In March, I reported on the demise of Biovation, a high-tech manufacturer in Boothbay developing advanced biodegradable materials. Kerem Durdag, its CEO, shared his lessons from the failure (it’s worth a read).
To close the loop on this story, Durdag updated me on what’s happened since March.
Biovation’s building has been sold to a local business in the fishing industry.
“They are moving in for occupation in the weeks ahead, allowing for another business to hopefully take long term root in the Boothbay area and contribute to the mid-coast economy,” Durdag said.
The specialized manufacturing line Biovation used to produce its anti-microbial, non-woven fiber products has been sold to a Chinese company in the non-woven industry, allowing them to further develop products, according to Durdag.
The intellectual property (patents, trademarks, trade secrets) on several of Biovation’s product lines are still for sale.
“Though the sale of assets is not the final success outcome all the Biovation stakeholders were seeking, I am glad that a materially significant and tangible realization of our efforts was acquired by a global company that will further leverage their operational expertise, product development and subsequent commercialization plans,” Durdag said. “Working with the board to achieve this end, gives me a measure of satisfaction.
“I am deeply grateful to Anania & Associates Investment Company for their investment, partnership and counsel and allowing me to lead Biovation. I am also greatly indebted to the Maine Technology Institute for their financial and institutional support. AAI, MTI and other investors who participated have meant a great deal to me and the team.”
