Transformative year allows AquaBounty to start salmon commercial strategy in 2020
Last year was a transformative year for AquaBounty, as for the first time, the company began to grow-out its AquAdvantage Salmon in the United States.
AquaBounty Technologies reported its financial results for 2019. The company reported some of the milestones reached in 2019 such as the U.S. FDA import lift allowing the company to import its AquAdvantage eggs from its hatchery in Canada to its farm in Indiana. The company also received approval in China to conduct a field trial for AquAdvantage salmon and closed the Panama demonstration farm.
AquaBounty completed two public offerings of common shares, raising net funds of $12.4 million. Net loss for the year increased to $13.2 million (2018: $10.4 million) with the ramp-up of production operations in Indiana and Rollo Bay, increased legal fees in support of the FDA legal challenge, and increased headcount.
Sylvia Wulf, that assumed the position of CEO of AquaBounty in 2019, said that “this was a transformative year for AquaBounty, as for the first time in the company’s history we began to grow-out our AquAdvantage Salmon in the United States. Production of both AquAdvantage and conventional salmon at our Indiana farm is progressing on track with conventional salmon harvest commencing in late Q2 this year and AquAdvantage Salmon harvest commencing in Q4. We also took steps during 2019 to strengthen our balance sheet with two successful equity raises and to strengthen our management team with the additions of Dave Melbourne as Chief Commercial Officer and Angela Olsen as General Counsel. We believe we are now well-positioned to begin to execute our commercial strategy with the harvest and sale of our salmon from both our Indiana and Rollo Bay farms.”