Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) told investors it had closed its previously announced private placement of 16,397,365 units for $0.10 each for gross proceeds of about $1.6 million.
The company intends to use the proceeds of the offering to support the enzyme engineering of its existing pipeline of products, including the funding of products relating to its recently announced strategic partnership with Laurus Labs to develop new biobased routes for seven active pharmaceutical ingredients, strain engineering of existing pipeline of products, working capital requirements and general corporate purposes.
The offering was carried out by Independent Trading Group (ITG), who acted as the lead agent and sole bookrunner on a “best efforts” basis.
"We appreciate ITG's efforts and are delighted with the outcome that includes further investment from our strategic food ingredient partner, Kalsec,” Willow CEO Dr Chris Savile said in a statement.
"The proceeds provide the company with the funds needed to continue execution of our programs and partnerships through to commercial realization that are anticipated in 2024 and into 2025.”