WILLOW FURTHER OPTIMIZES ITS BUSINESS TO FOCUS ON NEAR-TERM REVENUE GENERATION AND REDUCE CASH BURN

Calgary, Alberta and Mountain View, California – December 7, 2022 – Willow Biosciences Inc.(“Willow“) (TSX: WLLW; OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent and sustainable functional ingredients announced today that it has taken additional steps to focus on near-term revenue generation, protect its balance sheet and reduce its cash burn.

Since the early part of the year, the Company has reviewed its market opportunities and its portfolio, using a rigorous evaluation process that has taken into consideration the challenges in the current operating environment. As a result of this review, the Company has taken the following proactive actions:

  • The Company’s business development focus has shifted to near-term revenue generating programs. On May 31, 2022, the Company announced its first partnered program for a pharmaceutical project that has already generated revenue for the Company. A second program was announced in November with Kalsec, a leading global producer of natural taste and sensory, food protection, colors and advanced hops ingredients for the food and beverage industry. The terms for both programs include near-term research and development revenue and milestone payments with the potential for further upside after commercialization. Furthermore, the Company is optimistic that it will be able to announce at least one new additional program in 2023.
  • The Company consolidated its R&D operations into one lab, located in Mountain View, California and is pleased to report that key personnel have relocated to the Mountain View site and the transfer of operations was completed with minimal downtime for operations. In addition, Willow was able to ship and repurpose a significant portion of the existing equipment from its prior Burnaby, British Columbia lab location to the Mountain View facility, thereby reducing the overall costs by centralizing lab activities. The lower overhead cost associated with operating a single lab versus two labs is expected to reduce the Company’s burn rate.
  • , but with its new focus on other ingredients will not invest in developing new products without partner funding.
  • Willow outsourced its internal Quality Control analytical testing and release requirements, eliminating a number of full-time employee positions in Burnaby.
  • The above-mentioned actions combined with an extensive review of the Company’s workflows resulted in a total reduction of non-research and development workforce of eight persons, including four management positions, resulting in a current total headcount of 31 of which 77% are in R&D and operations. Willow continues its focus on operating in a lean fashion while maintaining sufficient R&D and operational resources to execute on its partnered programs and continuing to develop its own product portfolio.
  • With no debt and a significant cash balance of $18.4 million as of September 30, 2022, the Company intends to approve a fully funded budget which covers the entirety of 2023.

“By optimizing our business and reducing our cash burn we are in a strong position to pursue a strategic focus on development programs that leverage our precision fermentation technology platform for near-term revenue generation and market success,” said Dr. Peter Seufer-Wasserthal, Willow’s President and CEO. “Looking forward to 2023, we are excited about a number of new options we see to utilize the platform more broadly within the health and wellness, food and beverage and personal care markets, while working hard to realize shareholder value from our existing and future research and development programs and sale of functional ingredients to our customers.”

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 FutureGrownTM 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.

For further information, please contact:

Travis Doupe

Chief Financial Officer

info@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 business plan and strategy of the Company, including becoming a leader in precision fermentation, research and production of functional ingredients; near term revenue generation and burn rate reductions; the ability to accommodate new programs and expand capabilities; the continued development of Willow’s FutureGrown™ CBG; the demand and market size potential of the synthetic ingredients industry and the ability to capture value as the market develops; and the intention to announce a fully-funded 2023 budget. 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; import/export and research restrictions for cannabinoid-based operations; the size of the medical-use and adult-use cannabinoid market; competition from other industry participants; adverse U.S., Canadian and global economic conditions; adverse global events and public-health crises, including the current COVID-19 outbreak; 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.

Any financial outlook and future-oriented financial information contained in this document regarding prospective financial performance, financial position, cash balances, costs or revenue is based on assumptions about future events, including economic conditions and proposed courses of action based on management’s assessment of the relevant information that is currently available. Projected operational information contains forward-looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future-oriented financial information or a financial outlook. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. Actual results will vary from projected results. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein.

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.

