AquaBounty Technologies widens net loss though has upped production considerably at its Indiana farm, USA, and expects to harvest next year.
In a filing, land-based aquaculture GM salmon farmer AquaBounty Technologies have announced its financial results for the third quarter and nine months ended September 30, 2019.
Currently, AquaBounty has 77 metric tonnes of fish in its tanks in Indiana. AquaBounty’s AquAdvantage salmon grows faster than conventional salmon and therefore can get to market weight in less time. In 2018, AquaBounty sold five tonnes of AquAdvantage salmon fillets in Canada.
Net loss for the nine-month period ended September 30, 2019, increased to USD 9.8 million from USD 8 million in the corresponding period of the previous year, and net loss for the three-month period ended September 30, 2019, increased to USD 3 million from USD 2.7 million in the corresponding period of the previous year, due to increases in production operations, headcount, and legal fees in support of the U.S. Food and Drug Administration’s (FDA) defense of their approval of AquAdvantage Salmon.
“We believe that we are a leader in the field of land-based aquaculture and the use of technology for improving its productivity and sustainability. Our lead product is the AquAdvantage Salmon, which received FDA approval in 2015 as the first bioengineered animal available for sale for human consumption. We have commenced commercial activities with operations in the United States and Canada where we have received regulatory approval,” AquaBounty wrote in its filing.
“We generate product revenue primarily through the sales of our AquAdvantage Salmon. We also sell conventional Atlantic salmon, salmon eggs, fry, and byproducts. We expect that our sales will be modest and infrequent until our grow-out farms in Indiana and Rollo Bay commence harvesting, which is expected in mid-2020,” it added.
AquaBounty CEO Sylvia Wulf stated: “We are thrilled with the progress of our salmon at our Indiana farm. 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.”
“I am also pleased to welcome Angela M. Olsen to AquaBounty in her role as General Counsel. Her experience in regulatory affairs and business development will be integral to our international growth.”