GM salmon farmer announces increasing losses

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AquaBounty Technologies has announced financial results for the second quarter.

In it’s Financial and Operational Summary, released on Nasdaq today, AquaBounty, the maker of genetically modified salmon said that it had completed the second sale of AquAdvantage Salmon from its farm in Panama.

Furthermore it has stocked it’s 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.

It’s net loss for the six-month period ended June 30, 2018, increased to $5.2 million from $4.1 million in the corresponding period of the previous year, reflecting pre-production costs at the Indiana farm and R&D activities at the Rollo Bay hatchery.

The company announced that it had received FDA approval to raise AquAdvantage Salmon at its land-based contained facility near Albany, Indiana. However, congress is still battling it out over the exact details on labelling its products. 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.

The company is currently 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.

Ronald Stotish, Chief Executive Officer of AquaBounty, stated: “In this quarter, we completed our second sale of AquAdvantage Salmon harvested from our Panama farm and stocked our Indiana farm with traditional Atlantic salmon eggs. This stocking has allowed us to start operations at the facility, while we wait for the lifting of the import alert on AquAdvantage Salmon, which we anticipate in the second half of the year.”