Arcadia Biosciences Inc (NASDAQ:RKDA) announced Monday that its lawsuit against Arista Cereal Technologies filed in the US District Court for the Southern District of New York has ended due to a jurisdictional decision by the court.
The lawsuit was seeking to correct the rights to inventorship on key patents for Arista’s high-amylose wheat.
In a statement, Raj Ketkar, Arcadia’s CEO, said the bulk of Arcadia’s GoodWheat portfolio would be unaffected by the dispute with Arista and said the company would continue to pursue efforts to defend its intellectual property.
“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,” Ketkar said.
“We remain committed to defending our intellectual property, however, and are still pursuing other avenues to protect our technology,” he added.
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 bred using Arcadia’s non-GM TILLING platform and can be delivered as organic or conventional wheat.
READ: Arcadia posts a 3Q profit due to accounting windfall and crushes Wall Street's revenue estimate
In other news, Arcadia recently announced a key partnership with Ardent Mills, the largest wheat milling company in the US, 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 in a bid to drive 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 in a statement. “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.”
Based in Davis, California, Arcadia develops high-value food ingredients and nutritional oils that aim to meet demand for healthier diets. The company’s agricultural traits are being developed to allow farmers to be more productive.
Arcadia Biosciences shares slipped 2.16% to close at $3.62 on Friday.
Contact Ellen Kelleher at [email protected]