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Net Loss Increased for AquaBounty in 2013

24 March 2014

US - AquaBounty Technologies, Inc, has reported that its net loss last year increased to $4.7 million, compared with $4.4 million in 2012.

In its results for the year ending 31 December 2013, the company reported that operating spend was higher at $4.9 million, compared with $4.4 million in 2012, as the company invested in new research projects.

Cash used during the year, net of new equity provided, increased to $4.2 million (2012: $3.0 million) and cash at 31 December 2013 was $1.9 million.

Despite losses, the company did experience some major steps forward during 2013. The US Food and Drug Administration (FDA) completed the public comment period on its draft Environmental Assessment and Preliminary Finding of No Significant Impact for AquAdvantage® Salmon (AAS);

In November 2013, Environment Canada, the agency of the Government of Canada with responsibility for regulating environmental policies and issues, also decided that AAS is not harmful to the environment or human health when produced in contained facilities.

Ron Stotish, Chief Executive Officer of AquaBounty, said: “We are pleased that the company achieved two significant milestones in the year: firstly, the FDA completed the public comment period on its draft Environmental Assessment and preliminary Finding of No Significant Impact for AquAdvantage® Salmon and secondly, Environment Canada decided that AAS is not harmful to the environment or human health when produced in contained facilities.

“While we cannot be certain about the timing, the Board is working on the assumption that approval will be forthcoming in 2014. The strong support provided by Intrexon provides the Company with sufficient financial resources to fund our operations through mid-2015 and carry out appropriate preparations for commercial development once AAS receives approval.”

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