US-based genetically modified (GM) salmon farmer AquaBounty Technologies widened its net loss in the third quarter of 2019 by 23 percent to $9.8 million (€8.8 million), attributing it to production start up at its Indiana operation, as well as legal fees to support the US Food and Drug Administration’s (FDA) defense of its AquAdvantage Salmon approval.
The company continues to be bullish on the future, however, noting operations are running smoothly at its farm in Indiana, which now produces 77 metric tons.
"A new batch of AquAdvantage Salmon eggs was recently received at the farm, and we now have three cohorts of fish in the water," said AquaBounty CEO Sylvia Wulf.
“We are thrilled with the progress of our salmon at our Indiana farm. The fish are growing extremely well, and they look fantastic. Every day we move closer to our first harvests, which we expect to commence in June of next year.”
Notable events in the quarter for the company included hiring a marketing and communications agency to conduct consumer research, as well as hiring Angela Olsen to serve as general counsel for the company.
"Her experience in regulatory affairs and business development will be integral to our international growth," said Wulf.
In October US-based biotechnology firm Intrexon sold 100 percent of its shares in AquaBounty. Those shares constituted 38.1 percent of US-based AquaBounty’s outstanding shares.
TS Aquaculture LLC, which is managed by Third Security LLC, purchased 8,239,199 shares from Intrexon for $2.62 (€2.35) per share, a total of $21.5 million (€19.2 million).