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Willow Biosciences Inc., (OTC:CANSF) a frontrunner in biotech innovations for sustainable ingredient production, reported its financial and operational results Tuesday morning for the fourth quarter and fiscal year 2023.
The year marked a period of significant reorganization and growth, culminating in a record revenue of $1.2 million, a 43% increase from the previous year.
In 2020, Willow announced a breakthrough in biotechnology, successfully developing a scalable process for producing cannabigerol (CBG) with over 99% purity and no detectable THC, which positions Willow to capture a significant market opportunity in high-purity cannabinoids.
The company's innovation bore fruit with its corticosteroid manufacturing platform showing promising results in developing hydrocortisone, prednisolone, and prednisone. This advancement, alongside a successful $800,000 non-brokered financing round.
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In a transformative move, Willow completed the consolidation of all its laboratory operations to Sunnyvale, California. This reorganization was complemented by four new partnerships, setting the stage for continued expansion in 2024.
According to Dr. Chris Savile, president and CEO, this strategic positioning aims to accelerate revenue generation and expand the product pipeline while optimizing operational efficiency.
With an optimistic outlook for 2024, Willow anticipates an over 100% increase in R&D revenues and the initiation of commercial-stage revenue through strategic partnerships and product transitions.
The focus remains on undertaking commercial agreements and leveraging its BioOxi platform for new partnerships, particularly in biobased manufacturing processes.
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Posted In: CANSF