Marrone Bio’s Next-Generation Product for Environmentally Sustainable Pest Control Demonstrates Substantial Yield Gains in 2021 Field Trials

Rhea-AI Summary

Marrone Bio Innovations (NASDAQ: MBII) announces promising field trial results for its environmentally sustainable product MBI-306, targeting yield-robbing pests in corn and soybeans. The trials showed up to a 23 bushel per acre yield increase in corn and 11 bushels per acre in soybeans compared to untreated seeds. Anticipated peak revenues for MBI-306 are projected at $100 million. The product, submitted for EPA approval, is designed to be safer for humans and wildlife and is expected to launch in the 2023/2024 growing season.

Positive

• MBI-306 demonstrated up to a 23 bushel per acre yield increase in corn compared to untreated seed.
• Yield gains equate to an estimated $131 per acre return on investment versus untreated seed.
• For soybeans, MBI-306 increased yields by 11 bushels per acre, translating to an additional $130 per acre in revenue.
• The product is projected to generate peak potential revenue of $100 million.

Negative

• None.

Estimated peak potential revenue for MBI-306 and its variants is $100 million

DAVIS, Calif., Dec. 08, 2021 (GLOBE NEWSWIRE) -- Field trials in 2021 for Marrone Bio Innovations’ (NASDAQ: MBII) next-generation product for environmentally sustainable control of yield-robbing pests in corn and soybeans demonstrated excellent efficacy with substantial yield gains at reduced application rates.

“MBI-306 continues to demonstrate the benefits that farmers and consumers desire in healthier foods grown with a lighter environmental footprint,” said Marrone Bio’s Chief Executive Officer Kevin Helash. “This second-generation product offers growers a more sustainable solution to controlling pests with better yields. Additionally, with a reduced application rate, MBI-306 will be even more competitive against leading synthetic standards in terms of efficacy, price and ease of use.” Helash added, “We anticipate MBI-306 and its variants will generate a peak potential revenue of $100 million, providing valuable return to our stakeholders as well.”

MBI-306 will offer corn growers a new alternative in treating for corn rootworm, a pest that accounts for more than $1 billion of crop damage annually¹. When tested as a seed treatment to control corn rootworm larvae, MBI-306 improved corn yields by up to 23 bushels per acre, a 14% increase when compared with untreated seed. This bioinsecticide also outperformed the leading commercial standard, delivering a 4% yield advantage. These yield gains equate to an estimated return on investment of $131 per acre versus untreated seed and $41 per acre versus current commercial products.

Similar benefits were demonstrated against soybean cyst nematode, the leading pest in soybeans and contributor to more than $1 billion in crop damage². As a seed treatment, MBI-306 increased soybean yields by 11 bushels an acre, a 19% improvement and $130 per acre in additional revenue versus untreated seed. This novel bionematicide also showed excellent control with 6% higher yields when compared with commonly used treatments, providing growers an additional $47 per acre in returns.

Marrone Bio is an international leader in sustainable bioprotection and plant health solutions, with 18 commercial products and 15 products in its research and development pipeline, including MBI-306. MBI-306 is a second-generation novel bioinsecticide/bionematicide built on the same proprietary microbe that serves as the active ingredient in the company’s Venerate® XC Bioinsecticide and Majestene® Bionematicide.

MBI-306 was recently submitted to the U.S. Environmental Protection Agency for approval and is anticipated to be commercially available for the 2023/2024 growing season. It has shown to be non-toxic to humans, wildlife, aquatic life, earthworms and pollinators.

MBI-306 also was tested in 2021 as a soil treatment, or in-furrow, for control of corn rootworm larvae, with an average yield advantage of more than 21 bushels per acre versus no treatment. Additional data on this and other 2021 field trial results can be found on the company’s blog https://marronebio.com/news/bio-bites/.

Sources

1. Utah State University Extension
2. University of Minnesota Extension

About Marrone Bio Innovations     

Marrone Bio Innovations Inc. (NASDAQ: MBII) is a growth-oriented agricultural company leading the movement to environmentally sustainable farming practices through the discovery, development and sale of innovative biological products for crop protection, crop health and crop nutrition. Our portfolio of 18 products helps customers operate more sustainably while increasing their return on investment. The company’s commercial products are sold globally and supported by a robust portfolio of more than 500 issued and pending patents.  Our end markets include row crops; fruits and vegetables; trees, nuts and vines; and greenhouse production. Marrone Bio’s research and development program uses proprietary technologies to isolate and screen naturally occurring microorganisms and plant extracts to create new, environmentally sound solutions in agriculture.

Learn more about Marrone Bio Innovations at www.marronebio.com. We also use our investor relations website, https://investors.marronebio.com, as well as our corporate Twitter account, @Marronebio, as means of disclosing material non-public information, and encourage our investors and others to monitor and review the information we make public in these locations. Follow us on social media: Twitter, LinkedIn and Instagram.

Marrone Bio Innovations Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, product development, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing the company’s views as of any subsequent date. Examples of such statements include financial guidance and other statements regarding the company’s future revenue growth, margins, operating expenses, and other financial results; adoption of the company’s products; and the potential benefits and value of the company’s products. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including the recent uncertainty in the global economy and industry-specific economy caused by the COVID-19 pandemic, consumer, regulatory, weather and other factors affecting demand for the company’s products, any difficulty in expanding the company’s sales and marketing infrastructure or marketing the company’s products in global markets, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, adverse actions by distributors, manufacturers, regulatory agencies and other relevant third parties. Additional information that could lead to material changes in the company’s performance is contained in its filings with the Securities and Exchange Commission. The company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.

Marrone Bio Innovations Contact:
Clyde Montevirgen
Vice President of Business Development & Investor Relations
Telephone: 530-750-2800
info@marronebio.com

FAQ

What is the expected revenue for MBI-306 from Marrone Bio Innovations?

The expected peak potential revenue for MBI-306 and its variants is projected to be $100 million.

What benefits does MBI-306 provide for corn growers?

MBI-306 offers corn growers up to a 23 bushel per acre yield increase, providing an estimated $131 per acre return on investment.

When is MBI-306 expected to be commercially available?

MBI-306 is anticipated to be commercially available for the 2023/2024 growing season.

What are the efficacy results of MBI-306 in soybean cultivation?

In soybeans, MBI-306 increased yields by 11 bushels per acre, resulting in an additional $130 per acre in revenue.