Interim net losses at AquaBounty Technologies rose to USD 2.8 million during the first six months of 2011, compared to USD 2.5 million last year.
??AquaBounty attributed this to an increase in R&D spending, up to USD 2.4 million compared to USD 2.1 million in 2010, as the company invested in AquAdvantage Salmon product improvements and new technologies. ??
The company said the U.S. Food and Drug Administration continues to review the company’s application for AquAdvantage Salmon, and current balances are sufficient to take the company into the second half of 2012. ?
It also said the board was conscious that cash resources will need to be supplemented early in 2012 and it was currently considering options for raising further working capital, subject to shareholders’ approval.??
“While the approval process has taken longer than anticipated, we strongly believe that the FDA is moving towards a successful conclusion,” said AquaBounty CEO Ronald Stotish. “Equally, the potential market for AquAdvantage Salmon and other biotechnology-based products continues to grow. As a result, we look to the future with confidence and to delivering value to our shareholders.”
