Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) released a new corporate update highlighting advancements in its product portfolio and revenue potential through strategic partnerships and new agreements, particularly with Laurus Labs.
"The second quarter of 2024 has been the most active quarter to date for Willow's product portfolio," said Dr Chris Savile, Willow's CEO.
Willow’s partnership with Laurus Labs, announced in late May 2024, is centred on developing biobased processes for seven active pharmaceutical ingredients (APIs).
Utilizing its AI-driven technology platform, Willow aims to deliver biobased routes for high-value APIs, including corticosteroids. Willow anticipates $4 million in guaranteed research payments in the first year, aiding in reducing the company's monthly burn rate without incurring additional costs.
In 2Q, Willow said it is projecting over $1 million in revenue and $3.5 million in 2024 from existing partnerships, including Laurus. The company is also poised to sign “two or three” new programs by year-end, potentially boosting short-term revenue.
Other updates included the company expanding its intellectual property, securing its first cannabinoid patent. Willow now holds 15 patent filings and plans to file at least five more patents in 2024, primarily for its steroid production technology.
Elsewhere, the company has appointed Dr Richard Fox and Gregory Rocklin as senior advisors. Fox, an expert in AI-driven enzyme engineering, will advise on AI platform technologies while Rocklinvwill will focus on corporate development.
Willow has also entered the biopesticide sector through a new proof-of-concept agreement with an innovative Ag-Biotech company. This partnership aims to leverage Willow's technology for large-scale biopesticide production, a market valued at $8.7 billion in 2024.