Ceres, a Thousand Oaks based agriculture-biotechnology company, saw shares spike 373 percent Wednesday after the company received a patent for its iCODE multi-gene trait development system.

Ceres shares started the day at just 95 cents per share, and soared all the way to $4.80 when the markets opened at 6:30 a.m. PST. Ceres closed the day up 116 percent to $2.06 per share.

The iCODE system was developed to rapidly create, select and develop combinations of genes and traits for genetically-modified crops. The system uses a plant’s own cells to create new combinations of genes. Ceres said iCODE will create new discoveries and allow smaller research companies to compete against giants like Monsanto in the industry.

Ceres President and CEO Richard Hamilton said the iCODE system could create new intellectual property of genes.

“Seed and trait companies rely on intellectual property protection, and iCODE could play a key role for companies attempting to access this new IP landscape. The first to unlock the potential will have a significant advantage in this area,” Hamilton said.

Ceres Inc. was founded in 1996. The company develops and markets seeds and seed traits to produce crops which can increase productivity, improve quality and reduce the amount of resources used while growing crops.