Watch the video now!
Who is Bio-on?
- Co-founded by Marco Astorri and Guido Cocagnani in 2007
- Business model – production, licensing contracts and industrial partnership
- Bio-on offices and production plant in Bologna considered a “packaging valley” and agricultural hub.
- 100 employees in 2019
- Bio-on was listed on the AIM segment of Borsa Italiana (market dedicated for SMEs)
- Around 10 % Bio-on shares are publicly traded.
- Co-founders Marco Astorri and Guido Cocagnani each owned around 11 %.
- 68 % owned by Capsa, a lumber and woodworking equipment firm based in Milan.
- In May 2019 – Bio-On reported a profit of 33.5 million euros on sales of 51 million euros for 2018.
- To create materials through Biotechnology.
- Produce PHA for packaging, toys, design, fashion, automotive, cosmetics, pharmaceuticals and electronics
- PHA is biobased and compostable polyester made from bacterial fermentation of sugars.
- One of the most promising bioplastics and could be considered as a miracle solution.
- It can substitute many traditional plastics; it can replicate the technical characteristics
The Bio-on MinervPHA was branded as …
- High-performance biopolymer suitable for injection and extrusion.
- Second generation bioplastics using biomass waste and no food crops.
- Soil and marine degradable.
- “OK Biodegradable Water” (Vincotte) certification in 2008
- BIOBASED PRODUCT” certification by USDA in 2014
Several Business Units were created to rapidly meet the enormous number of requests from all over the world for our revolutionary technology,” says Marco Astorri, Chairman and CEO of Bio-on.
- Bio-on Plants – manage and develop the production plant. New plant was build in 2018
- CNS – Cosmetic, Nanomedicine & Smart Materials – develop biomaterials and devices
- RAF – Recovery and Fermentation – research new feedstock
- ENG – Engineering – construction and assistance of licensed plants.
- SMD – Structural Materials Development – study and develop structural materials
- FDM – Fashion Development Material (FDM) develop materials for the fashion and luxury industry,
MINERV PHAs product ranges and programs
- Minerv Supertoys program
- Minerv Biocosmetics to produce scrub and active ingredients
- Minerv Biomeds for Medical Appplication: PHA nanocapsules
- Minerv PHB Riviera – produce micro powders for sun care products.
- LUX-ON to produce PHA from captured CO2
- ZEROPACK company for fruit and vegetable packaging
- ELOXEL – PHA Applications in the electronics sector
19 July 2019 – Quintessential Capital Management (QCM) published a critical report on Bio-On. The report referred to Bio-on as
- a ‘house of cards,’ a scheme conceived by management to enrich themselves at the expense of shareholders.”
- massive bubble based on flawed technology and ‘fictitious’ sales thanks to a network of empty shell companies.
However, in the QCM report is stipulated that they “have an economic interest in the price movement of the securities mentioned in this report,” which typically means the firm has a short position in the stock. Bio-on’s share value collapsed because of the report.
23 October 2019 – Boards members are placed under investigation by the court of Bologna and resigned from their positions in Bio-on and its parent companies a few days after.
24 October – Marco Astorri has been placed under house arrest.
31st October – Temporary administrator nominated by court of Bologna.
21st December – the Court of Bologna declared the insolvency of Bio-on. Business continuity is authorized by the court to find a buyer/investor.
15 January 2020 – ex-CEO Marco Astorri makes an interview. Here are some statements:
- “We were victims of a well-prepared speculative attack. We Started a revolution so they stopped us”
- Bio-on has never presented a false balance sheets and that in our communications with the market we have always respected the AIM regulation
- The attack that has burned hundreds of millions of investments in a few hours.
Future of Bio-on?
Question is “Will the company find a new investor and owner and will the phenix fly again?
The accusations relate to financial points:
- (1) False corporate communications by a listed company;
- (2) False accounting.
There has currently been no accusations against the Bio-on technologies, the product and applications.
- Interview with Marco Astorri, ex CEO Bio-on
- Bio-on Declared Bankrupt
- Bio-on Gets New Management
- Bio-on May Survive With a Debt Restructuring
- Bio-on Suspends All Payments To Investigate Business Continuity
- Reuters Investigates on the Bio-on Saga
- Bio-on President Has Been Placed Under House Arrest
- Bio-On Reassures The Market
- Is a US Company Bullying The market?