AquaBounty Technologies Inc logo

AQB - AquaBounty Technologies Inc News Story

$6.26 -0.4  -6.4%

Last Trade - 09/04/21

Sector
Healthcare
Size
Small Cap
Market Cap £324.0m
Enterprise Value £260.5m
Revenue £93.1k
Position in Universe 3667th / 6827

Aqua Bounty Tech Inc - Results for the quarter ended March 31, 2017

RNS Number : 5305E
Aqua Bounty Technologies, Inc.
09 May 2017

AquaBounty Technologies, Inc.

Results for the quarter ended March 31, 2017

MAYNARD, Massachusetts, May 9, 2017 - AquaBounty Technologies, Inc. (NASDAQ: AQB; AIM: ABTU) ("AquaBounty" or the "Company"), a biotechnology company focused on enhancing productivity in the aquaculture market and a majority-owned subsidiary of Intrexon Corporation (NYSE: XON), announces the Company's financial results for the quarter ended March 31, 2017.

Financial and Operational Summary:

Completed a US$25.0 million equity subscription with Intrexon Corporation

Implemented a 1-for-30 reverse share split and completed the listing of the Company's common shares on the NASDAQ Capital Market

Continued to progress the Company's renovation plans at Rollo Bay and submitted a follow-on request to authorities to construct a broodstock facility and a grow-out facility on the site

Seeking shareholder approval to de-list the Company's common shares from trading on AIM

Ronald Stotish, Chief Executive Officer of AquaBounty, stated: "We are pleased by the progress we've made during the first quarter on our 2017 goals. We completed the listing of our common shares on the NASDAQ Capital Market, aided by the infusion of $25.0 million in new equity from Intrexon. This has allowed us to continue with, and expand upon, our 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. 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."

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding the nature of and progress toward the Company's commercialization plan; the anticipated progress to be made by the Company during 2017; the completion of the Rollo Bay renovations and the regulatory approval for, and construction of, a broodstock facility and grow-out unit; and the establishment of a grow-out facility in the United States. Forward-looking statements may be identified with words such as "will," "may," "expect," "plan," "anticipate," "upcoming," "believe," "estimate", or similar terminology, and the negative of these terms. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, we undertake no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, refer to our public filings with the Securities and Exchange Commission ("SEC"), available on the Investors section of our website at www.aquabounty.com and on the SEC's website at www.sec.gov.

Enquiries:

Generally

AquaBounty Technologies, Inc.

David A. Frank, Chief Financial Officer +1 978 648 6000

AIM Investors

Stifel Nicolaus Europe Limited

Stewart Wallace +44 20 7710 7600

Luther Pendragon

Harry Chathli, Claire Norbury +44 20 7618 9100




AquaBounty Technologies, Inc.

Consolidated Balance Sheets

(Unaudited)

As of

March31,

December 31,

2017

2016

Assets

Current assets:

Cash and cash equivalents

$

25,472,604

$

3,324,609

Certificate of deposit

10,749

10,666

Other receivables

92,455

164,743

Inventory

101,046

-

Prepaid expenses and other current assets

264,228

72,983

Total current assets

25,941,082

3,573,001

Property, plant and equipment, net

2,199,311

1,723,707

Definite-lived intangible assets, net

195,273

198,698

Indefinite-lived intangible assets

191,800

191,800

Other assets

21,628

21,628

Total assets

$

28,549,094

$

5,708,834

Liabilities and stockholders' equity

Current liabilities:

Accounts payable and accrued liabilities

$

784,662

$

1,017,851

Current debt

18,249

17,913

Total current liabilities

802,911

1,035,764

Long-term debt

2,786,839

2,645,015

Total liabilities

3,589,750

3,680,779

Commitments and contingencies

Stockholders' equity:

Common stock, $0.001 par value, 200,000,000 shares authorized;

8,885,009 (2016: 6,463,936) shares outstanding

8,885

6,464

Additional paid-in capital

126,580,621

101,581,724

Accumulated other comprehensive loss

(300,558

)

(286,272

)

Accumulated deficit

(101,329,604

)

(99,273,861

)

Total stockholders' equity

24,959,344

2,028,055

Total liabilities and stockholders' equity

$

28,549,094

$

5,708,834



AquaBounty Technologies, Inc.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

Three Months Ended
March31,

2017

2016

Costs and expenses

Sales and marketing

$

208,288

$

201,377

Research and development

720,022

815,257

General and administrative

1,120,788

779,525

Total costs and expenses

2,049,098

1,796,159

Operating loss

(2,049,098

)

(1,796,159

)

Other income (expense)

Gain on disposal of equipment

-

2,861

Interest expense

(5,280

)

(24,306

)

Other income (expense), net

(1,365

)

(1,373

)

Total other income (expense)

(6,645

)

(22,818

)

Net loss

$

(2,055,743

)

$

(1,818,977

)

Other comprehensive loss:

Foreign currency translation loss

(14,286

)

(96,993

)

Total other comprehensive loss

(14,286

)

(96,993

)

Comprehensive loss

$

(2,070,029

)

$

(1,915,970

)

Basic and diluted net loss per share

$

(0.24

)

$

(0.35

)

Weighted average number of common shares -

basic and diluted

8,400,795

5,248,306


This information is provided by RNS
The company news service from the London Stock Exchange
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