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AquaBounty makes fundraising deal with Intrexon
2016-11-09 15:50:18 copyfrom： hits:
AquaBounty genetically modified salmon. (Photo: AquaBounty)
Wednesday, November 09, 2016, 02:10 (GMT + 9)
Aquaculture company AquaBounty Technologies has settled a deal with synthetic biology company Intrexon to raise the necessary funds to keep operating by selling securities to the latter, of which it is a subsidiary.
According to AquaBounty’s executives, the deal will allow the firm to collect USD 25 million, with which it intends to develop the procedure intended to market its FDA-approved genetically modified salmon.
In this regard, the firm’s CEO Ron Stotish explained that the FDA said that the company’s genetically engineered salmon, called “AquAdvantage,” was as safe to eat as conventional salmon.
Stotish also pointed out that with FDA approval in hand and an infusion in new funding, AquaBounty is ready to start generating revenue.
The company already operates an enclosed, land-based fish farm in Panama, which can produce the company’s faster-growing fish and it is also considering either purchasing an existing fish production facility or constructing a new one in North America.
The company’s release informed that following completion of the fundraising and the issue of the Subscription Shares and the Conversion Shares, Intrexon would have an interest in approximately 78 per cent of the Company's enlarged share capital before distribution of the Distribution Shares.
Intrexon has also expressed its intention to distribute a number of Distribution Shares sufficient to allow the Company to satisfy the NASDAQ listing requirements while maintaining an ownership level above 50 per cent of the Company's enlarged share capital.
The exact number of Distribution Shares will depend on the issued number of Conversion Shares.
The Company expects that, following Admission of the Subscription Shares and Conversion Shares, the Company's issued share capital will be approximately 266.9 million Common Shares. The Company does not hold any Common Shares in treasury.
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