AQUABOUNTY POSTS FIRST QUARTER LOSS
AquaBounty posts first quarter loss. Aquaculture biotechnology company, AquaBounty Technologies, posted a $2.76 million loss for the first quarter of 2019.
The first quarter main highlights were:
- The U.S. Food and Drug Administration (FDA) lifted the Import Alert, allowing the Company to stock AquAdvantage Salmon eggs at its Indiana farm;
- Environment and Climate Change Canada approved the Company’s Rollo Bay production facility for the commercial grow-out of AquAdvantage Salmon;
- completed a public offering of common shares, raising net funds of $6.1 million; and
- net loss for the current quarter increased to $2.76 million (2018: $2.45 million) with the commencement of production operations in Indiana.
Sylvia Wulf, Chief Executive Officer of AquaBounty, stated: “We ended the first quarter on a very positive note with the FDA’s lifting of the Import Alert on AquAdvantage Salmon and the successful completion of an equity fundraise.
“The action by the FDA will allow us to stock our Indiana facility with our fast-growing salmon eggs, while the new funding provides us with the needed resources to improve our balance sheet and grow out our fish at both our Indiana and Rollo Bay farms.”