Fish & Seafood

AquaBounty CEO Pleased with Progress as Results are Posted

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Maynard, Massachusetts-headquartered AquaBounty Technologies, Inc., a land-based aquaculture company, announced on November 5 that production volume of salmon at its facility near Albany, Indiana has reached 77 metric tons.

“We are thrilled with the progress. The fish are growing extremely well, and they look fantastic.  A new batch of AquAdvantage Salmon eggs was recently received at the farm, and we now have three cohorts of fish in the water.  Every day we move closer to our first harvests, which we expect to commence in June of next year,” said Sylvia Wulf, chief executive officer.

The genetically engineered Atlantic salmon that can grow to market size in about half the time of traditional farmed Atlantic salmon, according to the company, a majority-owned subsidiary of Intrexon Corporation. The fish is farm-raised in indoor tanks featuring recirculating aquaculture systems (RAS).

In reporting financial results for the third quarter and nine months ended September 30, AquaBounty posted a net loss of $9.8 million, up from $8.0 million logged during the first three quarters of the year in 2018. During Q3 2019 a net loss of $3.0 million was recorded, compared to $2.7 million in Q3 2018, due to increases in production operations, head count, and legal fees in support of the US Food and Drug Administration’s (FDA) defense of their approval of AquAdvantage Salmon. Cash on hand at the end of September was $6.4 million, up from $3.0 million on December 31, 2018.

The biotech company’s stock price (AQB traded on the Nasdaq Exchange) closed at $2.31 on November 5, down 5.7%. Over the past 52 weeks its high was $4.89 on March 8, 2019, and the low was $1.70 on December 27, 2018.

Meanwhile, AquaBounty has hired Angela M. Olsen as general counsel. “Her experience in regulatory affairs and business development will be integral to our international growth,” said Wulf.