News

Latest news, media & events

17/01/2023

WILLOW ANNOUNCES FOLLOW-ON ENGAGEMENT FOR NEXT PHASE OF PARTNERED PHARMACEUTICAL PROJECT

Represents early progress against targeted milestones anticipated for 2023 to expand company growth Calgary,...
14/12/2022

WILLOW PROVIDES CORPORATE UPDATES, BUSINESS OUTLOOK AND KEY TARGETED MILESTONES ANTICIPATED FOR 2023 TO EXPAND GROWTH

Calgary, Alberta and Mountain View, California – December 14, 2022 – Willow Biosciences Inc.("Willow"...
07/12/2022

WILLOW FURTHER OPTIMIZES ITS BUSINESS TO FOCUS ON NEAR-TERM REVENUE GENERATION AND REDUCE CASH BURN

Calgary, Alberta and Mountain View, California – December 7, 2022 – Willow Biosciences Inc.("Willow")...
08/11/2022

KALSEC SIGNS MASTER SERVICES AGREEMENT WITH WILLOW BIOSCIENCES FOR THE DEVELOPMENT AND MANUFACTURE OF FUNCTIONAL FOOD INGREDIENTS USING PRECISION FERMENTATION

Kalamazoo, Michigan, Calgary, Alberta and Mountain View, California – November 8, 2022 – Willow Biosciences...
07/11/2022

WILLOW BIOSCIENCES TO HOST INVESTOR PRESENTATION WEBCAST

Calgary, Alberta and Mountain View, California – November 7, 2022 – Willow Biosciences Inc. ("Willow" or...
03/11/2022

WILLOW BIOSCIENCES REPORTS THIRD QUARTER 2022 RESULTS AND ANNOUNCES APPOINTMENT OF DR SEUFER-WASSERTHAL AS PRESIDENT AND CEO

Calgary, Alberta and Mountain View, California – November 3, 2022 – Willow Biosciences Inc. ("Willow" or...
12/10/2022

WILLOW BIOSCIENCES ANNOUNCES NEW FUNCTIONAL INGREDIENT ASTAXANTHIN ADDED TO PRODUCT PORTFOLIO

Calgary, Alberta and Mountain View, California – October 12, 2022 – Willow Biosciences Inc. ("Willow" or...
31/08/2022

WILLOW BIOSCIENCES PROVIDES CBG UPDATE

Calgary, Alberta and Mountain View, California – August 31, 2022 – Willow Biosciences Inc. ("Willow"...
15/08/2022

WILLOW BIOSCIENCES REPORTS SECOND QUARTER 2022 RESULTS

Calgary, Alberta and Mountain View, California – August 15, 2022 – Willow Biosciences Inc. ("Willow" or...
18/07/2022

WILLOW BIOSCIENCES APPOINTS DR. PETER SEUFER-WASSERTHAL AS INTERIM PRESIDENT AND CEO

Calgary, Alberta and Mountain View, California – July 18, 2022 – Willow Biosciences Inc. ("Willow" or...
06/06/2022

WILLOW BIOSCIENCES INCORPORATES INSCRIPTA’S ONYX® PLATFORM TO EXPAND STRAIN ENGINEERING CAPABILITIES AND THROUGHPUT

Calgary, Alberta and Mountain View, California – June 6, 2022 – Willow Biosciences Inc. ("Willow" or...
31/05/2022

WILLOW BIOSCIENCES EXPANDS ITS PORTFOLIO WITH A NEW PARTNERED PHARMACEUTICAL PROJECT

Calgary, Alberta and Mountain View, California – May 31, 2022 – Willow Biosciences Inc. ("Willow"...
12/05/2022

WILLOW BIOSCIENCES REPORTS FIRST QUARTER 2022 RESULTS

Vancouver, British Columbia – May 12, 2022 – Willow Biosciences Inc. ("Willow" or the "Company")...
11/05/2022

WILLOW BIOSCIENCES ANNOUNCES EXPANSION OF ITS FERMENTATION MANUFACTURING NETWORK AND PROGRESS ON ITS CBG GRAS DETERMINATION

