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Calyxt gets boost from US Department of Agriculture ruling on its new soybean product candidate

The soybean has been classed as a 'non-regulated article' under the process by the Biotechnology Regulatory Services of the Animal and Plant Health Inspection Service (APHIS), which is an agency of the USDA

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The soybean will add to the group's growing portfolio of commercial products, which includes a hemp launch in 2020 and improved digestibility alfalfa in 2021

Calyxt Inc (NASDAQ:CLXT), the plant technology firm, has told investors that its plan to bring its new high oleic low linolenic (HOLL) soybean to market has been boosted by a ruling from the United States Department of Agriculture (USDA).

The group noted that the soybean been classed as a 'non-regulated article' under the process by the Biotechnology Regulatory Services of the Animal and Plant Health Inspection Service (APHIS), which is an agency of USDA.

READ: Calyxt sees 1Q revenue soar on demand for high oleic soybean products

The Minnesota-based firm said its new HOLL soybean, which has been developed using its proprietary gene-editing technology TALEN, is expected to launch as early as 2022.

It will add to the group's growing portfolio of commercial products, which includes a hemp launch in 2020 and improved digestibility alfalfa in 2021.

"USDA confirmation that Calyxt’s high oleic low linolenic soybean is not a regulated article is an important next step in bringing this product to the market,” said Jim Blome, CEO of Calyxt in a statement on Wednesday.

"We are excited to reach this milestone as we move toward commercializing our second-generation product that we expect will provide numerous product development benefits to our customers.”

Calyxt’s HOLL soybean is currently being developed and is one of eight Calyxt products that have been deemed non-regulated articles by the USDA, including high fiber wheat, high oleic soybean, improved quality alfalfa, cold storable potato, and reduced browning potato.

The firm said this next generation heart-healthy oil from the soybean is expected to deliver advantages, including improved stability, thereby helping broaden applications for its use by food manufacturers and chefs. It can also offer healthier alternatives to consumers looking for value-added solutions.

Shares in  New York zipped up 8.16% to $4.90 on the day.

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Quick facts: Calyxt

Price: 3.69 USD

NASDAQ:CLXT
Market: NASDAQ
Market Cap: $136.77 m
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