Verdeca receives approval of HB4 drought and herbicide tolerant soybeans in Paraguay

• Novel trait stack expected to help growers facing climate and production challenges
• HB4 trait now has regulatory approval in top four global suppliers of soybean, accounting for more than 80 percent of the global soybean market

Verdeca, a joint venture between Arcadia Biosciences, Inc. (Nasdaq: RKDA) and Bioceres Crop Solutions Corp. (NYSE American: BIOX), announced today it has successfully completed the regulatory review process and received approval for its HB4® drought and herbicide tolerant soybeans from the Paraguayan Minister of Agriculture, through the National Commission for Agricultural and Forestry Biosafety.

The HB4 stack is Verdeca’s newest product release from its pipeline of traits developed to benefit soybean producers through quality improvement, stress mitigation and management practices.

“HB4 is a novel soybean trait that enhances the traditional herbicide tolerance package to provide yield stability across diverse environments,” said Martin Mariani Ventura, general manager of Verdeca. “Approval of this technology in Paraguay is another significant step for the successful commercialization of HB4 technology in the South American soybean market.”

With this approval, the HB4 trait now has regulatory approval in more than 80 percent of the global soybean market. The HB4 trait has already been approved in the U.S., Argentina and Brazil, with regulatory submissions currently under consideration by China, among other relevant production and consumption territories. Import approval from China is needed for commercial launch in Argentina and is now expected in late 2020.

More than 3.5 million of the world’s soybean hectares are grown in Paraguay.

“Trials in Argentina and Brazil have shown a positive impact of the HB4 trait stack on soybean yields,” said Matt Plavan, president and CEO of Arcadia Biosciences. “We’re seeing remarkable excitement in the market from potential seed distribution partners and farmers wanting to grow our drought tolerant and herbicide resistant crop.”

“This approval in Paraguay is an important step, which not only adds over three million hectares from a market opportunity viewpoint, but also helps us leverage breeding efforts for southern Brazil, where growing conditions are generally similar,” said Federico Trucco, CEO of Bioceres Crop Solutions.

Arcadia Biosciences and Bioceres Crop Solutions formed Verdeca in 2012 to deploy next-generation soybean traits in all key production regions, beginning in South America and North America.