WILLOW BIOSCIENCES ANNOUNCES STRATEGIC INVESTMENT FROM KALSEC TO DEVELOP INNOVATIVE NATURAL FOOD INGREDIENTS
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Investment further validates Willow's technology for the development and sustainable manufacture of natural ingredients
Additional capital will accelerate commercialization of Willow's pipeline
"We appreciate the trust Kalsec has in Willow and are delighted to welcome them as a partner and now as an investor as we advance development of multiple savory food and beverage ingredient targets," said Dr. Chris Savile, Willow's President & CEO. "We are delighted to expand our partnership with Kalsec to help bring the best products possible to Kalsec's customers with a keen focus on market-leading innovation and sustainability."
Pursuant to the Financing, the Company issued 1,359,856 units (each, a "Unit") at a subscription price of
Subject to the completion of an operational milestone by Willow to develop a strain that meets certain performance criteria (the "Milestone"), Kalsec agreed to subscribe for and purchase an additional
All securities issued under the Financing, including securities issuable on exercise thereof, are subject to a hold period in
Willow develops and produces precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets. Willow's FutureGrownTM 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.
This news release may include forward-looking statements including opinions, assumptions, estimates and the assessment of future plans and operations of Willow, and, more particularly, statements concerning: Willow's business strategies, expectations, planned operations and future actions; the use of proceeds from the Financing; and the listing of the Common Shares issuable pursuant to the Financing, the exercise of the Warrants and the Additional Investment (in the event the Milestone is achieved). When used in this news release, the words "will," "anticipate," "believe," "likely", "estimate," "expect," "intent," "may," "project," "outlook," "could," "would'" "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are based upon a number of estimates and assumptions made by Willow, including but not limited to: assumptions in respect of current and future market conditions; future operations of Willow, including its ability to successfully achieve the Milestone; and 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 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 to differ materially from those in the forward-looking statements, including but not limited to: the success of Willow's research and development strategies; infringement on intellectual property; failure to benefit from partnerships; 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
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.
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