VC-backed Arcadia Biosciences files for $86m IPO

Arcadia Biosciences, which wants to list on Nasdaq, is backed by BASF Venture Capital, Mandala Capital, CMEA Ventures and Saints Capital among others.

Venture capital-backed agricultural biotechnology company Arcadia Biosciences has filed with the US Securities and Exchange Commission for a proposed $86.25 million initial public offering and listing on the Nasdaq.

JPMorgan and Credit Suisse have been hired as joint lead book-running managers and Piper Jaffray & Co is a additional book-running manager, according to the filings. Arcadia declined to disclose any further information.

BASF Venture Capital was one of the first venture capital firms to invest in Arcadia in 2005 after the biotech company acquired Anawah, an existing portfolio company of BASF.

A Seattle-based food and agricultural research company, Anawah focuses on developing value-added whole foods using an advanced selective breeding technology that identifies and exploits genetic variation within a plant’s genome. BASF invested in Anawah in May 2003 alongside CMEA Ventures and Milepost Ventures in a $6 million Series B round.

Other venture capital backers in Arcadia include Exeter Life Sciences, a company servicing the health and life science sector, CMEA Ventures, Mandala Capital and Saints Capital which all contributed to $101 million in capital raising across five rounds.

The Californian biotech firm’s mission is to “develop and commercialise agriculture-based technologies that create value for growers and consumers while benefiting the environment and enhancing human health”, according to its website. These include salt-resistant plants and safflower oil containing increased levels of omega-6.

For nine months ended in September 2014, Arcadia reported a total revenue of $4.2 million, down from $4.5 billion a year ago. The company lost $16.4 million in the first three quarters of 2014, compared with a $10.3 million loss in the same period in 2013.