AquaBounty Technologies, Inc. (ABTX.L) Friday said its first-half net loss widened to $3.5 million or $0.03 per share from $2.1 million or $0.02 per share last year.
The firm attributed this to increased spending on R&D, costs associated with preparation for listing on NASDAQ and commencement of preparations for commercialization of AquAdvantage Salmon or AAS in expectation of FDA approval this year.
Total costs and expenses increased to $3.48 million from $2.12 million last year.
Ron Stotish, CEO, said, "The Board knows of no scientific reason why the FDA has not given approval to AAS. It continues to believe that approval will be granted this year and has commenced preparations for commercialization of AAS."
Looking ahead, the firm said it is conscious of the company's limited cash resources and continues to maintain tight cost control whilst increasing operating activities in preparation for the approval.
The company is also in the process of renegotiating the lease for its farm site in Panama.
It is expected that to fully implement the commercial phase, AquaBounty will require additional funding.
ABTX.L is currently declining 11.1 percent at 16.00 pence.
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