Aqua Bounty announces interim results Published: 20 September, 2006
AQUA Bounty Technologies, Inc. (ABTX), a biotechnology company that develops products to manage health and increase productivity in the fast-growing aquaculture sector, has announced its interim results for the six months ended 30 June 2006.
Commenting on the results, Elliot Entis, Chief Executive said: I am pleased to report that the company has had a good first half performance, with considerable expansion into our target markets and key strategic milestones, which were established at the IPO, being reached. With the $28.1 million of funds received from the flotation, we are strengthening the management team, building the sales structure and developing products in the pipeline. We believe that the expertise of our management team, combined with our innovative products, means we are well placed to grow our revenues in the coming months.”
Highlights of the results:
Successful flotation of the Company on the AIM, London, in March 2006.
Launch of lead shrimp product Shrimp IMS in Ecuador, a leading producer of shrimp in the Western hemisphere.
Further development of Shrimp IMS in key target markets of Asia and Latin America, with registration packages issued to ten major shrimp producing countries and rapid approval expected.
Appointed by the Vietnamese Fisheries Inspection and Veterinary Agency to supply SybrShrimp virus diagnostic kits of for the use in a nationwide quality control programme.
Appointment of two new sales executives in South America and Asia who have established new distributor agreements for Shrimp IMS in Ecuador and are driving additional contracts for distribution in Panama and Brazil.
Commercial field trials of Shrimp IMS continue to demonstrate its effectiveness with a recent trial in Ecuador showing improved survival rates of between 27% and 47% and an average increase in profitability of 32% for shrimp farmers.
Launch of AquAdvantage Salmon on track for 2009.
Continued progress with Aqua Bountys second shrimp health product, the White Spot Virus inhibitor VPX with a commercial-size field trial scheduled for November 2006.
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