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Jan 17, 2020

AquaBounty paints bright future as it seeks more cash

Transgenic-salmon grower AquaBounty has outlined ambitious expansion plans as it seeks to raise a further $9.2 million from investors.
These include construction of four to five new farms in North America, each costing between $75m to $100m, at sites close to consumer consumption over the next several years.
Additionally, the company is pursuing regulatory approval for AquAdvantage Salmon in Argentina, Brazil, China, and Israel. If and when approved in these locations, AquaBounty plans to commercialise through a combination of partnerships, joint ventures, and licensing arrangements.

$2.66 per share

The Massachusetts company raised $7.5m in a share sale in March last year following the US Food and Drug Administration’s decision to allow the company to grow and sell its genetically-engineered AquAdvantage salmon in the United States, and followed that in April with a second offer which raised another $5.75m. Shares were offered at $2.25 on each occasion. AquaBounty, whose fish grow more quickly and use less feed than conventional farmed Atlantic salmon, is now offering more shares at an assumed price of $2.66 per share, which was the closing sale price of its common stock on the Nasdaq Capital Market on January 14. In its prospectus for the share offer, AquaBounty said it intends to use $2m of funds raised to continue construction and renovation of its 1,200-tonne on-land farm at Albany in Indiana and 250-tonne farm at Rollo Bay on Prince Edward Island, Canada.  Read the article.

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