Arcadia Biosciences, which is developing a portfolio of crop productivity traits for genetically modified seeds, filed on Tuesday with the SEC to raise up to $86 million in an initial public offering.
One of Arcadia's major customers is GNC (NYSE: GNC), which purchases the company's only product, a branded safflower oil.
The company is backed by Moral Compass Corporation, the investment firm founded by John Sperling. Sperling founded Apollo Group (NASDAQ: APOL), the parent company of the University of Phoenix.
The Davis, CA-based company, which was founded in 2002 and booked $6 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol RKDA. Arcadia Biosciences initially filed confidentially on November 12, 2014. Credit Suisse, J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal. No pricing terms were disclosed.
