Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) has said it expects to achieve “significant” growth in revenue as well as a “demonstrable” reduction in cash burn for 2023, as steps taken to optimize its business have begun to pay off.
The upbeat outlook accompanied results for the first quarter ended March 31, 2023, which showed revenue of $274,000, up from nil a year earlier.
The biotechnology company, which makes precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets, had $10.5 million in cash at end-March, and said its annual budget is expected to be fully funded for 2023.
"The first quarter of this year marked significant progress against our stated goals to foster diversified commercial growth within our portfolio, and create opportunities for near-term revenue generation for the business all while experiencing reduced cash burn," commented Chris Savile, Willow's president and chief executive officer in a statement.
"We are on a solid trajectory in successfully executing on projects underway while pursuing new agreements, and our legacy yeast strain engineering capabilities along with the complementary BioOxi bio-oxidation platform technology we recently launched further opens up the playing field where we can leverage our technology in pursuit of growth."
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