AquaBounty losses increased in 2019, company poised to begin commercial strategy
AquaBounty recently released the company’s 2019 results, indicating the companies losses increased in 2019 to USD 13.2 million (EUR 11.7 million) from USD 10.4 million (EUR 9.2 million) in 2018.
Last year was a momentous one for the company, which saw its FDA import alert lifted, allowing the company to finally import AquAdvantage eggs from its hatchery in Canada to its farm in the U.S. state of Indiana. AquAdvantage is the company’s genetically engineered salmon, which it has begun to grow in its Indiana recirculating aquaculture system facility, with an expected harvest in the fall.
“This was a transformative year for AquaBounty, as for the first time in the company’s history we began to grow-out our AquAdvantage Salmon in the United States,” AquaBounty CEO, President, and Director Sylvia Wulf said in a press release announcing the results. “Production of both AquAdvantage and conventional salmon at our Indiana farm is progressing on track with conventional salmon harvest commencing in late Q2 this year and AquAdvantage Salmon harvest commencing in Q4.”
The total biomass at the company was 160 tons at the end of the year.
The company also had its Rollo Bay, Prince Edwards Islands, Canada farm site receive two regulator approvals: The hatchery building was approved by the FDA, and Environment and Climate Change Canada approved the grow-out of AquAdvantage Salmon at the farm’s production facility. AquaBounty also received approval in China to conduct AquAdvantage Salmon field trials, as part of the company’s plans to build new RAS sites overseas.
The year also saw the hiring of Wulf, as well as Dave Melbourne, formerly of Bumble Bee Foods, as the chief commercial officer for the company. Angela Olsen also came onboard as the company’s general counsel.
In 2019, the company also had two public offerings that raised net funds of USD 12.4 million (EUR 11 million). Most recently, the company had another public offering in February that raised USD 15.5 million (EUR 14.4 million).
The company had USD 30.2 million (EUR 26.7 million) in total assets in 2019, an increase over USD 27.6 million (EUR 24.4 million) that it had in 2018. The company also has had an increase in revenue now that it is producing products of USD 186,738 (EUR 165,569).
“We believe we are now well positioned to begin to execute our commercial strategy with the harvest and sale of our salmon from both our Indiana and Rollo Bay farms,” Wulf said.
As part of that, the company has commenced marketing and communications activities, which included research that indicates that consumers are ready for its genetically engineered products.