Willow Biosciences secures contracts valued at $1M during 2Q
Published: 08:33 09 Aug 2023 EDT
Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) told investors that during the second quarter, it closed three new contracts that are expected to bring in more than $1 million in near-term research and development (R&D)/milestone revenue and, if successful, will generate long-term commercial revenue.
Additionally, the biotechnology company, in collaboration with its partner Sandhill One, initiated the scale-up development of ursodeoxycholic acid to be used in nutraceutical and pharmaceutical products.
"The second quarter was marked by significant further progress in our commercial buildout and portfolio diversification with new agreements signed, multiple new partnerships under discussion and with two contracts in late-stage negotiations," Willow CEO Dr. Chris Savile said in a statement.
"This growing demand for our R&D capabilities led us to cost-effectively move to larger new lab and office facilities in July to accommodate an increased pipeline of projects."
The company exited 2Q, which ended June 30, 2023, with C$6.5 million in cash.
Revenue for the period was C$135,000, as compared to revenue of C$262,000 in the year-ago quarter.
The company noted that its revenue was down sequentially due to the timing of contracts and the completion of R&D/milestone revenue generation.
Willow expects its revenue to accelerate in the second half of the year, saying it remains confident it will post revenue growth for the full year in addition to reporting reduced cash burn.
Its net loss for 2Q was C$3.6 million or a loss of C$0.03 per share, compared to a loss of C$3.1 million in 2Q 2022.
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