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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 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 31,

 

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
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
 
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