Aqua Bounty Technologies, Inc. Results for the quarter ended March 31, 2017 (5305E)

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              [phone] 

AIM Investors

Stifel Nicolaus Europe Limited

   Stewart Wallace                                                [phone] 

Luther Pendragon

   Harry Chathli, Claire Norbury                            [phone] 

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

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May 09, 2017 02:00 ET (06:00 GMT)