CALGARY,
AB and MOUNTAIN VIEW,
Calif, Aug. 31, 2022 /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 functional ingredients, is pleased to provide an update
on cannabigerol ("CBG"), the Company's first commercialized
functional ingredient in its portfolio.
"As we expand our portfolio of products and partnerships, we
also remain committed to maximizing the value of our first
functional ingredient, CBG, through continued development,
operational improvements, and marketing efforts", said Dr. Peter
Seufer-Wasserthal, Willow's Interim President and Chief Executive
Officer. "We remain optimistic on the future opportunity for
CBG and other cannabinoids and will be well-positioned to capture
that value as the markets develop."
Manufacturing Update
Willow previously announced the expansion of its precision
fermentation manufacturing network with the signing of a
Manufacturing Services Agreement ("MSA") with a second
Contract Development and Manufacturing Organization
("CDMO"), increasing fermentation capacity to produce
Willow's FutureGrown™ products, including CBG. Willow
has completed the initial phases of technology transfer with the
CDMO and anticipates running its first commercial batches in the
first half of 2023. Willow continues to supply current and
prospective partners through its first previously announced CDMO,
Curia Global, Inc. (formerly AMRI). Willow has also refined
and advanced its industry leading downstream process
("DSP"), which allows for significantly reduced costs and
optionality for working with additional CDMO's in the future. As
the market for biosynthetically produced CBG continues to develop,
Willow will be in a strong position to deliver commercial scale
volumes. When the regulatory environment permits, Willow is also
well-positioned to develop additional cannabinoids beyond CBG.
Update on GRAS Status
Willow previously announced that it had successfully completed
the initial toxicological assessment for Generally Recognized as
Safe ("GRAS") for its FutureGrown™ CBG product. The Company
has successfully completed the Stage 1 toxicological
assessment for oral product applications. The assessment concluded
that FutureGrown™ CBG caused no adverse effects and was
non-mutagenic, non-clastogenic and non-genotoxic, completing the
first step toward GRAS designation in the
United States. Willow anticipates initiating its Stage 2
pivotal toxicological assessment in Q3 2022 and attaining an
independent conclusion of GRAS in the first half of 2023.
Intellectual Property
Update
Willow has filed 12 patent applications to-date and will
continue to file patent applications relating to its proprietary
genes, proteins, and microorganisms and their use for the
biosynthetic production of cannabinoids and other ingredients.
Willow will continue to provide CBG to potential partners worldwide
to support development of their formulations in various health and
wellness markets.
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.
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 continued
development of Willow's FutureGrown™ CBG, including the ability to
obtain GRAS certification; the demand and market size potential of
the synthetic ingredients industry; intellectual property
protection; 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; 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.
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.