AquaBounty hails Canada court ruling

AquaBounty Technologies Inc (LON:ABTU, OTC:AQBT) shares leaped higher as a Canadian court of appeal upheld approval of the company’s genetically modified salmon. Ecojustice had brought an action against the company, Canada's Minister of the Environment and Climate Change, and Minister of Health. But the appeal upheld an earlier Federal Court ruling that AquAdvantage salmon had been approved in a reasonable way and in the manner prescribed by the Canadian Environmental Protection Act. Costs were also awarded to both Ministers and AquaBounty Canada Inc. Ronald Stotish, AquaBounty’s chief executive said that the approval process had been extraordinarily thorough and transparent and had now been convincingly reaffirmed in Canada's courts. “We have always maintained that our AquAdvantage Salmon are sustainably raised, healthy and a nutritious food. “We will now focus on advancing our business plan and preparing to launch our product." The fish is an Atlantic salmon, which has been enhanced to reach market size in less time than a conventionally farmed fish. This is due to the addition of genes from a Chinook salmon and an eel known as an ocean pout. AquaBounty shares closed up 7% at 30.5p in London on Monday.