The Company executed a share purchase agreement with Intrexon on 7 November 2016 for the issuance and sale of 2,421,073 Common Shares raising $25.0 million (approximately £20.3 million) before expenses.
The Fundraising will provide ongoing working capital and investment requirements to progress the Company’s strategy over at least the next two years.
Specifically, management is evaluating several paths to revenue generation that follow different timelines, including production of AquAdvantage® fish at the Company’s existing farm in Panama, purchase of an existing production facility in North America, and construction of a new production facility in North America.
“AquaBounty’s listing on NASDAQ represents an important milestone for the Company that will broaden our exposure to the US markets as we advance plans for commercial production of our pioneering, environmentally responsible approach to fish farming,” said Ronald L. Stotish, Ph.D., Chief Executive Officer of AquaBounty.
“Aquaculture is the fastest-growing segment of food production globally, with estimates anticipating a doubling of farmed fish production by 2050. Commensurate with the industry’s rapid growth, stresses on the oceans and new challenges resulting from open-sea cage farming are expected to rise. Our game-changing platform affords better economics for land-based aquaculture and all the advantages that it brings, including nutritious Atlantic salmon free of antibiotics, vaccines, and other treatments that are necessary to minimize infection in fish farming today,” added Dr Stotish.
