AquaBounty posts deeper loss after highly successful FY

AIM-quoted AquaBounty's shares were steady after it posted a deeper full-year net loss in what the it styled as a highly successful year.

The biotechnology company's net loss for the year to 31 December 2016 was $8.5m, from a loss of $7.0m a year ago. Total costs and expenses were booked at $8.1m, from $7.0m.

"This was a highly successful year in which we continued to advance both our regulatory and commercial goals," said chief executive Ronald Stotish. AquaBounty focuses on enhancing productivity in the aquaculture market.

It noted that it had achieved a major milestone in receiving regulatory approval from Health Canada, making it the second major regulatory organisation, alongside the FDA, to approve the production, sale and consumption of our AquAdvantage Salmon.

"We also took steps towards progressing our commercial plan by purchasing a salmon hatchery site in Canada for broodstock expansion and egg production," said Stotish.

"We now eagerly look forward to working to bring our nutritious, safe and more sustainably produced salmon to consumers."

At 13:28 GMT, shares in AquaBounty were steady at 1142.5p each.