AquaBounty’s losses widen
August 7, 2018
By Liza Mayer
Expenditures have driven Aquabounty Technologies’ losses to widen in the first half of 2018 to $5.2 million from $4.1 million in the corresponding period of the previous year.
The producer of the AquAdvantage genetically modified salmon attributed the losses to pre-production costs at its Indiana farm and R&D activities at the Rollo Bay hatchery in Prince Edward Island, Canada.
In an update on the Indiana farm that the company acquired last year, AquaBounty said it has stocked it with traditional Atlantic salmon eggs and has commenced grow-out activities while waiting for approval from the US Food and Drug Administration (FDA) to import AquAdvantage Salmon eggs.
The company is prevented from importing its AquAdvantage Salmon eggs from Canada due to the existence of an "Import Alert" pending the FDA's issuance of final labelling guidance for the product, it said in an earlier announcement.
“The Company has indicated that it is fully prepared to comply with labelling requirements for its product in order for this process to conclude in the near term.”
It expects the import alert on AquAdvantage Salmon to be lifted in the second half of the year.
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