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Bothell, Washington
May 20, 2003
EDEN Bioscience Corporation
(Nasdaq:EDEN - News), which develops, manufactures and markets
innovative, natural protein-based products for improving crop
production and protecting plants, today announced the reduction
of 20 full-time positions, bringing the total post-reduction
headcount to 38 full-time employees.
In connection with this reduction, EDEN Bioscience expects to
incur a severance charge of up to approximately $200,000 in the
second quarter of 2003.
"We are instituting changes today that are painful, but
should not significantly impact our ability to generate revenue
from the sale of Messenger," said Rhett Atkins, President and
CEO. "These staff reductions are primarily in research and
administration. While I am encouraged by the progress being made
in certain focus crops, we will not meet our targets for
Messenger usage in all focus crops this year. We believe this
reduction in our cost structure provides us with additional time
to increase grower adoption of Messenger."
EDEN Bioscience is a plant technology company focused on
developing, manufacturing and marketing innovative, natural
protein-based products for agriculture. EDEN Bioscience believes
its technology and initial product, Messenger, provide growers
with a new tool to improve crop production and plant protection.
Messenger is based on naturally occurring proteins called
"harpins," which activate a plant's intrinsic ability to protect
itself through growth and stress-defense responses. These
responses enhance overall plant health, improve plant vigor and
stamina, and result in improved crop quality, yield, and/or
shelf-life.
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