Business
AquaBounty Technologies, Inc. Announces Results for the Quarter and Nine Months Ended September 30, 2019
MAYNARD, Mass., Nov. 05, 2019 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (NASDAQ: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture
About this update from Aquabounty Technologies, Inc.
[{"type":"text","content":"MAYNARD, Mass., Nov. 05, 2019 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (NASDAQ: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, announces the Company’s financial results for the third quarter and nine months ended September 30, 2019.\n Financial and Operational Summary: Production volume of salmon at Indiana farm now at 77 metric tons;a marketing and communications agency was appointed to advance commercialization activities, including consumer research;net loss for the nine-month period ended September 30, 2019, increased to $9.8 million from $8.0 million in the corresponding period of the previous year, and net loss for the three-month period ended September 30, 2019, increased to $3.0 million from $2.7 million in the corresponding period of the previous year, due to increases in production operations, headcount, and legal fees in support of the U.S. Food and Drug Administration’s (FDA) defense of their approval of AquAdvantage Salmon; andcash at September 30, 2019, was $6.4 million (December 31, 2018: $3.0 million). Sylvia Wulf, Chief Executive Officer of AquaBounty, stated: “We are thrilled with the progress of our salmon at our Indiana farm. The fish are growing extremely well, and they look fantastic. A new batch of AquAdvantage Salmon eggs was recently received at the farm, and we now have three cohorts of fish in the water. Every day we move closer to our first harvests, which we expect to commence in June of next year.” “I am also pleased to welcome Angela M. Olsen to AquaBounty in her role as General Counsel. Her experience in regulatory affairs and business development will be integral to our international growth.” About AquaBounty Technologies: AquaBounty is a leader in the field of land-based aquaculture and the use of technology for improving its productivity and sustainability. The Company’s objective is to ensure the availability of high-quality seafood to meet global consumer demand, while addressing critical production constraints in the most popular farmed species. For more information about AquaBounty, visit www.aquabounty.com. Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange...