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AquaBounty racks up further losses in Q1

The group nevertheless says it made good progress toward commercialization of its genetically modified fish technology.

NASDAQ-listed AquaBounty Technology said it is pleased with the progress it made in the first quarter of the year, despite reporting further losses in the first quarter of the year.

The biotechnology company, which is known for its GM AquAdvantage salmon strain, posted an operating loss of just more than $2 million (€1.8 million) for the first quarter of 2017, compared to losses of roughly $1.8 million (€1.6 million) in the same quarter last year.

The company completed a $25 million (€22.9 million) equity subscription with Intrexon Corporation, and implemented a 1-for-30 reverse share split.

During the quarter it also completed the listing its common shares on the NASDAQ Capital Market.

In addition, it continued to progress its renovation plans at Rollo Bay and submitted a follow-on request to authorities to construct a broodstock facility and a grow-out facility on the site.

The group is now seeking shareholder approval to de-list the company’s common shares from trading on AIM.

“We are pleased by the progress we’ve made during the first quarter on our 2017 goals," said Ronald Stotish, chief executive officer of AquaBounty. 

The $25 million (€22.9 million) in new equity "allowed us to continue with, and expand upon, our plans to renovate the former Atlantic Sea Smolt plant in Rollo Bay on Prince Edward Island," he said.

The submission of the application to provincial regulatory authorities for the construction of a broodstock facility to house our non-transgenic Atlantic salmon stock and a 250 metric ton recirculating aquaculture system (RAS) facility to grow out its AquAdvantage salmon is "the first step in our commercialization plan. 

"We are also continuing to search for sites to establish our first RAS grow-out facility in the United States, and we expect to complete this process this year," Stotish said.

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