Biotech company Willow Biosciences Inc. (TSX:WLLW) (OTCQB:CANSF) generated nearly $1.3 million in revenues in 2023, increasing approximately 60% over the period.
Dr. Chris Savile, president and CEO of the company called 2023 a "transformative year for Willow," which relies on synthetic biology techniques to create compounds like cannabigerol typically extracted from cannabis.
Why?
In its Wednesday press release, the company said one of its top achievements over the past 12 months was the launch of BioOxi bio-oxidation platform technology.
The AI-driven selective hydroxylation platform has been proven to remove multiple chemical steps and significantly reduce the cost of manufacturing target molecules.
The new technology allowed Willow to accelerate its "path to nearer-term and potentially larger revenue opportunities while reducing operational expenses."
In 2023, the company also engaged in multiple partnerships with innovators, such as Kalsec, an undisclosed Nasdaq-listed biopharmaceutical company and generic pharmaceutical companies, such as Suanfarma. These moves resulted in the expansion and diversification of Willow's portfolio.
The company also underwent a restructuring of its corporate and operational framework, including consolidation of operations in the San Francisco Bay area and changes to its leadership team.
In its third-quarter earnings report, Savile highlighted the successful implementation of the company's strategy to enhance sustainability and reduce operational expenses.
What To Expect In 2024
Savile said the BioOxi technology platform is expected to back the company's growth in the future.
"In 2024, the company will capitalize on its platform to bring our exciting corticosteroids program to commercial readiness and identify strategic partners for expansion and acceleration of its pipeline of opportunities," Savile added.
The company plans to work on:
- Execution of commercial agreements on its existing programs;
- The transition of research and development programs to commercial revenue;
- Full-year research and development revenues for 2024 to achieve an increase of over 100% compared to 2023;
- Closing at least one partnership agreement on its corticosteroid programs;
- Signing two or more additional partnerships in the first half of 2024 and additional partnerships in the second half to develop biobased manufacturing processes for innovator-owned targets; and
- Continued advancement of its core technology platform.
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