AquaBounty Technologies has said its genetically engineered AquAdvantage salmon will finally be coming to market this month.
In comments following the release of the company’s first-quarter 2021 financial results on Tuesday, 4 May, AquaBounty CEO Sylvia Wulf said the company made critical moves to build a commercial framework earlier this year and that a successful launch of its innovative – and, for some, controversial – salmon product is on the horizon.
“During the first quarter of 2021, we completed the set-up of our commercial framework and we are now preparing for the first commercial scale harvest of our genetically engineered salmon, which we expect to begin this month,” Wulf said. “We are looking forward to a successful commercial launch of our GE salmon, which will mark a tremendous milestone that has been decades in the making. We have the experience, capital and technology necessary to succeed, and the warm reception from our potential customers has fortified our belief that AquaBounty represents the next evolution of land-based salmon farming. We remain focused on continued execution in the weeks and months ahead as we strive to create sustainable, long-term value for our shareholders.”
Since February, the company has conducted small harvests of its AquAdvantage salmon and sent samples to interested clients for home-stretch quality checks.
“AquaBounty has been harvesting our genetically engineered salmon for samples that have been, and continue to be, shared with customers and other stakeholders since the end of February,” Chief Commercial Officer David Melbourne told SeafoodSource. “We are now working with customers on their specific volume needs for their respective markets.”
Wulf said she is expecting a quick pick-up in sales once the product is commercially available.
“Our GE salmon was well-received in sampling, and our sales team is very optimistic regarding near-term demand expectations, considering the resurgence of the food service industry as COVID-19 concerns begin to dissipate and consumers return to restaurants,” Wulf said.
In March, AquaBounty reported a net loss of USD 16.4 million (EUR 13.8 million) in 2020 and a fourth quarter net loss of USD 6.1 million (EUR 5.1 million). The losses kept coming in the first quarter of 2021, although the company said it expects a significant turnaround with the coming launch of its product.
Revenue in the first quarter of 2021 was USD 74,000 (EUR 61,676) compared to USD 7,000 (EUR 5,834) in the same period of 2020. Net loss in the first quarter of 2021 was USD 4.2 million (EUR 3.5 million), compared to USD 3.1 million (2.58 million) in the same period of 2020.
In February, the company improved its balance sheet through a public stock offering that netted it approximately USD 127.1 million (EUR 110 million) in new funding, most of which is expected to go toward the construction or site development for a new production farm.
“We are currently in due diligence on the final site location and expect to commence construction later this year and commercial production in 2023. Ahead of these rigorous efforts, we have made substantial progress on the farm design with our engineering and RAS technology partners, ensuring we have an efficient, replicable facility design that will serve us for years to come,” Wulf said.
Photo courtesy of AquaBounty
