AquaBounty, a transgenic–salmon producer has announced plans to raise funds via a share offering. The offering follows the publication of its financial results for the first half of the year – a period in which it lost $6.6 million, mirroring the $6.8 million in losses reported for H1 2019. The company aims to start construction of a 10,000 tonne farm for its transgenic AquAdvantage salmon in 2021.
The first harvest of conventional salmon represents the start of the commercialization phase for AquAdvantage salmon (AAS), a milestone over 30 years in the making. This will be a breakthrough moment not only for AquaBounty, but for the industry – as it will be the first sale of a genetically engineered animal protein in the US.
We completed proprietary consumer research in Q4 of 2019, and the insights have been used to build out our communications program that we began executing in conjunction with our first harvest and anticipate will support the commercial launch of AAS later this year.
Furthermore, we continue to receive inbound interest from potential offtake partners, who see the inherent value in AAS, from both a sustainability and economic perspective, and we anticipate finalizing commercial agreements with key potential customers and distributors in advance of the first AAS harvest, CEO of AquaBounty Sylvia Wulf said.