Calyxt Exceeds Farmer Adoption Milestone for High-Oleic Soybean Product Launch
Minneapolis-St. Paul, Minn., April 5, 2018 – Calyxt, Inc. (NASDAQ: CLXT), a consumer-centric, food- and agriculture-focused company, today announced that the Company has further expanded its total acreage with farmers across the northern United States for its high-oleic / no trans-fat soybean variety.
Highlights of Calyxt’s progress in preparing the high-oleic soybean launch include:
- Calyxt has contracted over 16,000 acres with 75 farmers in the Midwest.
- Overall, these growers collectively farm over 180,000 acres, half of which are expected to produce soybeans. Around a fifth of the soybeans that are anticipated to be planted consist of Calyxt’s high-oleic variety.
- Over 90% of existing farmers signed up to re-plant Calyxt High Oleic soybeans this year. Furthermore, on average, each repeat farmer is doubling their Calyxt acres year over year.
- Calyxt successfully launched a Brand Ambassador Program which enrolled progressive, high-quality growers to be early adopters and advocates of gene editing technology.
“With this significant milestone, we are excited to have exceeded our target range of 12,000 to 15,000 acres. The continued expansion of Calyxt’s high-oleic soybean variety shows high interest amongst farmers in adopting new technologies such as gene editing and are clearly looking for additional choices for their farming operations when the industry is consolidating,” said Federico Tripodi, Calyxt CEO. “Starting with a dedicated, high-quality grower base in the upper Midwest region, Calyxt is mindfully disrupting the food system on behalf of consumers. Later this year we will have enough oil to make the equivalent of over 100 million servings of salad dressings with healthier characteristics.”
Earlier this week, USDA clarified that under its biotechnology regulations, it does not currently regulate, or have any plans to regulate plants created by new breeding techniques such as gene editing, that could otherwise have been developed through traditional breeding techniques and meet certain criteria.
Calyxt is the industry leader in adapting food crops to consumer needs, bringing to markets products with increased nutritional value and traits that benefit the environment and reduce pesticide applications. The clarification by USDA further reinforces Calyxt’s position as the leading player in the field of gene editing.
“Strong interest from farmers and food companies for our first product to market is a reflection that Calyxt’s gene-editing platform with its unique business model is a disrupter in ag and food space,” added Manoj Sahoo, Calyxt CCO. “With seven products, the highest number of gene edited products by any single company, deemed non-regulated by the USDA Calyxt is on track to bring to market food ingredients with increased nutritional value.”
Calyxt’s products that have been deemed non-regulated by the USDA include high fiber wheat, powdery mildew resistant wheat, high oleic soybean, high oleic /low linolenic soybean, improved quality alfalfa, cold storable potato and reduced browning potato.