TIDMABTU
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(R)
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 Section 27A of the Securities Act of 1933, as
amended, and Section 21E 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
March December
31, 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
March 31,
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
END
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