Aqua
Bounty Technologies, Inc strengthens management team with appointment of experienced
regulatory executive
Aqua Bounty Technologies, Inc, “Aqua
Bounty” or “the Company” (AIM: ABTX), a biotechnology company focused on
improving productivity in commercial aquaculture, is pleased to annouce that it
has appointed Dr. Ronald L. Stotish as Vice President of Regulatory Affairs
with immediate effect.
In this newly created post, Dr.
Stotish will manage the company’s international product registration and regulatory
compliance effort as it rolls out a number of products to help solve
aquaculture’s production problems along the supply chain.
Dr. Stotish has 35 years of research
and development experience and has held a number of senior roles including, most
recently, Executive Vice President of
Research and Development for MetaMorphix, Inc.
Prior to this he headed the animal
health division at Wyeth, a global pharmaceutical and
biotechnology company, where he oversaw the launch of the CydectinR
portfolio of products, and gained over 200 international drug approvals,
including seven from the U.S. Food and Drug Administration. He was a senior scientist, executive and
divisions head at American Cyanamid, where he played a significant role in the
development of the company’s Animal Health and Nutrition unit.
Commenting on today’s announcement,
Elliot Entis, Chief Executive Officer of Aqua Bounty said:
“Ron Stotish is an experienced
executive with an excellent track record in basic research, new product development,
manufacturing process development and support, and regulatory compliance. He is
well known in the biotechnology industry for his experience in operating at an
exemplary compliance level.
“Following on from our recent IPO,
the appointment of Ron Stotish further strengthens our management team as we
begin the international expansion of our product marketing.”
| For further information, please contact: | |
| Daniel
de Belder / Emma Charlton | 020
7861 3232 |
About Aqua
Bounty
· The Company is
headquartered in Waltham, Massachusetts, USA. It operates
principally through two wholly owned subsidiaries, Aqua Bounty Canada,
in St John’s, Newfoundland,
and Aqua Bounty Pacific, in San
Diego, California
· Aqua
Bounty has launched health and diagnostic products for the prevention and
control of shrimp diseases and is developing new products to increase
productivity and profitability in commercial fish farming. The Company’s
integrated approach to aquatic health management means that Aqua Bounty is well
positioned to capitalise on the rapidly growing $60 billion per annum
aquaculture industry
· The
Company’s leading product, Shrimp IMS, a stimulant for the shrimp immune
system, has shown significant benefit to commercial shrimp farmers through the
Company’s initial marketing in Mexico.
Results have indicated that the use of Shrimp IMS treatments has led to an
increase in sales for its Mexican distributor, as well as a return of
investment of up to $2.5 for every
dollar spent on the product by the farmers
· Aqua
Bounty intends to increase its sales of Shrimp IMS in Mexico
before expanding into Central and South
America and then into Asia in 2007. The Company also plans to launch VPX in 2007,
an effective preventative control against the lethal and widespread White Spot
Syndrome Virus (“WSSV”). WSSV can appear suddenly, can kill entire shrimp
stocks within 72 hours and has been responsible for significant pre-harvest
losses to shrimp stocks in the 1990s, including over $1 billion of shrimp stock
damage in the Americas
alone
· Aqua
Bounty is also developing fast growing strains of breeds of fin fish which grow
faster than traditional broodstock, known as AquAdvantage™ fish. This
AquAdvantage™ fish are capable of reducing growth to maturity time by as much
as 50 per cent, resulting in
substantial productivity gains for commercial fish farmers. The Company expects
FDA approval in H2 2006 prior to breeding and commercial launch in 2009
· Commercial
aquaculture, the controlled cultivation and harvest of aquatic plants and
animals, is the most rapidly growing segment of the agricultural industry,
accounting for more than $60 billion in sales in 2003. While land-based agriculture is increasing at
2 per cent to 3 per cent per year, aquaculture has been growing at an annual rate
of approximately 9 per cent since
1970. (Source: FAO)
· Aqua
Bounty’s strategy is to focus commercialisation initially within the western
hemisphere and launch in Asia
after penetrating several markets in the Americas. The Company intends to maximize returns on research
and development and resulting intellectual property by supplying its products
to the aquaculture industry through existing distribution channels. This strategy will enable Aqua Bounty to
avoid the significant time and costs associated with developing its own
manufacturing, sales and distribution infrastructure
