AquaBounty Technologies’ net loss grew in the first six months of this year, due in part to costs at its salmon farm in Indiana. However, the Massachusetts-based biotech firm completed the second sale of AquAdvantage salmon from its Panama farm.
AquaBounty, a producer of genetically modified salmon, did not reveal the retail buyer of the salmon, but it did report that its product revenues rose from $53,278 for the first six months of 2017 to $66,995 in the first six months ending June 30.
The company sold its first five tons of product to undisclosed Canadian customers in the summer of 2017.
AquaBounty’s net loss rose from $4.1 million in the first six months of 2017 to $5.2 million in the first half of 2018. The company attributed the loss increase to pre-production costs at its farm near Albany, Ind., as well as research and development activities at its hatchery in Rollo Bay, Prince Edward Island, Canada.
While AquaBounty received FDA approval to raise AquAdvantage salmon at its land-based Indiana facility, the company is currently prevented from importing its AquAdvantage salmon eggs from Canada as a result of an Import Alert, pending the FDA’s issuance of final labeling guidance.
The supplier stocked its Indiana farm with traditional Atlantic salmon eggs and began grow-out activities.
“This stocking has allowed us to start operations at the facility, while we wait for the lifting of the import alert on AquAdvantage Salmon, which we anticipate in the second half of the year,” AquaBounty CEO Ronald Stotish said in a press release.
This article was originally published by Seafood Source and is republished here with permission.