logo-loader
Arcadia Biosciences Inc

Arcadia Biosciences shares rally after key milestone developing extended-shelf-life tomatoes

The new hybrids are in the pre-commercial, field-testing stage with an anticipated launch in 2019

Tomatoes
California-based Arcadia Biosciences is an agricultural food ingredient company

Shares of California-based Arcadia Biosciences Inc. (NASDAQ:RKDA) jumped Thursday in pre-market trade after the agricultural food ingredient company and India’s Shriram Bioseed, a leading research and hybrid seed development company, announced the achievement of a key milestone in developing Extended Shelf Life (ESL) tomatoes.

Bioseed has field tested Arcadia’s ESL technology in multiple tomato hybrid backgrounds in different geographies and seasons. The companies said significant and “consistent improvements in field yield and fruit quality,” such as firmness, shelf life and color, were observed.

The new hybrids are in the pre-commercial, field testing stage with an anticipated launch in 2019.

Arcadia stock shot up 18.5% to US$8.15 in premarket trade.

READ: Shares of Arcadia Biosciences climb after partnership with Farmer’s Business Network

“These new varieties will reduce waste and spoilage in the production cycle while ensuring that the produce is fully ripe, better tasting, and still fresh when it reaches consumers,” said Arcadia CEO Raj Ketkar. “This development is a significant commercial milestone in advancing Arcadia’s ESL tomato technology that adds value throughout the tomato supply chain, from farm to consumers.”

According to the US Environmental Protection Agency, in the US alone, food waste costs households an estimated US$166bn annually, and tomato food waste costs households US$2.3bn annually.

As the fourth-largest producer of tomatoes globally, India represents a significant market opportunity for ESL tomato technology.

“This trait is especially valuable in a country like India where fresh market tomatoes are mostly field grown and post-harvest handling and logistics are challenging,” said Paresh Verma, president of Bioseed Southeast Asia. “Besides reducing post-harvest losses, extended shelf life and improved field holding capacity of tomatoes will add tremendous value for farmers and other stakeholders in supply chain.”

Arcadia’s ESL technology was developed in part under a U.S. Department of Defense contract to develop longer-lasting fresh produce for field troops stationed in remote locations. Arcadia received a patent for the technology in 2014.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

 

Quick facts: Arcadia Biosciences Inc

Price: $5.30

Market: NASDAQ
Market Cap: $38.68 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Arcadia Biosciences Inc named herein, including the promotion by the Company of Arcadia Biosciences Inc in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

2 min read