Shares of California-based Arcadia Biosciences Inc. (NASDAQ:RKDA) jumped Wednesday in pre-market trade after the agricultural food ingredient company forged a partnership with Farmer’s Business Network Inc. to expand the grower base of Arcadia’s family of specialty wheat varieties, GoodWheat.
This new collaboration enables the Farmer’s Business Network Direct inputs platform to distribute Arcadia’s identity-preserved GoodWheat seeds to growers in its network, aiming to increase farmer profitability over commodity wheat.
Shares in Arcadia jumped over 17% to US$9.09 within minutes of the market opening.
“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,” said Arcadia CEO Raj Ketkar.
“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,” he added.
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Farmers Business Network is a social network for farmers that invites them to share their data, pool their know-how, and bargain more effectively for better pricing from third parties.
“This important partnership with Arcadia provides our members access to grow specialty, identity-preserved GoodWheat and enables them to earn a premium over commodity wheat,” said Farmers Business Network CEO Amol Deshpande. “Together, we are working to improve the economics of wheat production for farmers and bring wheat buyers a unique high-value crop.”
Arcadia Biosciences develops and markets high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. The company has various programs under development comprising fiber resistant starch wheat, whole grain flour, and reduced gluten wheat programs.
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