(MENAFN- ProactiveInvestors - UK) AquaBounty Technologies (LON:ABTU) has initiated field trials of its AquaAdvantage genetically modified salmon in Brazil and Argentina.
Its genetically modified salmon have already been approved for sale in the US and Canada, the group is now seeking other markets.
"We are making the necessary preparations for the commercial launch of our product and we look forward to bringing our more sustainably produced salmon to consumers, with the assurance that it is nutritious, safe and healthy,' said chief executive Ron Stotish.
It said the market opportunity for its salmon remained strong, especially in light of the current restrictive limits on global Atlantic salmon farm production.
The group also announced it had purchased Snow Island's Atlantic Sea Smolt plant in Rollo BayWest for use as a brood stock farm.
In the first half, net losses widened at US$3.9mln, compared to US$3.5mln reported in the same period last year.
Its cash balance stood at US$1.9mln, with US$5mln of the debt facility from owner Intrexon Corporation (NYSE:XON) remaining to be drawn.
Operating expenses for period ended were US$3.8mln, up from US$3.5mln, due to costs defending against legal challenges to the regulatory approvals in North America.
The group said it now required funding in addition to its on-going working capital needs.
'The board remains mindful of the importance of shareholder value in determining the appropriate course forward,' said chairman Richard Clothier.
AquaBounty's modified Atlantic salmon are crossed with the Chinook salmon, as well as genetic material taken from an eel-like species called the pout fish. The process means the salmon grow faster and shortens the farmed Atlantic salmon's three year growth cycle to just 18 months.
Shares were up just under 4% to 34.8p.
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