The net loss for genetically engineered salmon producer AquaBounty Technologies widened in the first six months of 2019, but it raised USD 5.8 million (EUR 5.2 million) in its second public offering.
AquaBounty also officially welcomed David Melbourne, Jr., former senior vice president of consumer marketing, government, and industry relations and corporate social responsibility for Bumble Bee Foods, as its new chief commercial officer.
In addition, AquaBounty appointed Dr. Mark Walton to the position of vice president of research and regulatory affairs following the retirement of former CEO Ronald Stotish.
“With these changes, we continue to build and strengthen our senior management team as we move forward to execute our commercial plan,” said Sylvia Wulf, CEO of AquaBounty, in a press release.
AquaBounty’s net loss for the six-month period ending 30 June increased from USD 5.2 million (EUR 4.6 million) to USD 6.8 million (EUR 6.1 million), and its net loss for the three-month period ending 30 June soared from USD 2.8 million (EUR 2.5 million) to USD 4 million (EUR 3.6 million).
The producer attributed the losses to “increases in headcount and associated ramp-up costs at the company’s grow-out farm in Indiana, stock compensation charges, and legal fees in support of the U.S. Food and Drug Administration’s (FDA) defense of their approval of AquAdvantage Salmon,” AquaBounty said.
However, in the first six months, AquaBounty stocked its Indiana and Rollo Bay farm sites with AquAdvantage Salmon eggs to commence grow-out and proceed toward commercialization. It also completed the close-down of its demonstration farm in Panama.
“This past quarter was an historic one for AquaBounty, as the FDA’s lifting of the Import Alert on AquAdvantage Salmon allowed us to stock our eggs at our Indiana farm site and, for the first time ever, grow our fish in the United States. We also stocked our new farm in Rollo Bay on Prince Edward Island and completed a second equity fundraise to continue to improve our balance sheet,” Wulf said.
