Shares of Origin Agritech Ltd. (NASDAQ: SEED), a technology-focused crop seed company serving mainland China, are soaring in trading today.
At last check, SEED shares were up 22.52% to $1.79 on above average volume of 299,528.
Origin Agritech shares are soaring in trading today after the company provided an update on its Genetically Modified (GM) corn seed pipeline and hybrid corn seed development program.
In China, genetically modified seed products must initially go through a five-stage approval process. SEEDâ€™s genetically modified phytase corn was the first genetically modified corn seed to pass all five phases of the approval process. It also received a Bio-Safety Certificate.
Origin Agritech has included phytase traits into two of its best-selling commercial corn hybrids.
Dr. Gengchen Han, Chairman and CEO of Origin Agritech, said that during recent years, SEED has established a leading plant genetic technology platform resulting in one of Chinaâ€™s largest portfolios in genetically modified corn seeds. Dr. Han said that SEED is well-positioned to capitalize on the advent of genetically modified seed opportunities in China.