Vancouver, British Columbia – May 11, 2022 – Willow Biosciences Inc. ("Willow" or the "Company")...
30/03/2022

WILLOW BIOSCIENCES REPORTS FOURTH QUARTER AND 2021 YEAR END RESULTS, FILING OF ITS 2021 AIF, AND OPERATIONAL UPDATE

Vancouver, British Columbia – March 29, 2022 – Willow Biosciences Inc. ("Willow" or the "Company")...
31/01/2022

WILLOW BIOSCIENCES TO HOST INVESTOR PRESENTATION WEBCAST

Vancouver, British Columbia – January 31, 2022 – Willow Biosciences Inc. ("Willow" or the "Company")...
19/01/2022

WILLOW BIOSCIENCES PUBLISHES THE FIRST PEER REVIEWED ARTICLE DEMONSTRATING THE CLINICAL BENEFIT OF CBG FOR SKINCARE

Vancouver, British Columbia – January 19, 2022 – Willow Biosciences Inc. ("Willow" or the "Company")...
15/11/2021

WILLOW BIOSCIENCES REPORTS THIRD QUARTER 2021 RESULTS

Vancouver, British Columbia – November 15, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
21/09/2021

WILLOW BIOSCIENCES ANNOUNCES COMMERCIAL SCALE OPERATIONAL UPDATE, CBGA PRODUCTION UPDATE AND CORPORATE UPDATE

Vancouver, British Columbia – September 21, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
09/08/2021

WILLOW BIOSCIENCES REPORTS SECOND QUARTER 2021 RESULTS

Vancouver, British Columbia – August 9, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
20/07/2021

WILLOW BIOSCIENCES ANNOUNCES EXPANSION OF ITS COMMERCIAL OPERATIONS TEAM AND DEVELOPMENT PORTFOLIO, AN UPDATE ON ITS INTELLECTUAL PROPERTY POSITION, AND FORMATION OF ESG COMMITTEE

ancouver, British Columbia – July 20, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
10/06/2021

WILLOW BIOSCIENCES AND CELLULAR GOODS ANNOUNCE MULTIYEAR SUPPLY AGREEMENT FOR CANNABIGEROL (CBG)

Vancouver, British Columbia – June 10, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
25/05/2021

WILLOW BIOSCIENCES ANNOUNCES PARTICIPATION IN SYNBIOBETA PANEL DISCUSSION

Vancouver, British Columbia – May 25, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
18/05/2021

WILLOW BIOSCIENCES ADDED TO NYSE-LISTED CANNABIS ETF “THCX”

Vancouver, British Columbia – May 18, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
07/05/2021

WILLOW BIOSCIENCES REPORTS FIRST QUARTER 2021 RESULTS, AN OPERATIONAL UPDATE AND THE ADDITION OF A NEW BOARD MEMBER

Vancouver, British Columbia – May 7, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
28/04/2021

WILLOW BIOSCIENCES ANNOUNCES ANNUAL GENERAL AND SPECIAL MEETING VOTING RESULTS

Vancouver, British Columbia – April 28, 2021 – Willow Biosciences Inc. ("Willow" or "the Company")...
20/04/2021

WILLOW BIOSCIENCES ANNOUNCES GROUND-BREAKING SCIENTIFIC DATA FOR CANNABIGEROL (CBG) ON HUMAN SKIN

Vancouver, British Columbia – April 20, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
31/03/2021

WILLOW BIOSCIENCES ANNOUNCES COMPLETION OF ITS FIRST COMMERCIAL SCALE FERMENTATION RUN

Vancouver, British Columbia – March 31, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
24/03/2021

WILLOW BIOSCIENCES REPORTS FOURTH QUARTER AND 2020 YEAR END RESULTS AND OPERATIONAL UPDATE

Calgary, Alberta – March 23, 2021 – Willow Biosciences Inc. ("Willow" or the "Company") (TSX:...
03/03/2021

WILLOW BIOSCIENCES PROVIDES UPDATE ON ACCELERATION OF EXPIRY DATE OF OUTSTANDING WARRANTS ISSUED PURSUANT TO OCTOBER 2020 UNIT FINANCING

