VANCOUVER, BC, July 20, 2021 /PRNewswire/ - Willow Biosciences
Inc. ("Willow" or the "Company")
(TSX: WLLW) (OTCQX: CANSF), a leading biotechnology company
that manufactures ultra-pure, sustainably produced cannabinoids via
yeast-based biosynthesis, is pleased to provide an update on its
operations as it transitions to a production company and expands
its R&D capabilities to accommodate additional development
programs, including cannabinol ("CBN").
Expansion of Commercial Operations and R&D Teams
With its lead program, cannabigerol ("CBG"), now
successfully at manufacturing scale, Willow has added resources and
expertise to manage commercial production and further expand its
R&D capabilities to grow its product portfolio. Willow has
expanded its Vancouver, British
Columbia and Mountain View,
California teams to include manufacturing, quality and
regulatory groups, along with additional R&D scientists
focusing on strain optimization and process development. Willow's
total headcount is now 55 employees, 42 of which are in technical
roles.
Expansion of Development Portfolio
With Willow's lead proprietary yeast strain now producing
biosynthetic CBG at commercial scale, and agreements in place to
generate product revenue, Willow's R&D teams are now focused on
development of cannabidiol ("CBD") and tetrahydrocannabinol
("THC") programs for commercial manufacture. In addition to
Willow's commercial development programs for CBG, CBD and THC,
Willow's R&D team continues to develop biosynthetic processes
for cannabidivarin ("CBDV"), cannabigerovarin
("CBGV"), and tetrahydrocannabivarin ("THCV"), and
has now added an additional development project for production of
CBN from its biosynthetically derived CBD or THC. Early
research indicates that CBN may be effective as a sleep aid or
sedative, in addition to other potential health benefits. The
Center of Disease Control's Sleep and Sleep Disorder Program states
that one in three adults in the United
States do not get enough sleep, a crucial component for good
health, and CBN is increasingly being incorporated into consumer
products designed to improve sleep quality.
Update on Intellectual Property Position
Since its formation, Willow's R&D team has placed
significant focus on the development of its core strain engineering
technology platform that enables the generation of key intellectual
property, such as proprietary genes, proteins and microorganisms
for the biosynthesis of cannabinoids. During this time, Willow has
established its own in-house cannabis genomic databases for
identification of novel plant-derived genes, developed a rapid
enzyme evolution platform for generation of proprietary engineered
cannabinoid biosynthetic genes, and built multiple tools for
genome-wide editing of its host organism. Using this
strategy, Willow has developed proprietary genes for the primary
cannabinoid biosynthetic pathway, identified novel secondary
supporting genes for boosting productivity, and generated
proprietary production host organisms for efficient cannabinoid
production. Combining its in-house and production partner's
upstream and downstream process development knowhow and expertise
has led to the rapid development of a scaled production process for
CBG. Willow has filed, and will continue to file, multiple
patent applications relating to its proprietary genes, proteins and
microorganisms and their use for the biosynthetic production of
cannabinoids. Willow's first group of patent applications
will publish later this year with subsequent patents publishing on
a continual basis.
Formation of ESG Committee
The safe and environmentally efficient quality of Willow's
manufacturing process is core to the Company's corporate and
operational objectives. As Willow's team and operations grow,
Willow continues to invest in its industry-leading sustainability
management capabilities. To this end, the Company is pleased to
announce that Willow has established a senior-level Environmental,
Social, and Governance ("ESG") committee to oversee
sustainability integration efforts and to provide a direct line
from operations to the board of directors on all ESG matters. The
ESG committee is comprised of cross-functional representatives and
meets quarterly to ensure consistent progress.
ESG priorities for Willow in 2021 and 2022 include ESG strategy
development, data management on identified safety, environmental,
and social KPIs, target-setting, and internal and external
stakeholder engagement.
An updated corporate presentation can be found at
www.willowbio.com/#investors.
About Willow Biosciences Inc.
Willow is a leading biotechnology company based in that develops
and produces high-purity, plant derived ingredients for the
consumer care, food and beverage, and pharmaceutical markets.
Willow's biotechnology platform allows creation of a consistent,
scalable and sustainable product that benefits both B2B and B2C
customers. Willow's R&D team has a proven track record of
developing and commercializing bio-based manufacturing processes
and products for both the consumer and pharmaceutical
industries.
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: Willow's milestone projections, including
the timing of CBG production, revenue generation and commercial
manufacturing of CBD and THC; the progress of Willow's commercial
development programs for CBD, THC, CBDV, CBGV, THCV and CBN; the
therapeutic benefits of CBN; the filing and publishing of patents
applications and the timing thereof; Willow's ESG efforts and
objectives; and the business plan of the Company, generally,
including cannabinoid research and production. 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 to differ materially
from those in the forward-looking statements including, but not
limited to, risks associated with: the cannabinoid 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 AIF and the MD&A 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.