Biotech partner recognizes strength of
Willow's first in class FutureGrown™ technology
platform for producing natural products
Further expansion and diversification of
Willow's product portfolio with collaboration revenue expected in
2023 and potential for near-term commercial product revenue
MOUNTAIN VIEW,
Calif., May 31, 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 announces execution of a Master Services
Agreement (the "MSA") with an innovative biotech company focused on
age-related diseases. Through this partnership, Willow will develop
precision fermentation processes for a class of molecules with
targets being developed as nutritional supplements for health and
wellness and active pharmaceutical ingredients (APIs).
Willow will use its FutureGrown™ technology
platform and yeast-strain engineering expertise with the goal of
developing a strain and process for production of the partner's
ingredients. After a successful first phase, both parties
anticipate the next steps will be a full process optimization
program and entering into a commercial agreement for scaling up the
targeted ingredients for use in consumer end-market products. Due
to the disruptive potential nature of its targeted product
applications, the partner's name and target molecules are not being
disclosed at this time.
"We are delighted that our partner recognizes our
expert strain engineering capabilities can help accelerate and
support their product innovation needs to develop novel solutions
for age-related diseases," said Dr. Chris
Savile, Willow's President and CEO. "Furthermore, their dual
commercialization strategy supports the generation of nearer term
product revenue from the nutritional supplement segment along with
the longer-term upside from the pharmaceutical sector. With this
agreement and other positive developments we've announced in recent
weeks, we continue to believe 2023 will be a solid year of growth
and progress for Willow with the anticipation of our being able to
post fundamentally improved financial results for the year."
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™ 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.
Forward-Looking Statements
This news
release may include forward-looking statements including opinions,
assumptions, estimates and the Company's assessment of future plans
and operations, and, more particularly, statements concerning: the
MSA, including the ability to accommodate new programs and to
expand capabilities;; the demand and market size potential of the
synthetic ingredients industry; and the business plan of the
Company, generally, including becoming a leader in precision
fermentation, research and production of functional ingredients.
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 development of future strategic partnerships; 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 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.sedar.com.
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.
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SOURCE Willow Biosciences Inc.