An indoor fish farm in Albany is one step closer to resuming production. Massachusetts-based AquaBounty Technologies Inc. (Nasdaq: AQB), which acquired Bell Fish Co. LLC last year, says it has received approval from the U.S. Food and Drug Administration to raise salmon at the Albany facility. The company says the site currently has 10 employees, a number that is expected to grow to 25 once the first phase of salmon production begins.
The Albany facility will become the company’s first U.S. commercial production site. AquaBounty says it is only awaiting official labeling guidelines from the FDA before it begins production.
Chief Executive Officer Ron Stotish calls the FDA approval another milestone for the company.
"We are very pleased the FDA has continued their rigorous science-based review process and approved our application on its merits," said Stotish. "Our Albany facility is within a few hours’ drive of major markets in Indianapolis, Chicago, Detroit, Cleveland, Columbus, Louisville, and St. Louis, providing us with tremendous opportunity for growth. We still have work to do before we can start production, but we take great pride in this latest accomplishment."
AquaBounty announced its acquisition Bell Fish Co. in a $14 million deal last June. The company is a subsidiary of Intrexon Corporation (NYSE: XON) in Virginia.