Origin Agritech Expands Hybrid Seed Product Line
Origin Agritech Ltd. (NASDAQ: SEED) announced applying for plant variety protection for 13 new hybrid corn varieties, adding to 4 previously approved. Despite adverse weather impacting the corn harvest in northern China, Origin's hybrids show significant disease tolerance and yield improvements. The company anticipates strong demand for these new products, expected for pre-order by spring 2022. Chairman Dr. Gengchen Han emphasized the importance of high-quality seeds in challenging growing conditions, highlighting future revenue potential tied to their germplasm bank efforts.
- Applied for protection for 13 new hybrid corn varieties.
- Four recent approvals demonstrate regulatory progress.
- New varieties exhibit significant disease tolerance and yield improvements.
- Corn output estimates have been lowered due to heavy rains.
- Harvest delays and quality damage may affect market dynamics.
BEIJING, Oct. 14, 2021 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology company, announced today that it has applied for plant variety protection rights for thirteen new hybrid corn varieties in addition to the four varieties it has recently received approval for.
China's Ministry of Agriculture and Rural Affairs has lowered estimates of 2021/22 corn output as rains hit the new crop in parts of the northern region. Heavy rains have delayed the corn harvest in the region, and damaged the quality of the new crop. Despite these harsh conditions, Origin's newly developed hybrid corn varieties have demonstrated significant disease tolerance and yield improvements across multiple test locations. The company believes this outperformance will drive robust demand for its new product lines. As one of the few companies in China to participate in the Green Pass program, Origin expects to have the new varieties to be commercially available for pre-orders in the spring of next year.
Dr. Gengchen Han, Origin Agritech's Chairman, said, "This year has been a particularly challenging growing environment for farmers, highlighting the need for high quality seed products in the market. We believe that, as climate change further exacerbates the situation, our efforts in building one of the nation's leading germplasm banks will pay dividends and have a positive impact on our future revenue."
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech's phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company's website at: http://www.originseed.com.cn or http://www.originseed.com.cn/en/. The company also maintains a twitter account for updating investors on company and industry developments, which is @origin_agritech.
Forward-Looking Statements
This communication contains "forward-looking statements" as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements address expected future business and financial performance and financial condition, and contain words like "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "would," "target," and similar expressions and variations. Forward-looking statements address matters that are uncertain. Forward-looking statements are not guarantees of future performance and are based on assumptions and expectations which may not be realized. They are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates but involve a number of risks and uncertainties, many of which are beyond the company's control. Some of the important factors that could cause the company's actual results to differ materially from those discussed in forward-looking statements are: failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting our products; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; natural disasters and weather events and patterns; ability to protect and enforce the company's intellectual property rights; and separation of underperforming or non-strategic assets or businesses. The company undertakes no duty or obligation to publicly revise or update any forward-looking statements as a result of future developments, or new information or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
Contact:
Joe Ramelli
Phone: (310) 845-6238
Email: joeramelli@originseed.com.cn
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SOURCE Origin Agritech Limited
FAQ
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