AQUABOUNTY PLEASED WITH SALMON PROGRESS

AquaBounty pleased with salmon progress. AquaBounty Technologies Inc. the land-based aquaculture company, says it is pleased with the progress of salmon growth at its Indiana farm in the USA.

Commenting on the third quarter results for the nine months ended September 30, 2019, Sylvia Wulf, Chief Executive Officer of AquaBounty, stated: “We are thrilled with the progress of our salmon at our Indiana farm. The fish are growing extremely well, and they look fantastic. A new batch of AquAdvantage Salmon eggs was recently received at the farm, and we now have three cohorts of fish in the water. Every day we move closer to our first harvests, which we expect to commence in June of next year.”

“I am also pleased to welcome Angela M. Olsen to AquaBounty in her role as General Counsel. Her experience in regulatory affairs and business development will be integral to our international growth.”

Key highlights

• Production volume of salmon at Indiana farm now at 77 metric tons;
• a marketing and communications agency was appointed to advance commercialization activities, including consumer research;
• net loss for the nine-month period ended September 30, 2019, increased to $9.8 million from $8.0 million in the corresponding period of the previous year, and net loss for the three-month period ended September 30, 2019, increased to $3.0 million from $2.7 million in the corresponding period of the previous year, due to increases in production operations, headcount, and legal fees in support of the U.S. Food and Drug Administration’s (FDA) defence of their approval of AquAdvantage Salmon;
• cash at September 30, 2019, was $6.4 million (December 31, 2018: $3.0 million).

About AquaBounty

AquaBounty is a small company with offices in Maynard, Massachusetts and Fortune, Prince Edward Island. Founded in 1991, AquaBounty’s driving force is the belief that modern genetics, married with technological advances in aquaculture production, can spur a radically more responsible and sustainable way of farming Atlantic salmon. Breakthroughs in modern bioscience have revitalized aquaculture and AquaBounty is at the forefront of this Blue Revolution.

Source