Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) told investors it has filed a patent application for a process it has developed to produce corticosteroids much more cheaply by utilizing its BioOxi platform.
The global market for corticosteroids, which are broadly used as anti-inflammatory and immunosuppressant drugs, is expected to reach $5.93 billion in 2026, the company said in a statement, citing independent research firm ResearchandMarkets. North America was the largest region for use of the drugs in 2022.
Furthermore, Willow noted that a large percentage of corticosteroid production is outside the United States, which can pose supply chain security issues for drug manufacturers and potentially lead to drug shortages.
It said its innovative BioOxi process can significantly reduce production costs and is expected to be competitive enough to enable more local manufacturing of corticosteroids, leading to a more secure domestic supply chain.
Coupled with pending patent protection, should it be granted, Willow said it believes this wholly-owned technology will provide a significant competitive advantage to potential pharmaceutical manufacturing partners.
"Our newly developed BioOxi platform launched in April of this year is already demonstrating potential through partnered programs and Willow-owned programs, where we expect faster pathways to revenue generation," Willow president and CEO Dr Chris Savile said.
”BioOxi is already unlocking valuable revenue growth opportunities in the near term, particularly with corticosteroids, which we believe will be a large-scale market opportunity. We believe the economic value of a Willow-held patent to manufacture at a demonstrably lower cost than current corticosteroid production represents an exciting opportunity for us and our stakeholders."
Contact the author at stephen.gunnion@proactiveinvestors.com