DNA Plant Technology
| Public | |
| Traded as | NASDAQ: DNAP |
| Industry | Biotechnology |
| Founded | 1981 |
| Defunct | 2002 |
DNA Plant Technology was an early pioneer in applying transgenic biotechnology to problems in agriculture. The company was founded in Cinnamonson, New Jersey, and moved to California in 1994. Some of the plants and products they developed included Vine sweet mini peppers, the Fish tomato and Y1 Tobacco. In 1996 the company merged with the Mexican conglomerate, Empresas La Moderna, through its Bionovo subsidiary. In 2002, Bionova shut down DNA Plant Technology.
DNA Plant Technology was founded in 1981 by Dr. William S. Sharp and Dr. David A. Evans, in Cinnaminison, New Jersey, "to develop tastier, value-added plant-based products for industrial and consumer markets" using "advanced plant-breeding techniques, tissue-culture methods and molecular biology in developing premium food products and improving agricultural raw materials." By 1986, the company had gone public (NASDAQ:DNAP), and had partnerships with American Home Foods, Campbell Soup, Firmenich (a fragrance and flavor company), General Foods, Koppers Company, Hershey Foods, Brown and Williamson Tobacco, United Fruit, and others.
By 1992 the company was investing heavily in genetic engineering and had invented, and obtained an issued patent for, the fish antifreeze gene that would become part of the infamous Fish tomato.
In 1993, DNAP purchased the Freshworld premium fruit and vegetable brand from Du Pont for a mixture of shares, cash and intellectual rights valued at over $30 million.
In 1994, their headquarters moved to Oakland, California.
In 1996, the company was out of cash, and agreed to a merger with Empresas La Moderna, S.A. de C.V. (NYSE/ADR:ELM) (“ELM”) through ELM's subsidiary, Bionovo, which also controlled the seed company, Seminis. The company became a wholly owned subsidiary of DNAP Holding Corporation (NASDAQ: DNAPD) of which it retained a 30% equity stake. ELM and Bionovo were controlled by Alfonso Romo Garza. ELM was a company based in Monterrey, Mexico that operated in three fields: cigarettes (where it held 53% of the Mexican market), vegetable seeds, and packaging.
...
Wikipedia