May 5, 2011

AquaBounty positive in spite of increase in net losses

Although AquaBounty Technologies net losses increased from GBP4.8 million (US$7.9 million) to GBP5.3 million (US$8.7 million) in the year to the end of December, it still remains confident about the future.

AquaBounty is a biotechnology company which focuses on enhancing productivity in the aquaculture market. It had cash and cash equivalents of GBP2.6 million (US$4.3 million) at the year-end, up from GBP1.2 million (US$1.98 million) in 2009.

AquaBounty said 2010 was a pivotal year when it achieved key milestones towards US Food and Drug Administration approval for AquAdvantage Salmon (AAS).

CEO Ron Stotish said, "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."