Willow Biosciences (TSX: WLLW) (OTCQX: CANSF), a leading developer of biosynthetic production systems for high-value, plant-derived active pharmaceutical ingredients, reported its first-quarter 2021 financial and operating results. Highlights from the report include the appointment of Dr. Mathias Schuetz to vice president and Dr. Trish Choudhary to vice president, research & development; the closing of its public offering, comprised of 17.4 million common shares sold for $1.65 per share; and the completion of its first commercial-scale fermentation run of its first cannabinoid — cannabigerol (“CBG”) — for market. In addition, the reported noted that Willow Biosciences had advanced its work on its proprietary yeast strain producing tetrahydrocannabinol (“THC”) and has plans to commercially launch a product in the Canadian market. In addition, the company also named a new member to its board of directors: Barbara Munroe. “The first quarter represented another significant move forward for us, as we completed our first commercial scale fermentation run and strengthened our balance sheet for success,” said Willow Biosciences president and CEO Trevor Peters in the press report. “We are entering the next phase for the company, which is creating new markets for our ultra-pure, sustainably made, cannabinoids, and our world class team has allowed us to be at the forefront of the industry. As the industry continues to move towards increased regulation from a health and safety perspective, there is a need now more than ever for Willow’s consistent and safe manufacturing process. We are excited to continue to deliver value for all Willow stakeholders.”
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About Willow Biosciences Inc.
Willow is a Canadian biotechnology company based in Vancouver, British Columbia, that develops and produces high-purity, plant-derived ingredients for consumer care, food and beverage, and pharmaceutical products. Willow’s manufacturing process creates a consistent, scalable and sustainable product that benefits industry and consumers. Willow’s team has a proven track record of developing and commercializing bio-based manufacturing processes and products for both the consumer and pharmaceutical industries. For more information about the company, visit www.WillowBio.com.
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