Eden Bioscience Corp. of Bothell starts anew as of today, having sold off its key technology and other assets to Plant Health Care of Pittsburgh, Pa., for $2.5 million. The move is designed to help the small biotech relaunch itself as it focuses solely on selling its plant enhancer product to home and garden consumers.
Launched in 1994, Eden’s products are based on naturally occuring proteins called harpins, which trigger a plant’s defenses and help it to grow healthier. The company went public in 2000.
Despite the cool technology at its core, Eden’s products have not seen great sales growth throughout the years. Plant Health Care is getting the harpin technology, the scientist who discovered it, Zhongmin Wei, and rights to sell products to the farming and horticulture markets.
The shareholders vote this morning attracted fewer than 20 people in the Bothell hotel conference room this morning, so the whole thing lasted no more than about 12 minutes. The results? Sixty-eight percent of the outstanding shares were cast in favor of the deal.
Look for a story in Tuesday’s Herald, but here’s the Associated Press story for now: http://www.forbes.com/feeds/ap/2007/02/26/ap3464019.html
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