VANCOUVER, BC, May 11, 2022
/CNW/ - Willow Biosciences Inc. ("Willow" or the
"Company") (TSX: WLLW) (OTCQB: CANSF), a leading
biotechnology company focused on revolutionizing industrial
manufacturing of high-value molecules traditionally derived from
plants, announces expanded production capacity with a new
manufacturing partnership and progress with respect to its
Generally Recognized as Safe ("GRAS") determination.
Expansion of Fermentation
Manufacturing Network
Willow is pleased to announce the signing of a Manufacturing
Services Agreement ("MSA") with a second Contract
Development and Manufacturing Organization ("CDMO"), which
will offer increased fermentation capacity to produce Willow's
FutureGrown™ products, including cannabigerol
("CBG"). Willow's new partner has a strong track record
in the large-scale production of food, nutritional, and
pharmaceutical products and holds all necessary certifications to
serve these markets. This new CDMO partnership allows Willow to
accommodate new programs, both internal and partnered, in addition
to its cannabinoid portfolio.
Willow's Chief Operating Officer Dr. Chris Savile noted, "with the unprecedented
demand for precision fermentation assets, having a global network
of CDMOs with diverse capabilities is an absolute
requirement. The addition of this premier CDMO with large
scale fermentation assets will ensure Willow's manufacturing
capabilities can readily expand to meet market demand."
Successful Completion of Initial
Toxicological Assessment for GRAS Determination
Willow has successfully completed the Stage
1 toxicological assessment of its FutureGrown™ CBG product for
oral product applications, an important milestone for
biosynthetically produced cannabinoids. The assessment concluded
that FutureGrownTM CBG was non-mutagenic,
non-clastogenic, non-genotoxic, which, is the first step toward
concluding Willow's FutureGrown™ CBG as GRAS in the United States. Willow is engaging AIBMR
Life Sciences, Inc. to perform the toxicology studies, with
Stage 2 studies to be initiated shortly.
Willow produces its FutureGrown™ CBG through precision
fermentation, drastically reducing production time and carbon
footprint when compared to traditionally grown cannabis
extracts.
About Willow Biosciences
Inc.
Willow is a leading biotechnology company that develops and
produces high-purity, plant derived ingredients for the personal
care, food and beverage, and pharmaceutical markets. Willow's
FutureGrown™ biotechnology platform allows large-scale
production of pure, consistent, and sustainable 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 ability to
obtain GRAS certification for Willow's FutureGrownÔ CBG; 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 CDMO; 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 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.