AquaBounty looking to sell 1 of its 2 genetically engineered salmon facilities on P.E.I.

Massachusetts-based AquaBountyhas announced it is seeking a buyer for its genetically engineered salmon operation in RolloBay, P.E.I.

The company intends to hold onto its Bay Fortune facility in Prince Edward Island, it said in a news release on Tuesday.

AquaBountybought the Rollo Bay site in 2016 and turned it into a salmon broodstock and egg production operation.

"Since we will not require the egg output from the Rollo Bay farm in the near to mid-term timeframe, and since we will retain sufficient egg production capacity for our Ohio farm from our hatchery in Bay Fortune, we have determined that the Rollo Bay farm can be sold at this time to resolve the company's immediate cash requirements, without impacting our long-term strategy," the news release quoted AquaBountyCEO David Melbourne as saying.

The sale process "is expected to be completed before year end," the company said in the news release.

AquaBounty has been building a new salmon farm in Pioneer, Ohio, that has turned out to be more expensive than planned, industry publications have reported. In July, it sold another farm in Indianafor a reported price of$9.5 million US, according to Fish Farmer Magazine.

AquaBounty's Atlantic salmon are genetically engineered using genes from other fishto grow much faster than regular wild salmon, while needing less feed. They spend their entire life cycle in freshwater tanks in enclosed facilities on land to ensure they do not escape into the environment.