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Biotech CropTech
fizzles
by Virginia Business Staff
June 2003
The
concept seemed too good to be true. Virginia is the
country’s fourth-biggest producer of tobacco, a
profitable crop that also kills. Biotechnology would
be a great addition because it is clean, pays well and
has the sexy panache that gets the state noticed.
So,
about 10 years ago, when a pair of Virginia Tech weed
experts formed CropTech Corp., a nearly perfect fit
seemed to be in the offing. Founded by the husband and
wife team of David N. Radin and Carole Cramer, CropTech
would tease enzymes from tobacco plants. The enzymes,
in turn, would be used by the drug industry for a wide
variety of pharmaceuticals.
Not
only would this solution be cheaper than synthesizing
enzymes chemically, it would put tobacco plants to a
use no one could criticize. The idea attracted national
attention and a favorable response in publications such
as The New York Times.
So
promising seemed CropTech that a group of Virginia tobacco
growers considered a stock scheme that would raise up
to $6 million to boost CropTech’s research. Included
was to be a $2 million loan from the state. But when
tobacco farmers started balking, CropTech started shopping
for a new location. About the time Gov. Mark Warner
made critical remarks about its management, CropTech
announced it would move from Blacksburg to Charleston,
S.C., last year, attracted by the promise of a slew
of state economic development goodies.
Now, CropTech has filed for bankruptcy. Officers of
the firm could not be contacted because its telephone
line has been disconnected. Reports claim the move to
South Carolina could still proceed.
Virginia
Business - June 2003
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