellent foundation for our GoodWheat products as we expand our commercial footprint. We are delighted to welcome the Agrasys team into the Arcadia family and look forward to continuing to deliver the nutritious and delicious products that consumers seek."
"I have always believed that the combination of Arcadia's GoodWheat platform and the unique position that we have developed in Europe for Tritordeum would make a powerful combination," said Etienne Vassiliadis, Agrasys' general manager. "As a food scientist and professional baker, I am eager to unlock the many powerful applications and synergies of our respective cereal grains products."
Arcadia completed the transaction through Arcadia SPA, S.L., a newly formed company based in Spain. Key Agrasys personnel will join Arcadia SPA and will operate the Tritordeum and GoodWheat business through that entity, where the combined skill, experience and capacities of the respective teams will be leveraged across multiple channels and markets.
To learn more about Tritordeum or to purchase Tritordeum products, please visit www.tritordeum.com.
About Arcadia Biosciences, Inc.
Arcadia Biosciences (Nasdaq: RKDA) is a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients. The company'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 GoodHemp™ seed catalog delivers genetically superior hemp seeds, transplants and extracts, bringing the benefits of modern agriculture to an emerging crop. For more information, visit www.arcadiabio.com.
About Agrasys, S.A.
Agrasys, a spin-off of the IAS-CSIC (Spanish High Council for Scientific Investigations), is a company dedicated to the advancement of value-added crops and food ingredients. The company has focused on the development and commercialization of Tritordeum, a novel cereal grain with agronomic and nutritional advantages vs. conventional grains. Agrasys holds the exclusive commercial rights for this, maintains a Tritordeum breeding program and collaborates with partners along the value chain to develop and market its products. For more information, visit www.agrasys.es.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the commercial success of GoodWheat and Tritordeum products. 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 GoodWheat and Tritordeum, the demand for such products; Arcadia's compliance with laws and regulations that impact our 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, 2020 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.
LinkedIn: Arcadia Biosciences
Twitter: @ArcadiaAg
SOURCE Arcadia Biosciences, Inc.
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