April 5, 2019

AquaBounty seeks $5.75M in public offering

Photo | Courtesy
AquaBounty salmon eggs

AquaBounty, the Maynard-based grower of genetically-modified salmon, is again seeking help from investors to kickstart their U.S. and Canada operations.

The company, late on Thursday, announced a $5.75 million stock offering, selling more than $2.5 million shares at $2.25 each.

Underwriters for the public offering also have 45 days to purchase up to 383,188 additional shares at the same price.

The offering comes less than a month after another $7.5 million was raised from selling more than 3.3 million shares.

With the proceeds, the company hopes to begin growing its first batches of genetically-modified salmon in its facilities at Prince Edward Island in Canada and in Indiana.

The U.S. Food and Drug Administration last month lifted an import ban on the company's products, and Environment and Climate Change Canada earlier this week allowed the company to begin operations.

The company said its first harvest of AquAdvantage Salmon is expected in the fourth quarter of 2020.

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