WILLOW BIOSCIENCES PROVIDES CORPORATE UPDATE AND ANNOUNCES SIGNING OF A NEW PARTNERED PROGRAM
Willow Biosciences has announced a significant partnership with Laurus Labs to develop and manufacture active pharmaceutical ingredients (APIs), expecting $4 million in guaranteed R&D payments in the first year and annual royalties upon commercialization. The company projects revenue of over $1 million for Q2 and $3.5 million for 2024. Willow has also ventured into biopesticides, securing a proof-of-concept agreement with a biotech firm. Additional appointments include Dr. Richard Fox as Senior Advisor for AI Platform Technologies and Mr. Gregory Rocklin for Business and Corporate Development. The company has recently secured its first patent and plans to file five more in 2024. Willow aims to reduce its monthly burn rate and is optimistic about signing 2-3 new programs by year-end.
- Projected revenue of over $1 million for Q2 and $3.5 million for 2024.
- Guaranteed $4 million in R&D payments in the first year from Laurus Labs partnership.
- First patent secured with plans for five more in 2024.
- Appointment of industry experts Dr. Richard Fox and Mr. Gregory Rocklin to key advisory roles.
- Expansion into the biopesticide sector with a new partnered program.
- Reliance on successful commercialization of APIs for long-term revenue.
Company announced multi-product development and licensing partnership with Laurus Labs for manufacturing active pharmaceutical ingredients
Company anticipates revenue of over
Company expands its AI platform with the appointment of AI expert and industry veteran Dr. Richard Fox as Senior Advisor, AI Platform Technologies
Company appoints Mr. Gregory
Company announces its first patent being issued; anticipates filing another five patents in 2024 primarily related to its steroid production platform
Company expands into the high growth biopesticide sector with addition of new partnered program
"The second quarter of 2024 has been the most active quarter to date for Willow's product portfolio," said Dr. Chris Savile, Willow's President & CEO. "In addition to signing an agreement with global manufacturing giant, Laurus Labs, that added seven new programs in late May, Willow has added a new "proof of concept" agreement with an innovative biotech company in the high growth biopesticide sector," continued Dr. Savile.
Laurus Labs Partnership
On May 30, 2024, the Company announced a strategic partnership with Laurus Labs to develop new biobased routes for seven active pharmaceutical ingredients. Willow will leverage its AI-driven technology platform and extensive experience in enzyme, strain, and process engineering to deliver biobased processes for high-value Active Pharmaceutical Ingredients (APIs) with existing markets, including Willow's BioOxiTM-based corticosteroid processes, for large scale manufacturing, sales, and distribution at Laurus. Willow and Laurus expect these first programs to reach commercial manufacture in 2025.
Under the terms of the collaboration, Willow expects to earn significant annual revenues in research & development and royalties, including
Revenue Growth
The Company anticipates a total of over
IP Portfolio
Willow continues to build out its IP portfolio with the first of its cannabinoid patents being recently granted. Willow's patent portfolio consists of 15 patent filings for its various programs and anticipates filing at least 5 additional patents through 2024 primarily related to its steroid production technology.
Appointment of Senior Advisors
The Company is happy to announce the appointments of Dr. Richard Fox and Mr. Gregory
Mr. Gregory
Biopesticides
Biochemical pesticides are naturally occurring substances that control pests through non-toxic, targeted mechanisms resulting in enhanced crop productions. According to Fortune Business Insights, the global biopesticides market is
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 collaboration agreement and development program with Laurus Labs, including the ability to accommodate new programs and to expand capabilities and transition R&D programs to commercial revenue; the expectation of the first programs with Laurus Labs reaching commercial manufacture in 2025; expansion into the high growth biopesticide sector pursuant to a new partnered program; expectations of signing 3-5 new programs before the end of 2024; the anticipated filing another five patents in 2024 primarily related to its steroid production platform; the impact of newly appointed strategic advisors and the Company's AI platform; the demand and market size potential of the synthetic ingredients and biopesticides industries; 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 Laurus Labs and an innovative Ag-Biotech company and 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, 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
Any financial outlook and future-oriented financial information contained in this document regarding prospective financial performance, financial position, cash balances or revenue, including the anticipated receipt of revenue of over
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.
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