AquaBounty widens FY net loss, pleased with Q1 progress

AquaBounty Technologies widened its full-year net loss to $2.06m, from a year-earlier net loss of $1.82m.

Chief executive Ronald Stotish said AquaBounty was pleased by the progress the company had made during the first quarter on its 2017 goals.

"We completed the listing of our common shares on the NASDAQ Capital Market, aided by the infusion of $25.0m in new equity from Intrexon," he said.

This allowed AquaBounty to continue with, and expand upon, plans to renovate the former Atlantic Sea Smolt plant in Rollo Bay on Prince Edward Island.

"We have submitted an application to the provincial regulatory authorities for the construction of a broodstock facility to house our non-transgenic Atlantic salmon stock and a 250 metric ton recirculating aquaculture system (RAS) facility to grow out our AquAdvantage Salmon," said Stotish.

"We see this as the first step in our commercialization plan. We are also continuing to search for sites to establish our first RAS grow-out facility in the United States, and we expect to complete this process this year."

AquaBounty's full-year losses were primarily due to costs and expenses.

At 12:58 BST, shares in AIM-traded AquaBounty were flat at 700p each.