Jan. 19, 2017
Funding moves GM salmon closer to market
THE company behind the world’s first genetically modified salmon has joined the NASDAQ stock market and raised $25 million to help bring its product to market.
AquaBounty Technologies, which raised the money through an equity subscription from Intrexon Corporation, its majority shareholder, has pioneered AquAdvantage Salmon, an Atlantic salmon that has been genetically enhanced to reach market size in less time than conventional farmed Atlantic salmon.
Ron Stotish, CEO of AquaBounty, said: ‘AquaBounty’s listing on NASDAQ represents an important milestone for the company that will broaden our exposure to the US markets as we advance plans for commercial production of our pioneering, environmentally responsible approach to fish farming.
‘Aquaculture is the fastest growing segment of food production globally, with estimates anticipating a doubling of farmed fish production by 2050.
‘Commensurate with the industry’s rapid growth, stresses on the oceans and new challenges resulting from open-sea cage farming are expected to rise.
‘Our game-changing platform affords better economics for land-based aquaculture and all the advantages that it brings, including nutritious Atlantic salmon free of antibiotics, vaccines, and other treatments that are necessary to minimise infection in fish farming today.
The fund raising will provide ongoing working capital and investment requirements to progress the company’s strategy.
AquaBounty says it is evaluating several paths to revenue generation that follow different timelines, including production of AquAdvantage fish at the company’s existing farm in Panama, purchase of an existing production facility in North America, and construction of a new production facility in North America.