Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) shares jumped 20% on Thursday after the company announced it is advancing a program with a Nasdaq-listed biopharmaceutical company to develop precise, concise manufacturing routes to advanced intermediates and high-value active pharmaceutical ingredients.
After the Phase 1 feasibility program that applied Willow’s BioOxi platform exceeded expectations, the company said its biopharma partner has now agreed to continue full development toward commercialization, including additional research and development (R&D) and scale-up work.
The company said it expects to continue generating revenue from research fees. This aligns with its strategic focus on near-term revenue generation on programs bringing commercial revenue in reasonable timeframes. It also expects to begin generating revenue from the commercial supply of a key advanced intermediate from its manufacturing network as early as 2024.
"We appreciate the trust our partner has in Willow to develop sustainable manufacturing routes to APIs and are delighted to continue to work with them to further develop and supply key advanced intermediates to support their development pipeline," Willow CEO Dr Chris Savile said in a statement.
“This is truly an exciting time for Willow and the BioOxi platform as we rapidly move from R&D to manufacturing and supply in 2024."
Willow's shares were up 2 cents at 12 cents by 1:30pm in Toronto.
Willow develops and produces precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets.
Contact the author at stephen.gunnion@proactiveinvestors.com