ESCAgenetics Corporation has no business operations. It was originally organized to develop and commercialize high-value, plant-derived products for the agricultural and pharmaceutical markets. The Company actively conducted its business between 1987 and the early part of 1995. In January 1995, the Company scaled back its business activities and became largely a dormant business. In January 1996, ESCAgenetics filed a bankruptcy petition for protection under Chapter 11 of the United States Bankruptcy Code. The Company's plan of reorganization became effective on August 22, 1996, and the bankruptcy proceeding was officially closed effective March 31, 1997. At about this time, a firm called PHYTOpharmaceuticals merged with TPS Products Co and ESCAgenetics subsidiary of ESCAgenetics Corporation with the objective of concentrating on the manufacture of taxol and other plant-derived organic compounds using plant cell fermentation technology.
