AquaBounty Technologies Preliminary Results for the year ended 31 December 2010

May 4, 2011 10:27

AquaBounty Technologies, Inc., a biotechnology company focused on enhancing productivity in the aquaculture market, announces the Company's preliminary financial results for the year ended 31 December 2010, reports with reference to AquaBounty Technologies Inc.

Financial and operational summary:

  • Net loss of US$5.3 million (2009: US$4.8 million net loss)
  • New equity subscription of US$4.9 million net raised from Linnaeus Capital Partners, B.V.
  • Cash and marketable securities at 31 December 2010 amounted to US$6.2 million (2009: US$5.7 million)
  • Received section complete letters from the U.S. Food and Drug Administration on all seven parts of the New Animal Drug Application for AquAdvantage® Salmon
  • FDA convened its Veterinary Medicine Advisory Committee ("VMAC") to review its findings of AAS and concluded it is indistinguishable from conventional Atlantic salmon
  • Successful completion of AAS commercial market test

Ron Stotish, Chief Executive Officer of AquaBounty, said: "This has been a pivotal year for AquaBounty as we achieved key milestones towards the FDA approval of AAS. 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."

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