Vancouver, British Columbia – March 3, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
19/02/2021

WILLOW BIOSCIENCES ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION AND COMPLETION OF PREVIOUSLY ANNOUNCED BOUGHT DEAL OFFERING

Vancouver, British Columbia – February 19, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
11/02/2021

WILLOW BIOSCIENCES ANNOUNCES INCREASE TO BOUGHT DEAL OFFERING FROM $20.0 MILLION TO $25.0 MILLION

Vancouver, British Columbia – Feb. 11, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
26/01/2021

WILLOW BIOSCIENCES ANNOUNCES ACCELERATION OF EXPIRY DATE OF OUTSTANDING WARRANTS ISSUED PURSUANT TO OCTOBER 2020 UNIT FINANCING

Vancouver, British Columbia – January 25, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
19/01/2021

WILLOW BIOSCIENCES ADVANCES ITS WORK ON THC; PLANS TO LAUNCH IN THE CANADIAN MARKET

Vancouver, British Columbia – January 19, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
13/01/2021

WILLOW BIOSCIENCES PROVIDES UPDATE ON CANNABIGEROL RESEARCH STUDIES AND KEY PERSONNEL APPOINTMENT

Vancouver, British Columbia – January 13, 2021 – Willow Biosciences Inc. ("Willow" or the "Company")...
16/12/2020

WILLOW BIOSCIENCES ADVANCES ITS COMMERICALIZATION PLAN; FIRST COMMERCIAL PRODUCTION EXPECTED IN EARLY 2021

Leading manufacturer contracted for commercial cannabinoid production • First commercial quantities of ultra-pure CBG...
13/11/2020

WILLOW BIOSCIENCES REPORTS THIRD QUARTER 2020 RESULTS AND OPERATIONAL UPDATE

Calgary, Alberta – November 12, 2020 – Willow Biosciences Inc. ("Willow" or the "Company") (TSX:...
21/10/2020

WILLOW BIOSCIENCES ANNOUNCES PRICING AND UPSIZE OF PREVIOUSLY ANNOUNCED PUBLIC OFFERING TO $10.0 MILLION

Vancouver, British Columbia – October 21, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
20/10/2020

WILLOW BIOSCIENCES ANNOUNCES OVERNIGHT MARKETED PUBLIC OFFERING FOR PROCEEDS OF APPROXIMATELY $8.0 MILLION

Vancouver, British Columbia – October 20, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
08/10/2020

WILLOW BIOSCIENCES PARTNERS WITH RESEARCHERS AT THE UNIVERSITY OF LETHBRIDGE AND UNIVERSITY OF CALGARY TO STUDY EFFECTS OF NON-PSYCHOACTIVE CANNABINOIDS ON PAIN, INFLAMMATION AND DEPRESSION

Vancouver, British Columbia – October 8, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
21/09/2020

WILLOW BIOSCIENCES ANNOUNCES SUCCESSFUL PRODUCTION OF PURE CANNABIGEROL

Vancouver, British Columbia – Sept 21, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
08/09/2020

WILLOW BIOSCIENCES ANNOUNCES RESEARCH AND DEVELOPMENT FUNDING FOR ITS VARIN CANNABINOIDS

Vancouver, British Columbia – September 8, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
12/08/2020

WILLOW BIOSCIENCES REPORTS SECOND QUARTER 2020 RESULTS AND OPERATIONAL UPDATE

Calgary, Alberta – August 12, 2020 – Willow Biosciences Inc. ("Willow" or the "Company") (TSX:...
29/07/2020

WILLOW BIOSCIENCES ANNOUNCES IT HAS COMMENCED ITS PILOT TO PRODUCE ITS FIRST CANNABINOID

Vancouver, British Columbia – July 29, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
06/07/2020

Willow Biosciences Inc. to Webcast Live at VirtualInvestorConferences.com July 9th

Company invites individual and institutional investors, as well as advisors and analysts, to attend...
22/06/2020

