AquaBounty’s net losses widened in the first nine months of 2019, but production at its Indiana facility is going well and the company has hired a marketing firm to advance commercialization of its GM salmon.
The producer of AquAdvantage salmon said its net loss for the nine months ending 30 September increased from USD 8 million (EUR 8 million) last year to USD 9.8 million (EUR 8.9 million) this year, while net loss for the quarter grew from USD 2.7 million (EUR 2.4 million) in 2018 to USD 3 million (EUR 2.7 million) this year.
AquaBounty attributed the losses to increases in production operations, headcount, and legal fees in support of the United States Food and Drug Administration’s defense of its approval of AquAdvantage salmon.
However, the production volume of salmon at AquaBounty ’s Indiana farm reached 77 metric tons.
“We are thrilled with the progress of our salmon at our Indiana farm. The fish are growing extremely well, and they look fantastic,” said Sylvia Wulf, CEO of AquaBounty, in a press release. “Every day we move closer to our first harvests, which we expect to commence in June of next year.”
AquaBounty also hired a marketing and communications agency to “advance commercialization activities, including consumer research,” the supplier said.
The producer hired Angela M. Olsen as general counsel.
“Her experience in regulatory affairs and business development will be integral to our international growth,” Wulf said.
Image courtesy of AquaBounty
