Yield10 Bioscience Announces that the Plant Biosafety Office of the Canadian Food Inspection Agency has Cleared Genome-edited E3902 Camelina for Planting in Canada
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The recent determination by the Canadian Food Inspection Agency (CFIA) regarding Yield10 Bioscience's E3902 Camelina presents a significant development in the agricultural biotechnology sector. The determination that E3902 Camelina is not a Plant with Novel Trait (PNT) suggests that the CFIA views the genetic modifications in this case akin to variations that could occur naturally or through traditional breeding methods. This can potentially reduce regulatory hurdles and associated costs for Yield10, expediting the commercialization process.
From an investor perspective, this regulatory clarity in Canada, coupled with similar determinations in the United States, Argentina and Chile, may signal a broader acceptance of genome-edited crops. This could lead to a competitive advantage for Yield10, as it may allow them to bring their products to market more quickly than competitors facing stricter GMO regulations. Moreover, the reported 5% increase in oil production and improved seed coat color could translate into higher yields and marketability for farmers, driving adoption and revenue growth for Yield10.
The implications of the CFIA's decision for Yield10 extend beyond regulatory compliance to market dynamics. With the global push for sustainable agriculture and the increasing demand for plant-based oils, Yield10's enhanced Camelina varieties could tap into a growing market segment. The lighter seed coat color of E3902 Camelina may have downstream benefits in the processing and quality of the oil, potentially opening new applications in the food industry and bio-based materials.
Investors should monitor the adoption rate of E3902 Camelina among farmers, as this will be a critical indicator of the commercial viability of the product. Additionally, the company's systematic approach to development and regulatory programs suggests a strategic focus on risk management and long-term planning, which could positively influence investor confidence and stock stability.
The decision by the CFIA reflects a growing trend in regulatory bodies considering the environmental and sustainability impacts of new agricultural technologies. Yield10's E3902 Camelina, with its increased oil production, could contribute to more efficient land use and potentially lower the carbon footprint associated with oil production. The adoption of such crops could align with global sustainability goals and attract interest from environmentally conscious investors and consumers.
However, it is important to consider the long-term ecological impacts of introducing genome-edited crops, such as E3902 Camelina, into ecosystems. While the regulatory bodies' decisions suggest a level of safety, ongoing environmental monitoring will be essential to ensure that these genome-edited plants do not negatively affect biodiversity or lead to unforeseen ecological consequences.
WOBURN, Mass., March 26, 2024 (GLOBE NEWSWIRE) -- Yield10 Bioscience, Inc. (Nasdaq:YTEN) (“Yield10” or the “Company”), an agricultural bioscience company, today reported that the Plant Biosafety Office (“PBO”) of the Canadian Food Inspection Agency (“CFIA”) recently reviewed information on the Company’s E3902 Camelina sativa (“Camelina”) and determined that E3902 is not a Plant with Novel Trait (PNT) and is not subject to a pre-market notification under Part V of the Seeds Regulations. Yield10’s E3902 Camelina combines genome edits in three proprietary genetic traits, C3008a, C3008b and C3009, that result in an increase in oil production by five percent and produce a lighter seed coat color as compared to the parental Camelina line. E3902 Camelina remains subject to other applicable requirements of the Seeds Act and Regulations in Canada.
“We are pleased to see a science-driven framework in Canada for the assessment of new traits engineered into Camelina through genome editing,” said Kristi Snell, Ph.D., Chief Science Officer of Yield10 Bioscience. “We plan to continue to systematically execute our development and regulatory programs to provide access to new and improved Camelina varieties to growers.”
Global Regulatory Status of E3902 Camelina
Yield10 is a leader in the development of elite Camelina varieties. In addition to the recent regulatory determination in Canada, the Company has previously received favorable regulatory determinations for planting E3902 Camelina in the United States, Argentina, and Chile.
United States: In 2018, the U.S. Department of Agriculture determined that E3902 Camelina is not considered regulated under 7 CFR part 340.
Argentina: In 2021, Yield10 received a favorable determination from the Argentine Biosafety Commission (Comisión Nacional de Biotecnología Agropecuaria or “CONABIA”) that E3902 Camelina is similar to conventionally bred Camelina varieties and therefore is not regulated under the biotechnology resolution No. 763/11 of the Ministry of Agriculture, Livestock and Fisheries in Argentina.
Chile: In 2022, the Agricultural Protection Division – Forestry and Seeds in Chile indicated that E3902 Camelina is not under the scope of the Chilean Biotechnology Crops Resolution No. 1523 of 2001, and its amendments regarding GMOs confirming that this line is not considered regulated in Chile and can be cultivated like conventional Camelina.
About Yield10 Bioscience
Yield10 Bioscience, Inc. ("Yield10" or the "Company") is an agricultural bioscience company that is leveraging advanced genetics to develop the oilseed Camelina sativa ("Camelina") as a platform crop for large-scale production of sustainable seed products. These seed products include feedstock oils for renewable diesel and sustainable aviation biofuels; omega-3 (EPA and DHA+EPA) oils for pharmaceutical, nutraceutical and aquafeed applications; and, in the future, PHA biomaterials for use as biodegradable bioplastics. Subject to the availability of sufficient financial resources to continue operations, our commercial plan is based on establishing a grain contracting business leveraging our proprietary elite Camelina seed varieties, focusing on the production of omega-3 oils for nutritional applications and partnering or licensing our advanced Camelina gene technologies to biofuel value chain partners to support their goals of meeting the growing demand for low-carbon intensity feedstock oil. Yield10 is headquartered in Woburn, MA and has a Canadian subsidiary, Yield10 Oilseeds Inc., located in Saskatoon, Canada.
For more information about the Company, please visit www.yield10bio.com, or follow the Company on X (formerly Twitter), Facebook and LinkedIn.
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Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical, including, without limitation, expectations related to research and development activities and the expected path to regulatory approvals for its traits, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the Company’s ability to secure adequate funding in the near term to continue operations and to remain listed on the Nasdaq Stock Market, as to which no assurance can be given, as well as the risks and uncertainties detailed in Yield10 Bioscience's filings with the Securities and Exchange Commission. Yield10 assumes no obligation to update any forward-looking information contained in this press release or with respect to the matters described herein.
Contacts:
Yield10 Bioscience:
Lynne H. Brum, (617) 682-4693, LBrum@yield10bio.com
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