WILLOW BIOSCIENCES INC (WLLW.CA) Stock News
TSX:WLLW - Toronto Stock Exchange - CA97111B4047 - Common Stock - Currency: CAD
WLLW.CA Latest News, Press Relases and Analysis
CBG Producer Willow Biosciences Reports Record Q2 Revenue, Enters Major Pharma Deal Slated To Be Key Driver Of Growth
Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) reported on Monday its financial and operating results for the three months ended June 30, 2024, reporting significantly higher revenue and reduced costs. "The second quarter was marked by significant pipeline and revenue growth with the addition of the Laurus Labs strategic partnership that includes seven high-value APIs," Dr. Chris Savile, Willow's president and CEO, said. "In addition, the Company further strengthened its balance sheet by launching a private placement in June, which closed after the end of the quarter, and continued on its path to further increase efficiency and reduce costs."
Company Exploring CBG Production Signals New Era Of Commercial Success In Synthetic Biology
Biotechnology company Willow Biosciences generated around $1.3m in revenues in 2023, a 60% increase from the previous year. The company has hailed 2023 as a "transformative year," citing the launch of its BioOxi bio-oxidation platform technology as one of its top achievements. The AI-driven selective hydroxylation platform removes multiple chemical steps and reduces the cost of manufacturing target molecules. The technology has enabled Willow to accelerate its path to nearer-term and potentially larger revenue opportunities while reducing operational expenses. The company also engaged in multiple partnerships with innovators and generic pharmaceutical companies, resulting in portfolio expansion and diversification. Willow underwent a restructuring of its corporate and operational framework, including consolidating operations in the San Francisco Bay area and making changes to its leadership team. In 2024, Willow plans to capitalize on the BioOxi technology platform to bring its corticosteroids program to commercial readiness and identify strategic partners for pipeline expansion and acceleration.