Returning to the scene of the crime: Where Bio-on went wrong

December 02, 2019 | Case Study

Bio-on was founded back in 2007 with its core technology based on patents filed by a group at the University of Hawaii. Seven years later, the company went public, and its activity (at least in the public eye) began to notably increase. By 2018, it claimed to have developed more than 100 applications for its PHAs, ranging from antifouling coatings to toys, with partners like AkzoNobel and Italeri. It also claimed to have licensed its technology with a granted capacity of more than 100,000 tons worldwide. Despite being a small company with limited resources, Bio-on continued to make announcements about new partnerships, licensing agreements, spinoffs, and product releases. Then, in July 2019, Bio-on was accused of fraud, including booking fraudulent revenues. Less than six months later, CEO Marco Astorrie resigned, the company's stock was delisted from the MIL, and the company was forced to cease payments to employees.