AquaBounty is working to have their genetically modified salmon approved by the FDA so that it can be sold in the marketplace. The company has been struggling, having reported a $2.7 million loss in 2011, and a $5.3 million net loss in 2010.
The CEO of AquaBounty, Ron Stotish, is keeping the company alive by cutting operating costs by 30 percent, which will enable the company to make it through early 2013. Mr. Stotish states, “[Last year]was a frustrating year of waiting for some indication of FDA progress on our application, while continuing our R&D work and preparation for the commercialization phase.”
The company now awaits approval on the environmental assessment, which will allow normal production of the AquaBounty AquAdvantage Salmon. AquAdvantage allows the Atlantic salmon to grow to a market size of around eight pounds in 18 months, compared to the normal 36 months needed.
Withinthe next few months, AquaBounty expects their modified salmon to be receive FDA approval and be ready for commercialization. However, the largest stock holder, Kakha Bendukidze is skeptical about the genetic modification being approved during an election year.
But, after the Senate's recent rejection of an amendment that would require the modified salmon to undergo the same scientific and economic analysis other federal fisheries undergo, it would seem that the modified salmon is slowly, but surely making its way into the marketplace.