AquaBounty surges ahead despite quarterly loss
Shortly after gaining listing on the NASDAQ Capital Market and garnering USD 25 million (EUR 23 million) in new equity, genetically engineered-salmon supplier AquaBounty is pushing ahead with its Canadian expansion plans.
However, the Maynard, Massachusetts, United States –based company also reported a net loss of nearly USD 2.1 million (EUR 1.9 million) in the first quarter of 2017, compared to the same quarter last year. AquaBounty did not explain the reason for the loss.
“We are pleased by the progress we've made during the first quarter on our 2017 goals. We completed the listing of our common shares on the NASDAQ Capital Market, aided by the infusion of USD 25 million in new equity from Intrexon,” AquaBounty CEO Ron Stotish said. “This has allowed us to continue with, and expand upon, our plans to renovate the former Atlantic Sea Smolt plant in Rollo Bay on Prince Edward Island.”
AquaBounty also submitted a request to Canadian government officials to construct a broodstock facility and a 250-metric-ton recirculating aquaculture system grow-out facility for its AquAdvantage Salmon.
“We see this as the first step in our commercialization plan,” Stotish said. “We are also continuing to search for sites to establish our first RAS grow-out facility in the United States, and we expect to complete this process this year."
In addition, AquaBounty implemented a 1-for-30 reverse share split on the NASDAQ Capital Market in the first quarter.