Willow Biosciences Inc. (TSX:WLLW, OTCQX:CANSF) has reported significant progress in its operational platform in the three months ended June 30, 2022 and said it ended the quarter in a strong financial position, with approximately $22.1 million in working capital and $22.1 million of cash on hand.
"The second quarter saw us take the next step in the evolution of our product portfolio with a new partnered pharmaceutical project," Dr Peter Seufer-Wasserthal, Willow's interim president and CEO said in a statement.
"Over the last three and a half years we have built out a fully integrated team that covers the entire production spectrum from the lab to commercialization. We are in a strong position to continue product development of our FutureGrown CBG and add new partnerships at this time and believe that the company is set up today to be a leader in the coming bio-revolution of tomorrow," he added.
READ: Willow Biosciences expands its portfolio with a new partnered pharmaceutical project
Quarterly highlights
- On May 11, 2022, Willow successfully completed the initial toxicological assessment for Generally Recognized as Safe for its FutureGrown cannabigerol (CBG) product in the US. Willow has successfully completed the Stage 1 toxicological assessment of the product for oral product applications. The company anticipates initiating pivotal Stage 2 toxicological assessment in Q3 2022.
- On May 11, 2022, Willow announced the expansion of its precision fermentation manufacturing network with the signing of a Manufacturing Services Agreement with a second Contract Development and Manufacturing Organization, increasing fermentation capacity to produce Willow's FutureGrown products, including CBG.
- On May 31, 2022, Willow announced that is has been engaged by a specialty pharmaceutical company to optimize a biosynthetic pathway vital to the development of a large volume Active Pharmaceutical Ingredient (API) used in nutraceutical and pharmaceutical products.
- Subsequent to the quarter, on July 18, 2022, Willow appointed Dr Peter Seufer-Wasserthal as interim president and CEO, effective July 17, 2022
Outlook
Willow said it is positioned to become a leader in precision fermentation by capturing key intellectual property around what the company anticipates as the most cost-effective methods to produce highly pure ingredients.
While the market for biosynthetically produced cannabinoids has not materialized as expected, Willow said it remains optimistic about the long term market potential for these ingredients and continues to optimize its production process.
Contact the author at jon.hopkins@proactiveinvestors.com