WILLOW BIOSCIENCES ANNOUNCES NEW PARTNERSHIP WITH A GLOBAL INGREDIENT MANUFACTURER TO ADVANCE DEVELOPMENT OF A HIGH VALUE INGREDIENT FROM ITS PORTFOLIO

SUNNYVALE, Calif., Nov. 7, 2024 /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, announces that it has partnered a high value ingredient from its internal portfolio with a global ingredient manufacturer to fully develop, scale, and commercialize.  

Through this partnership, Willow expects to receive payments for research and development ("R&D") followed by a tiered profit share for 15 years after launch, if successful. The research program is expected to take 12 months to complete, with near-term payments for R&D to Willow of up to $1.3 million, should certain performance targets be met through development. The partner will be responsible for regulatory, manufacturing, and sales and marketing costs. The ingredient resulting from this collaboration will allow the partner to pursue commercialization in a $1 billion global segment that is currently dominated by a chemically synthesized product.  Utilizing its fully integrated technology platform and strains previously developed, Willow and its partner are working to develop a high purity, sustainably produced natural ingredient that is bio-identical to that found in nature yet expected to be lower cost than chemically synthesized product.

"We are pleased to partner this ingredient that started as an internal program, with a global partner with commercial-scale manufacturing expertise and market access", said Dr. Chris Savile, Willow's President and Chief Executive Officer. "This partnership further validates our ability to select and develop products within large existing markets that can be improved with biomanufacturing, execute on the required science, and secure the appropriate commercialization partner."

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™ and BioOxi™ platforms enable 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.

FutureGrown™ and BioOxi™ are registered trademarks of Willow Biosciences Inc.

Forward-Looking Statements

This news release may include forward-looking statements including opinions, assumptions, estimates and the Company's assessment of future plans, platforms, operations and expansion, and, more particularly, statements concerning: the new partnership agreement, including the ability to successfully, complete and transition the R&D program to commercial revenue; and the business plan of the Company, generally. 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 partnerships with the new partner; 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, state and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; competition from other industry participants; adverse U.S., Canadian and global economic conditions; adverse global events and public-health crises; 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.sedarplus.ca.

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.

Certain information contained herein has been obtained from published sources prepared by independent industry analysts and third-party sources (including industry publications, surveys and forecasts). While such information is believed to be reliable for the purposes used herein, Willow does not assume any responsibility for the accuracy of such information. The sources cited in this news release have not consented to the inclusion of any data from their reports, nor has Willow sought their consent.

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SOURCE Willow Biosciences Inc.