SUNNYVALE, Calif., Nov. 7, 2024
/PRNewswire/ - Willow Biosciences Inc. ("Willow" or the
"Company") (TSX: WLLW) (OTCQB: CANSF), a leading
biotechnology company focused on revolutionizing industrial
manufacturing of pure, consistent, and sustainable functional
ingredients, announces that it has partnered a high value
ingredient from its internal portfolio with a global ingredient
manufacturer to fully develop, scale, and commercialize.
Through this partnership, Willow expects to receive
payments for research and development ("R&D") followed
by a tiered profit share for 15 years after launch, if successful.
The research program is expected to take 12 months to complete,
with near-term payments for R&D to Willow of up to $1.3 million, should certain performance targets
be met through development. The partner will be responsible
for regulatory, manufacturing, and sales and marketing costs. The
ingredient resulting from this collaboration will allow the partner
to pursue commercialization in a $1
billion global segment that is currently dominated by a
chemically synthesized product. Utilizing its fully
integrated technology platform and strains previously developed,
Willow and its partner are working to develop a high purity,
sustainably produced natural ingredient that is bio-identical to
that found in nature yet expected to be lower cost than chemically
synthesized product.
"We are pleased to partner this ingredient that started as an
internal program, with a global partner with commercial-scale
manufacturing expertise and market access", said Dr. Chris Savile, Willow's President and Chief
Executive Officer. "This partnership further validates our ability
to select and develop products within large existing markets that
can be improved with biomanufacturing, execute on the required
science, and secure the appropriate commercialization partner."
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™ platforms
enable 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
Biosciences Inc.
Forward-Looking Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates and the Company's
assessment of future plans, platforms, operations and expansion,
and, more particularly, statements concerning: the new partnership
agreement, including the ability to successfully, complete and
transition the R&D program to commercial revenue; and the
business plan of the Company, generally. 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 the
Company which include, but are not limited to: the success of
Willow's strategic partnerships, including the partnerships with
the new partner; the financial strength of the Company; the ability
of the Company to fund its business plan using cash on hand and
existing resources; the market for Willow's products; the ability
of the Company to obtain and retain applicable licences; the
ability of the Company 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 the Company
believes 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 the Company'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 the Company with securities regulatory authorities.
Please refer to the Company'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 the Company's
profile on www.sedarplus.ca.
The forward-looking statements contained in this news release
are made as of the date hereof and the Company 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.
Certain information contained herein has been obtained from
published sources prepared by independent industry analysts and
third-party sources (including industry publications, surveys and
forecasts). While such information is believed to be reliable for
the purposes used herein, Willow does not assume any responsibility
for the accuracy of such information. The sources cited in this
news release have not consented to the inclusion of any data from
their reports, nor has Willow sought their consent.
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SOURCE Willow Biosciences Inc.
