AquaBounty to cease operations amid financial challenges. CEO steps down.
AquaBounty Technologies has announced its decision to wind down its fish farming operations, citing insufficient liquidity to sustain its remaining facilities.
The move marks a significant turn for the biotech aquaculture company, which pioneered genetically modified salmon production.
The closure will include the shutdown of the company’s Bay Fortune hatchery, located on Prince Edward Island, Canada. This facility was AquaBounty’s last operating farm. The process will involve culling all remaining fish stock and reducing the workforce significantly over the coming weeks.
Senior management, including Chief Executive Officer Dave Melbourne, Chief Operating Officer Alejandro Rojas, and Chief People Officer Melissa Daley, have already vacated their roles as part of the company’s restructuring.
David Frank, AquaBounty’s Chief Financial Officer and Interim Chief Executive Officer, commented on the decision: “We have prioritized maintaining operations at the Bay Fortune facility, but we do not have sufficient liquidity to continue to do so. Despite year-long efforts to raise capital through asset sales, we have been unable to secure enough funding to sustain our operations.”
AquaBounty’s challenges extend beyond Bay Fortune. The company’s flagship Ohio farm project, designed as a state-of-the-art recirculating aquaculture system, remains incomplete, with its future now uncertain. The company will continue working with investment bankers to explore potential alternatives for the project and other assets.
