AquaBounty losses deepen as it still awaits FDA approval

By

James Wright, Senior Editor

Published on
February 25, 2015

AquaBounty Technologies, the U.S. biotechnology company that awaits federal government approval for its genetically modified AquAdvantage farmed salmon, announced an annual net loss of USD 7.1 million (EUR 6.24 million) in 2014.

Despite nearly two decades of research and investment and rounds of talks with government officials, the company is still awaiting U.S. Food and Drug Administration approval for its animal drug application. The company’s top executive remains optimistic.

“In allowing the Arctic Apple and Innate Potato to be deregulated and planted for commercial use, the U.S. Department of Agriculture sent a clear signal that they are interested in science-based regulation and addressing future food needs,” said Ron Stotish, CEO of AquaBounty.

“We are encouraged by this because the key reason given by the USDA in deregulating these two food products – ‘not likely to have a significant impact on the human environment’ – mirrors the conclusion arrived at by the FDA about our AquAdvantage Salmon. Consequently, we remain confident that the FDA will also approve our application. Meanwhile, the Company continues to make plans for the commercialization phase that will commence immediately following receipt of the approval.”

The USD 7.1 million loss was due to investments in operations and new research projects. The company reported a loss of USD 4.9 million in 2013.

The FDA is considering its responsibilities under the National Environmental Policy Act, and AquaBounty cannot report any progress on this activity. “However, it remains our view that the conclusion of this process is to be expected at any time.”
Intrexon owns 59.85 percent of AquaBounty shares.

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