Biotechnology firm closes shop

The business that local development leaders hoped would become a magnet for other high-technology companies focused on life sciences has closed.

"I didn’t want to shut the company down, but where there was no support, that’s what happens," said Bruce Tedeschi, who moved from California to open Collaborative Genetics Inc. two years ago.

Statesman staff

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After his contract to develop tools that detect biological weapons for a Chicago firm expired last spring, Tedeschi said he unsuccessfully looked for new investors while trying to keep the business afloat as a one-man consulting firm.

But the loss hasn’t dampened the enthusiasm of Madison Economic Development Corp. for establishing a biotech center in Rexburg.

Executive Director Clair Boyle still believes biotech firms are an excellent fit for eastern Idaho.