Willow Biosciences Inc said it has been engaged by a specialty pharmaceutical company to optimize an enzyme vital to the development of a large volume Active Pharmaceutical Ingredient (API) used in nutraceutical and pharmaceutical products.
The counterparty is partnered with a large-cap, multi-national healthcare company.
"This is a significant step forward in the evolution of Willow's business," Willow CEO Trevor Peters said in a statement. "This new partnership highlights the capabilities of our scientific team, and demonstrates to our stakeholders the wide array of opportunities accessible to Willow's comprehensive FutureGrown technology platform.”
Peters noted that as Willow continues to “expand its capabilities and add new partnerships,” it is on a path to becoming the “premier name in biobased manufacturing."
Willow, which has a presence in both Calgary, Alberta and Mountain View, California, explained that the project consists of research and development and commercialization phases, with revenue coming from both research fees and milestone payments. Following commercialization, Willow anticipates an on-going revenue stream from license payments.
Willow develops and produces high-purity ingredients for the personal care, food and beverage, and pharmaceutical markets. Willow's FutureGrown biotechnology platform allows large-scale production with sustainability at its core.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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