AquaBounty's decision to shut down its hatchery could mark the end of the AquAdvantage salmon (top) a strain of Atlantic salmon that was genetically modified in a bid to improve growth rates © AquaBounty
The decision is accompanied by the resignation of CEO Dave Melbourne, and will be accompanied by a swathe of redundancies.
Bay Fortune is AquaBounty’s only remaining operating farm and the decision will lead to the culling of all of its remaining AquAdvantage salmon broodstock - a unique GM salmon strain that the company developed over the last three decades.
“AquaBounty will immediately begin to wind down its Bay Fortune operation, its only remaining operating farm, including the culling of all remaining fish and a reduction of substantially all personnel over the course of the next several weeks,” stated David Frank, chief financial officer and interim chief executive officer.
“We prioritised maintaining operations at the Bay Fortune facility, but do not have sufficient liquidity to continue to do so. We have been working for over a year to raise capital, including the sale of our farms and equipment. Unfortunately, these efforts have not generated enough cash to maintain our operating facilities. We therefore have no alternative but to close down our remaining farm operations and reduce our staff.”
The company previously operated a RAS facility with a capacity of 1,400 tonnes at Albany, Indiana, which it sold to Superior Fresh and another in in Rollo Bay farm, PEI, which it sold in September. It was also in the process of constructing a larger RAS in Pioneer, Ohio, but this was put on hold due to the company's continued financial issues.
Alejandro Rojas and Melissa Daley, chief operating officer and chief people officer, respectively, have also departed.
“Over the course of the next few months, we will continue to work with our investment banker to assess alternatives for our Ohio farm project, and we will continue to market and sell available assets to generate cash. We will keep all stakeholders apprised of our progress,” concluded Frank.
