Shares of Arcadia Biosciences (RKDA) popped 23% during pre-market trading on Friday, after it received approval from the US Food And Drug Administration (FDA) for use of its Sonova safflower oil in cat food.
The oil is a highly concentrated source of gamma-linolenic acid (GLA), an omega-6 fatty acid, and is therefore not only safe but also nutritious for use in canine diets. The oil has been in use in dog and cat foods in Canada since 2015.
CEO Raj Ketkar said, “The FDA clearance of SONOVA GLA for use in cat food is another example of our proven ability to improve crops’ nutrition and value as ingredients from concept to commercialization, as with our GoodWheat platform.”
Arcadia stock has been on a dream run this year, doubling in value over the past two-and-a-half months. In the trailing 12-month period though, the stock is down over 83%.
Late last month, Arcadia shares soared 68% after it announced its entry into the burgeoning cannabis industry. The Davis, California-based firm said it has set up a new unit to optimize the quality, yield and climate resiliency of cannabis. The new segment, Arcadia Specialty Genomics, will have Arcadia Chief Financial Officer Matt Plavan as its President.
READ: DOCUSIGN SURPRISES WALL STREET WITH A PROFIT IN Q4
The stock once again got a boost earlier this month, when it received an industrial hemp pilot program license from Hawaii’s Department of Agriculture. The license allows the company to cultivate industrial hemp in Hawaii for research purposes through its new unit, Arcadia Specialty Genomics.
Soon after this announcement, investors sent the stock up 28%.
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