Search This Blog

Tuesday, December 05, 2006

RIP Eden Bioscience

Eden Bioscience, a 12 year old plant biotech company in Bothell Washington has sold the assets of its agricultural-products business to Plant Helath Care for $2.5 million. Eden will retain the right to the technology for sale in the home and garden market.

The company will also be "substantially reducing" its work force from the current number of 35 employees. CEO Rhett Atkens will resign as of Dec. 15, 2006. In the 12 years of their existance they have accumulated a deficit of $116 million. Another net loss of approximately $8 million will be recorded for the first 9 months of 2006.

The Cargo Cult Scientist can remember going to Eden Bioscience in 2004 to look at possible equipment to purchase. From that day on I saw the same scientist who was selling off his equipment walk the trail behind their building. I wondered why he was still there. What were they waiting for? When they held the auction at Encyte Inc. for their final clearance, I saw the scientist again. "Will they be buying new equipment for Eden", I wondered. Now I see that they are tapping out. This is the end.

We do not celebrate the demise of any company here at the Cargo Cult Scientist. We lament their inability to use their science effectively. When a company dies like Eden or Encyte, which was just up the street, more people are left to vie for the handful of jobs that remain. It is not a joyful occasion to see these failures, but it is what we predict based on our understanding of how science is looked at by the industry. They do not know what matters, and they fail. So rest in peace, when in fact you, Eden, do close up the doors and sell off your equipment and your phones. The scavengers will decend upon your old building and place their bids for your stuff. The place will empty and that will be the end. $124 million dollars and counting and that will be the end of it. Another airplane that did not land.

1 comment:

Blogger said...

eToro is the most recommended forex broker for beginner and professional traders.