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Aug 27, 2020

AquaBounty prepares for profitability with AquAdvantage salmon harvest and a third farm

With AquaBounty Technologies’ first commercial-scale harvest of conventional Atlantic salmon raised in the U.S. in June, and the first harvest of its genetically engineered AquAdvantage Salmon expected to follow later this year, the company is nearing a turning point toward production and, more importantly, profitability. The publicly listed company recently announced the pricing of its previously announced underwritten public offering, of 11,000,000 shares of common stock of the company at a price to the public of USD 2.50 (EUR 2.11) per share, which will gross proceeds of approximately $27.5 million (EUR 23.2 million). Losses for the company increased in 2019, but the company also raised USD 15.5 million (EUR 14.4 million) via a public stock offering earlier this year. But with salmon products on the horizon instead of in the distant future, it’s only a matter of time before revenue starts rolling in.  Read the article.