AquaBounty reports loss in latest financial results
November 5, 2018
By Aquaculture North America Staff
Maynard, Mass.-based biotechnology company AquaBounty announced its financial results for the third quarter and nine months ended Sept. 30, 2018.
The company stated in the financial and operational summary that it began production operations at its Indiana farm with traditional Atlantic salmon eggs while waiting for approval from the U.S. Food and Drug Administration (FDA) to import AquAdvantage Salmon eggs.
“In this quarter, we commenced grow-out of non-transgenic Atlantic salmon at our site in Albany, Ind., 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,” said AquaBounty chief executive officer Ronald Stotish.
AquaBounty reported that the net loss for this period increased to $7.96 million from $6.60 million in the same period of the previous year. The company said this reflects pre-production and production costs at its Indiana farm and R&D activities at its Rollo Bay, P.E.I. hatchery.
Cash and cash equivalents on Sept. 30, 2018, were $1 million (December 31, 2017: $0.5 million).
In its post period transactions AquaBounty stated it completed a warrant exercise transaction with certain warrant holders for 2,250,461 shares of common stock for a reduced exercise price equal to $2.00 per share, with net proceeds of approximately $4.3 million.
AquaBounty also finalized a construction loan in the amount of CA$2.0 million (US$1.6 million) from the Department of Economic Development of the Province of Prince Edward Island to be used to complete construction of the company’s 250-metric-ton production facility on its Rollo Bay site.