Program brings immediate R&D revenue and
first commercial supply revenue as early as 2024
Program further validates Willow's
BioOxi™ technology and focus on commercial
execution and aligns with its strategic focus on near term revenue
generation
SUNNYVALE, Calif., Dec. 7, 2023 /PRNewswire/ - Willow Biosciences
Inc. ("Willow") (TSX: WLLW) (OTCQB: CANSF), a
leading biotechnology company focused on revolutionizing industrial
manufacturing of pure, consistent and sustainable functional
ingredients, and a Nasdaq-listed biopharma company are advancing
their program to develop precise, concise manufacturing routes to
advanced intermediates and high-value active pharmaceutical
ingredients.
The parties' phase one feasibility program that applied Willow's
BioOxi™ platform exceeded expectations and the
partner has now agreed to continue full development toward
commercialization, including additional R&D and scale-up work.
Willow expects to continue generating revenue from research fees,
aligning with its strategic focus on near-term revenue generation
on programs bringing commercial revenue in reasonable timeframes,
and to begin generating revenue from commercial supply of a key
advanced intermediate from Willow's manufacturing network as early
as 2024.
"We appreciate the trust our partner has in Willow to develop
sustainable manufacturing routes to APIs and are delighted to
continue to work with them to further develop and supply key
advanced intermediates to support their development pipeline," said
Dr. Chris Savile, Willow's President
& CEO. "This is truly an exciting time for Willow and the
BioOxi platform as we rapidly move from R&D to manufacturing
and supply in 2024."
About Willow Biosciences
Inc.
Willow develops and produces precision fermented functional
ingredients for the health and wellness, food and beverage and
personal care markets. Willow's FutureGrown™ and
BioOxi™ biotechnology platform allows large-scale production
with sustainability at its core. Willow's R&D team has a proven
track record of developing and commercializing bio-based
manufacturing processes and products to benefit our B2B partners
and their customers. For more information,
visit www.willowbio.com.
FutureGrown™ and BioOxi™ are registered
trademarks of Willow.
Forward-Looking
Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates and the assessment of
future plans and operations of Willow and its partners, and, more
particularly, statements concerning: the development programs
involving the companies, including the ability to accommodate new
programs, expand capabilities and scale-up toward
commercialization; research and commercial supply revenue
generation for Willow and the timing thereof; the demand and market
size potential of the synthetic ingredients industry; and the
business plan of Willow, generally, including becoming a leader in
precision fermentation, research and production of functional
ingredients and moving from R&D to manufacturing and supply in
2024. When used in this news release, the words "will,"
"anticipate," "believe," "estimate," "expect," "intent," "may,"
"project," "should," and similar expressions are intended to be
among the statements that identify forward-looking statements. The
forward-looking statements are founded on the basis of expectations
and assumptions made by Willow which include, but are not limited
to: the success of Willow's strategic partnerships, including the
development of future strategic partnerships; the financial
strength of Willow; the ability of Willow to fund its business plan
using cash on hand, existing resources and commercial revenue; the
market for Willow's products; the ability of Willow to obtain and
retain applicable licences; the ability of Willow to obtain
suitable manufacturing partners and other strategic relationships;
and the successful implementation of Willow's commercialization and
production strategy, generally. Forward-looking statements are
subject to a wide range of risks and uncertainties, and although
Willow and its partners believe that the expectations represented
by such forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Any number of
important factors could cause actual results biotechnology industry
in general; the success of Willow's research and development
strategies; infringement on intellectual property; failure to
benefit from partnerships or successfully integrate acquisitions;
actions and initiatives of federal, state and provincial
governments and changes to government policies and the execution
and impact of these actions, initiatives and policies; competition
from other industry participants; adverse U.S., Canadian and global
economic conditions; adverse global events and public-health
crises; failure to comply with certain regulations; departure of
key management personnel or inability to attract and retain talent;
and other factors more fully described from time to time in the
reports and filings made by Willow with securities regulatory
authorities. Please refer to Willow's most recent annual
information form and management's discussion and analysis for
additional risk factors relating to Willow, which can be accessed
either on Willow's website at www.willowbio.com or under
Willow's profile on www.sedarplus.ca.
The forward-looking statements contained in this news release
are made as of the date hereof and Willow does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
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SOURCE Willow Biosciences Inc.