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Pivotal Year For AquaBounty

by 5m Editor
5 May 2011, at 1:00am

US - AquaBounty Technologies, a biotechnology company focused on enhancing productivity in the aquaculture market, has reported a net loss of $5.3 million for 2010 compared to a loss of $4.8 million in 2009.

A new equity subscription of US$4.9 million net raised from Linnaeus Capital Partners, B.V. ("Linnaeus").

Cash and marketable securities at 31 December 2010 amounted to $6.2 million. In 2009 they were $5.7 million.

The company has received section complete letters from the US Food and Drug Administration on all seven parts of the New Animal Drug Application ("NADA") for AquAdvantage® Salmon ("AAS") and the FDA convened its Veterinary Medicine Advisory Committee ("VMAC") to review its findings of AAS and concluded it is indistinguishable from conventional Atlantic salmon.

The company said it has successfully completed the AAS commercial market test.

Ron Stotish, Chief Executive Officer of AquaBounty, said: "This has been a pivotal year for AquaBounty as we achieved key milestones towards the FDA approval of AAS.

"I remain confident that this will soon be forthcoming, which will enable us to move into the commercial phase of development.

"We believe the potential for AAS, and subsequent products, to deliver value to investors is substantial, and we are encouraged that our leading shareholder saw fit to support us by completing an equity subscription. As a result, we continue to look to the future with confidence."

5m Editor

 

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