Tagged: biotechnology

Updated on Tuesday, February 19, at 6:10 p.m. to add quote from Bowman.

The U.S. Supreme Court heard oral arguments today in a legal battle between St. Louis-based Monsanto and a 75-year-old Indiana farmer.

The case revolves around whether Vernon Hugh Bowman violated Monsanto's patent rights when he bought seeds from a grain elevator and planted them.

Monsanto says its net income nearly tripled in the agricultural products company's first quarter as sales of its biotech corn seeds expanded in Latin American countries.

The company, which is based in St. Louis, is also raising its profit guidance for the year, and shares are up 4 percent in premarket trading. Monsanto said Tuesday that it earned $339 million, or 63 cents per share, in the three months ended November 30, from $126 million, or 23 cents per share, in last year's quarter.

The numbers are pretty impressive, more than three dozen new biotech startups now call St. Louis home and collectively they’re hauling in tens of millions of dollars from investors.