The biotech company’s CEO says they are spending on marketing and preparation for field trials of the genetically modified salmon product in foreign countries.
AquaBounty Technologies released a consolidated financial statement reporting a net loss of $3.5 million for the first half of 2015.
The company raised about $3 million through the sale of shares to its major investor, which will provide funding through early next year. The balance of cash on hand was reported to be $4.7 million. CEO Ron Stotish says they are spending heavily on marketing efforts and preparations for field trials of the product in foreign markets.
The biotech company has developed a genetically modified salmon that can be farmed to market size in half the time of conventional wild or farmed salmon. AquaBounty has applied for approval to market and sell the product and believes it will receive Food and Drug Administration approval later this year.
AquaBounty says their product will fill a need for more fish protein which the company believes will come more from aquaculture than from wild fisheries in the future. Many major retailers have said they will not stock the product if it is approved. Alaska Senator Lisa Murkowski is pushing through legislation to require that AquaAdvantage salmon, which she calls “Frankenfish,” will have labeling indicating it is a genetically modified food product.
