/NOT FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
SUNNYVALE, Calif., Jan. 2, 2025
/CNW/ - 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 ingredients,
announces that it will not be proceeding with the non-brokered
private placement offering announced by the Company on November 18, 2024, and will instead pursue an
alternative financing and non-dilutive transaction to support the
capital requirements of Willow.
"We have made the decision to cancel our existing offering to
pursue a less-dilutive alternative financing and the sale of our
commercial rights on one or more later stage programs," said Dr.
Chris Savile, Willow's President
& CEO. "Willow has been approached by multiple third parties to
acquire the royalty rights on two development programs and is in
late-stage negotiations for one of the programs," continued Dr.
Savile.
About Willow Biosciences Inc.
Willow develops biomanufacturing processes for producing high
value ingredients in pharmaceutical, food and beverage,
agriculture, and consumer 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. All other trademarks are trademarks of their
respective holders.
Forward-Looking Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates and the Company's
assessment of future plans, platforms and operations, and, more
particularly, without limitation, statements concerning: financing
alternatives available to the Company; the demand and market size
potential of the synthetic ingredients industry; and the business
plan of the Company. 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 the Company's negotiations for
the sale of certain royalty and/or commercial rights; the
availability of alternative financing sources to the Company; the
success of Willow's strategic partnerships and the development of
future strategic partnerships; the successful development of the
Company's GLP-1 and opioid antagonist API programs; the success of
Willow's development programs described in this news release and
anticipated demand and benefits thereof; 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 to differ, including,
but not limited to: risks inherent in the 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;
risks associated with the proposed disposition by the Company of
commercial and/or royalty rights; the risk that less dilutive
financing alternatives may not be available on favourable terms or
at all; actions and initiatives of federal 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.
SOURCE Willow Biosciences Inc.