WILLOW BIOSCIENCES ANNOUNCES APPOINTMENT OF SENIOR VICE PRESIDENT, SALES AND MARKETING

Calgary, Alberta – June 22, 2020 – Willow Biosciences Inc. ("Willow" or the "Company") (TSX:...
17/06/2020

WILLOW BIOSCIENCES ANNOUNCES EXPEDITED PILOT PRODUCTION AND ADDS MULTIPLE NEW CANNABINOIDS TO PORTFOLIO

Calgary, Alberta – June 17, 2020 – Willow Biosciences Inc. ("Willow" or the "Company") (TSX:...
14/05/2020

Willow Biosciences Reports First Quarter 2020 Results and Provides Operations Update

Calgary, Alberta – May 14, 2020 – Willow Biosciences Inc. ("Willow" or the "Company") (TSX:...
09/04/2020

Willow Biosciences Announces Changes To Its Management Team

Calgary, Alberta – April 7, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
24/03/2020

Willow Biosciences Reports Fourth Quarter And 2019 Year End Results And Operational Update

Calgary, Alberta – March 24, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
12/03/2020

Willow Biosciences Announces Cannabinoid Scale-up And Expedited Path To Commercialization

Calgary, Alberta – March 12, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
07/02/2020

Willow Biosciences Improves Governance With Appointment Of Independent Chairman

Calgary, Alberta – February 7, 2020 – Willow Biosciences Inc. ("Willow" or the "Company")...
03/12/2019

Willow Biosciences Comments on Descheduling of Partner’s Cannabidiol by U.S. Drug Enforcement Agency

Calgary, Alberta, December 3, 2019 – Willow Biosciences Inc.("Willow" or the "Company") (CSE: WLLW; OTCQB: CANSF),...
25/11/2019

Willow Biosciences Receives Conditional Approval to List on the Toronto Stock Exchange

CALGARY, November 25, 2019 – Willow Biosciences Inc. (“Willow” or the “Company“) (CSE: WLLW;...
21/11/2019

Willow Biosciences Reports Third Quarter 2019 Results and Provides Operations Update

CALGARY, Nov. 21, 2019 /CNW/ – Willow Biosciences Inc. (“Willow” or the “Company“) (CSE:...
05/11/2019

Willow Biosciences To Commence Trading on The OTCQB® Venture Market

CALGARY, Alberta, November 5, 2019 — Willow Biosciences Inc. (“Willow” or the “Company”) (CSE:WLLW;...
29/08/2019

Willow Biosciences Reports Second Quarter 2019 Results And Provides Operations Update

Calgary, Alberta – August 29, 2019 – Willow Biosciences Inc. (“Willow” or the “Company”) (CSE:...
04/06/2019

Willow Biosciences and Noramco Announce Joint Development of Biosynthesis Platform for Cannabidiol

New activity will add options and potential for cost savings to Noramco’s robust CBD...
27/05/2019

Willow Biosciences and Tuatara Capital Announce Exercise of Warrants

CALGARY, May 27, 2019 /CNW/ – Willow Biosciences Inc. (“Willow” or the “Company“) (CSE:...
14/05/2019

Willow Biosciences Inc. Announces Share Consolidation

CALGARY, May 14, 2019 /CNW/ - Willow Biosciences Inc. ("Willow" or the "Company") (CSE:WLLW)...
12/04/2019

Makena Resources Inc., Biocan Technologies Inc. and Epimeron Inc. Announce Completion of Private Placement, Strategic Investment From Tuatara Capital and Business Combination to Form Willow Biosciences Inc.

VANCOUVER and CALGARY, April 12, 2019 /CNW/ – Makena Resources Inc. (“Makena“) (CSE: MKNA),...

Mountain View, CA

Focused on identifying and deploying additional genetic elements and solutions to further enhance production of our yeast strains and processes. This state-of-the-art R&D facility includes high-throughput molecular biology and screening technologies, high-end analytical instrumentation and fermentation capabilities along with systems to rapidly evaluate high volumes of data and results.