Calyxt Inc (NASDAQ:CLXT) announced Monday it has contracted to sell all 2020 grain production of its high oleic soybean to Archer-Daniels-Midland Company (NYSE: ADM), a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company.
In a statement, Calyxt said the transaction is a key step in its 2020 transition to an advanced go-to-market strategy focused on providing plant-based innovations. Sales began in the third quarter of 2020 and will continue through late 2021.
Calyxt’s high oleic soybean was launched in 2019 as the first commercially approved gene-edited food in the US. ADM has contracted to purchase all of Calyxt’s high oleic soybean grain, following an initial purchase earlier in the year.
The total purchases represent about 4 million bushels of high oleic soybean grain. ADM is responsible to crush the grain and will market and sell the resulting oil and meal.
“This agreement with ADM is yet another key milestone in monetizing our proprietary gene-editing technology and bringing our innovations to market,” said Jim Blome, CEO of Calyxt.
“This is an important step in the advancement of our strategy and frees resources and capital within Calyxt, allowing our talented team to focus on growing the business through licensing our proprietary technology, pursuing product development partnerships and seed sale arrangements.”
Vince Restucci, Calyxt vice president of agronomy services, said the company introduced five new high oleic seed varieties introduced in 2020
“Our high oleic soybean seed and grain products are well positioned to address the increase in market and consumer demand for premium vegetable oil,” he said.
Charlie Morris, director of customer portfolio management at ADM. added: “We’re seeing more and more customers asking for high-oleic products, and we’re committed to leading in this value-added space. We appreciate the great relationship with Calyxt, and we’re excited to expand our portfolio to meet the growing demand of our food customers.”
Calyx, based in Roseville, Minnesota, is a technology company with a mission to deliver plant-based innovations for a better world. Founded in 2010, Calyxt uses its proprietary TALEN gene-editing technology to work with world-class partners via technology licensing, product development, and seed sale arrangements to revolutionize the way the world uses plants to solve problems.
The company’s stock recently traded 6% higher to $4 a share in New York.
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Story by ProactiveInvestors
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