Aquaculture company AquaBounty Technologies has scrapped plans to use a broad equity offering to raise the money it needs to bring its genetically engineered salmon to consumers. Instead, it has inked a deal to raise funds by selling securities to synthetic biology company Intrexon, its largest shareholder.
The deal with Intrexon (NYSE: XON), announced Monday, will raise $25 million for Maynard, MA-based AquaBounty (OTC: AQBT), a company that has brought genetic techniques to fish farming. With the funds, AquaBounty says it will have enough money to keep operating for two years as it charts a course to bring its FDA-approved salmon to market. Read the article.