Molecular biology outfit AquaBounty Technologies — maker of the genetically modified AquAdvantage salmon — has priced a public offering of 3,692,307 shares at USD 12 million and given its underwriter 30 days to opt in for 553,846 shares.
The offering is expected to close by January 17, 2018.
The business of Massachusetts-based, Intrexon Corp., said it will use the funds to continue construction and renovation activities of its existing facilities in Rollo Bay, Prince Edward Island, and Indiana. It said it also needed working capital to grow the “first batches” of AquAdvantage fish and cash for its marketing and sales effort.
The company is building a brood facility and land-based smolt grow-out while refurbishing a used facility expected to produce up to 1,200 tonnes of genetically modified salmon. A 250 t commercial production facility is also planned at the Rollo site.