SUNNYVALE, Calif., Jan. 20,
2025 /PRNewswire/ - Willow Biosciences
Inc. ("Willow" or the "Company")
(TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company
focused on revolutionizing industrial manufacturing of pure,
consistent, and sustainable ingredients, announces that it has
initiated a formal strategic review process to identify, assess and
evaluate a broad range of potential strategic alternatives.
Willow's board of directors has determined it is timely, prudent
and in the best interests of the Company and its stakeholders to
commence a formal process to explore strategic alternatives. To
date, the Company has been unsuccessful in procuring any form of
financing on terms that are in the best interest of shareholders.
Given the challenging capital market conditions, the Company has
initiated a review of available strategic alternatives with a view
to maximizing and accelerating the value of Willow's assets.
Strategic alternatives may include, but are not limited to, a sale
of all or a material portion of Willow's business and assets,
either in one transaction or in a series of transactions, the
outright sale of Willow, a merger or other transaction involving
Willow and a third party, joint ventures, royalty or licensing
arrangements, introduction of a new significant strategic
shareholder, various financing alternatives or other significant
transaction.
There are no assurances that a transaction will be undertaken as
a result of this strategic review process. It is Willow's current
intention not to disclose developments with respect to the process,
periodically or otherwise, unless and until the board of directors
has approved a definitive transaction or strategic alternative or
otherwise determines that disclosure is necessary or appropriate.
Willow cautions that there are no assurances or guarantees that the
process will result in a transaction or, if a transaction is
undertaken, the terms or timing of such a transaction. Willow has
not yet set a definitive schedule to complete its identification,
examination and consideration of strategic alternatives. The board
and management team of Willow believe that this strategic review
process will ultimately benefit shareholders.
Willow has created a virtual data room, which is available for
review by interested parties upon execution of a confidentiality
agreement.
About Willow Biosciences Inc.
Willow develops biomanufacturing processes for producing high
value ingredients in pharmaceutical, food and beverage,
agriculture, and consumer markets. Willow's FutureGrown™ and
BioOxi™ platforms enable large-scale production with sustainability
at its core. Willow's R&D team has a proven track record of
developing and commercializing bio-based manufacturing processes
and products to benefit our B2B partners and their customers. For
more information, visit www.willowbio.com.
FutureGrown™ and BioOxi™ are registered trademarks of Willow
Biosciences Inc.
Forward-Looking Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates and the Company's
assessment of future plans, platforms and operations, and, more
particularly, without limitation, statements concerning the
strategic process and any transaction or transactions resulting
from the strategic process, including the expectation that the
strategic process may elicit change and enhance shareholder value.
When used in this news release, the words "will," "anticipate,"
"believe," "estimate," "expect," "intent," "may," "project,"
"should," and similar expressions are intended to be among the
statements that identify forward-looking statements. The
forward-looking statements are founded on the basis of expectations
and assumptions made by the Company which include, but are not
limited to: the success of the strategic process; the availability
of alternative financing sources to the Company; the success of
Willow's strategic partnerships and the development of future
strategic partnerships; the success of Willow's development
programs and anticipated demand and benefits thereof; the financial
strength of the Company; the ability of the Company to fund its
business plan using cash on hand and existing resources; the market
for Willow's products; the ability of the Company to obtain and
retain applicable licences; the ability of the Company to obtain
suitable manufacturing partners and other strategic relationships;
and the successful implementation of Willow's commercialization and
production strategy, generally. Forward-looking statements are
subject to a wide range of risks and uncertainties, and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Any number of
important factors could cause actual results to differ, including,
but not limited to: risks inherent in the biotechnology industry in
general; the failure to achieve the anticipated benefits of the
strategic process or any transactions undertaken pursuant to the
strategic process; the success of the Company's research and
development strategies; infringement on intellectual property;
failure to benefit from partnerships; the risk that financing
alternatives may not be available on favourable terms or at all;
actions and initiatives of federal, state and provincial
governments and changes to government policies and the execution
and impact of these actions, initiatives and policies; competition
from other industry participants; adverse U.S., Canadian and global
economic conditions; adverse global events and public-health
crises; failure to comply with certain regulations; departure of
key management personnel or inability to attract and retain talent;
and other factors more fully described from time to time in the
reports and filings made by the Company with securities regulatory
authorities. Please refer to the Company's most recent annual
information form and management's discussion and analysis for
additional risk factors relating to Willow, which can be accessed
either on Willow's website at www.willowbio.com or under
the Company's profile on www.sedarplus.ca.
The forward-looking statements contained in this news release
are made as of the date hereof and the Company does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
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SOURCE Willow Biosciences Inc.
