Willow Biosciences shares take off on biopharma manufacturing collaboration announcement
Published: 12:55 21 Aug 2023 EDT
Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF)’ Canada-listed shares had added more than 23% in the early afternoon on Monday after the company announced that it is collaborating with an unnamed Nasdaq-listed biopharmaceutical company to develop new sustainable manufacturing routes to key intermediates and active pharmaceutical ingredients (APIs).
Willow’s Toronto-listed shares were up 23.1% at C$0.08, while its U.S.-listed shares had added 9.6% at US$0.06.
The Calgary, Alberta-based company said on Monday that the initial two-month program would focus on the feasibility of developing a biobased pathway and, should this be successful, move on to development for implementation at a commercial scale.
The agreement marks the company’s 5th new development agreement executed in 2023.
The company said on August 9 that it had secured three new contracts during the second quarter, which are expected to bring in more than $1 million in near-term research and development and milestone revenue.
Long-term commercial revenue is expected from these partnerships should they be successful, according to Willow.
Willow develops and produces precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets.
Contact the author at emily.jarvie@proactiveinvestors.com
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