Hard times for Bio-on

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Type of post: NEWS.

Bio-on, one of the leading companies of the PHAs (polyhydroxyalkanoates) market, is not having an easy time at the moment. The investigation for false corporate communications and manipulation of the market of the Bologna Public Prosecutor endangers the business continuity of Bio-on. Its employees are committed to sustain the PHAs technology development project despite the difficult corporate moment.
Last press releases about the Bio-on crisis:
- “http://www.bio-on.it/immagini/comunicati-finanziari/CS_BIO-ON_29_10_19.pdf”, 29/10/2019.
- “http://www.bio-on.it/immagini/comunicati-finanziari/CS_BIO-ON_24_10_19.pdf”, 24/10/2019.

Figure 1. PHA production plant in Castel San Pietro Terme  

The Italian company, focused on the bioplastic sector and listed on the AIM segment of Borsa Italiana, opened a commercial PHA production plant in Castel San Pietro Terme in the summer of last year. The site is also the headquarters of CNS division laboratories (Cosmetic, Nanomedicine & Smart Materials) which employ over 20 researchers and can test new carbon sources from agricultural waste to produce new types of biodegradable bioplastic. It is one of the most promising companies of the Italian bioeconomy.

On October 24th, Bio-on announced that the headquarters and administrative, operational and secondary units of the company had been subject to searches and probative seizure of documents, as part of an investigation carried out by the Public Prosecutor of Bologna against the members of the Board of Directors and of the Board of Statutory Auditors of the company. In particular, in acceptance of the requests made by the Public Prosecutor, the Judge for the preliminary investigations at the Court of Bologna ordered the precautionary measure of house arrest against the President of the Board of Directors and the interdiction from the exercise of administrative functions and control towards the Director and the Chairman of the Board of Statutory Auditors. The document acquisition activity was carried out with the full collaboration of all the company's representatives. On October 29th, Bio-on confirmed that the President of the Board of Directors had resigned from all his positions in the company.

According to the press releases, Bio-on is making efforts to identify the most appropriate solutions to overcome this difficult moment and ensure a future for the production of its bioplastics. I hope that the company can redirect the situation and that all its human talent and resources can continue working on the development of this clean technology in an economically sustainable way.

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