Davis, California-based Arcadia Biosciences has alerted the Securities and Exchange Commission (SEC) of its plan to raise $86 million through an initial public offering (IPO). The exact number of shares to be sold nor their price point have been publicly released as of yet.
Arcadia Biosciences was founded in 2002, and develops biotechnology applications used to enrich the quality, and increase the yields of global crops – making more food available under less-than-optimum conditions through water-use efficiency, and heat, salt, and herbicide tolerance.
Investment banks, Credit Suisse Securities LLC and JP Morgan Securities LLC are leading the offering, with Piper Jaffray & Co. acting as an additional manager for the potential offering.
Arcadia, which also has offices in Phoenix and Seattle, raised $33 million last year through a round of private equity, giving the company a total equity investment of $101 million. In the first three quarters of 2014, the company lost $16.4 million compared to a loss of $10.3 million in the same time period in 2013. Overall, in 2013, Arcadia lost $13.2 million on revenue of $6.5 million, compared to a loss of $12.4 million on revenue of $7 million in 2012.
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