- HB4 stress tolerant soybean regulatory progress. Through its Verdeca joint venture with Bioceres, Arcadia submitted regulatory dossiers to the USDA and FDA and initiated regulatory studies to support planned submissions in China and Europe.
- Arcadia expands production of Resistant Starch wheat. Arcadia advanced product and agronomic testing of its Resistant Starch wheat materials. This non-GM product is expected to play an important role in the development of high fiber, low glycemic index foods to combat global health issues of diabetes and obesity, and the product is currently being evaluated by multiple ingredient and consumer packaged goods companies.
- Corn yield and stress trait development with Dow AgroSciences. The third season of field trials in corn was completed, with multiple candidates showing promise. Data analysis is underway to identify the most promising elite lines to advance into additional field testing.
- SONOVA GLA use in pet food. Arcadia is actively engaged with the FDA on its regulatory submission for GLA safflower oil use in pet food, which, upon approval, is expected to open a new market for its highly concentrated SONOVA GLA product.
- Arcadia names new CFO. Matthew Plavan joined the company as chief financial officer on September 12, 2016. Plavan brings nearly 30 years of financial and executive leadership experience to Arcadia in the areas of business operations, fiscal management and strategy, commercial partnering, M&A and integration activities, and public and private equity fundraising. Most recently, Plavan served in multiple executive capacities, including CFO, COO and CEO with Cesca Therapeutics, Inc. (Nasdaq: KOOL), a company engaged in research, development and commercialization of autologous cell-based therapeutics.
- Verdeca submits regulatory dossier for HB4 soybeans in China. Through its Verdeca joint venture with Bioceres, Arcadia submitted a regulatory dossier in China for import approval of HB4 stress tolerant soybeans. The trait has received regulatory approval in Argentina, with additional approvals pending in Uruguay and the U.S.
- Kevin Comcowich joins board of directors. Experienced business and financial executive Kevin Comcowich joined Arcadia's board of directors on October 30, 2016. Comcowich most recently served as the CEO and portfolio manager of HTX Energy Fund in Houston, Texas and has extensive experience in investment management and global capital market strategies. He will serve as an independent director and member of the audit committee.
- Chief scientific officer plans to retire. Vic Knauf, Arcadia's chief scientific officer, has announced his plans to retire at the end of this year. He will continue to serve on the company's board of directors and will assist in an informal advisory capacity after his retirement to ensure a seamless transition of his management duties.
|Arcadia Biosciences, Inc. Financial Snapshot (Unaudited) ($ in thousands)|
|Three Months Ended September 30||Nine Months Ended September 30|
|2016||2015||% Favorable/ (Unfavorable)||2016||2015||% Favorable/ (Unfavorable)|
|Total Operating Expenses||5,002||6,058||17%||15,797||15,561||(2%)|
|Loss From Operations||(3,927)||(4,235)||7%||(13,149)||(11,493)||(14%)|
|Net Loss Attributable to Common Stockholders||(4,175)||(4,619)||10%||(13,916)||(16,870)||18%|