VANCOUVER, BC, May 12, 2022 /CNW/ – Willow Biosciences Inc. (“Willow” or the “Company“) (TSX: WLLW) (OTCQB:CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of high-value molecules traditionally derived from plants, has released its financial and operating results for the three months ended March 31, 2022reporting significant progress to its operational platform and strong liquidity.
“The first quarter this year saw us make progress on the safety and effectiveness of Willow’s FutureGrown™ CBG as a key new ingredient for skincare”, said Trevor PetersWillow’s President and Chief Executive Officer. “We are also excited to add new manufacturing capacity to further expand our end-to-end capabilities as a complete biomanufacturng solution for prospective partners. These are challenging times in the broader markets and at Willow we want to reitertate our strong balance sheet and world class R&D team that is set up to capture value for our stakeholders in the coming biorevolution.”
Willow’s unaudited consolidated interim financial statements and related management’s discussion and analysis for the quarter ended March 31, 2022 are available on SEDAR at www.sedar.com.
Highlights for the Quarter
- On January 13, 2022Willow announced the results of its in vitro analysis and was the first company to report on a topical clinical study on cannabigerol (“CBG“). In collaboration with Signum Biosciences, Willow’s FutureGrownTM CBG, produced using its proprietary yeast platform at multi-kilogram scale, demonstrated antioxidant, anti-inflammatory, and skin health-boosting activity in lab assays, and provided similar benefits when applied topically to human skin. A single-blind clinical study in 20 healthy male and female volunteers conducted at Princeton Consumer Research (the “Willow Study“) showed Willow’s FutureGrown CBG clinically reduces skin inflammation, the appearance of redness, and improves barrier function. The results of the Willow Study were published in Molecules, a leading international, peer-reviewed, open access journal that can be found at https://www.mdpi.com/1420-3049/27/2/491/htm.
- Subsequent to the quarter end, on May 11, 2022Willow announced that it had successfully completed the initial toxicological assessment for Generally Recognized as Safe (“GRAS“) for its FutureGrown™ CBG product in the United States. An important milestone for biosynthetically produced cannabinoids, Willow has successfully completed the Stage 1 toxicological assessment of its FutureGrown™ CBG product for oral product applications. The assessment concluded that FutureGrownTM CBG was non-mutagenic, non-clastogenic, non-genotoxic, which is the first step toward concluding Willow’s FutureGrown™ CBG …
