AquaBounty Technologies’ losses grew in the first nine months of this year, the company said in its third quarter financial report.
The Maynard, Massachusetts, U.S.A.-based producer of AquAdvantage genetically modified salmon said that its net loss for the nine-month period ending 30 September grew from USD 6.6 million (EUR 5.8 million) for the first nine months of 2017 to USD 8 million (EUR 7 million) this year.
The supplier’s loss increase reflects “pre-production and production costs at the Indiana farm and R&D activities at the Rollo Bay hatchery,” AquaBounty said in a statement.
During the quarter, AquaBounty raised USD 4.3 million (EUR 3.8 million) by completing a warrant exercise transaction in exchange for 2,250,461 shares of common stock.
In addition, AquaBounty received a loan of USD 2 million (USD 1.6 million, EUR 1.3 million) from the province of Prince Edward Island to complete construction of its 250-metric-ton production facility in Rollo Bay, Prince Edward Island, Canada.
The supplier also began production of traditional Atlantic salmon at its Indiana farm, which will “allow us to begin utilizing this facility and to make any necessary adjustments to our processes or standard operating procedures while we wait for the FDA import alert on AquAdvantage Salmon to be lifted,” AquaBounty CEO Ronald Stotish said.
AquaBounty is a majority-owned subsidiary of Intrexon Corp. In its Q2 2018 report, the company reported it sold its first five tons of product to undisclosed Canadian customers in the summer of 2017.
Last month, Canadian sushi restaurant chains and major supermarket chains announced their refusal to carry AquAdvantage salmon.
