Business
WILLOW FURTHER OPTIMIZES ITS BUSINESS TO FOCUS ON NEAR-TERM REVENUE GENERATION AND REDUCE CASH BURN
WILLOW FURTHER OPTIMIZES ITS BUSINESS TO FOCUS ON NEAR-TERM REVENUE GENERATION AND REDUCE CASH BU...
About this update from Atlas Energy Corp.
[{"type":"text","content":"\n \n \n \n WILLOW FURTHER OPTIMIZES ITS BUSINESS TO FOCUS ON NEAR-TERM REVENUE GENERATION AND REDUCE CASH BURN\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n and\n \n MOUNTAIN VIEW, Calif\n \n \n ,\n \n \n Dec. 7, 2022\n \n \n /CNW/ - Willow Biosciences Inc. (\"\n \n Willow\n \n \") (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent and sustainable functional ingredients announced today that it has taken additional steps to focus on near-term revenue generation, protect its balance sheet and reduce its cash burn.\n \n \n \n \n \n \n \n \n \n Since the early part of the year, the Company has reviewed its market opportunities and its portfolio, using a rigorous evaluation process that has taken into consideration the challenges in the current operating environment. As a result of this review, the Company has taken the following proactive actions:\n \n \n \n The Company's business development focus has shifted to near-term revenue generating programs. On\n \n May 31, 2022\n \n , the Company announced its first partnered program for a pharmaceutical project that has already generated revenue for the Company. A second program was announced in November with Kalsec, a leading global producer of natural taste and sensory, food protection, colors and advanced hops ingredients for the food and beverage industry. The terms for both programs include near-term research and development revenue and milestone payments with the potential for further upside after commercialization. Furthermore, the Company is optimistic that it will be able to announce at least one new additional program in 2023.\n \n \n The Company consolidated its R&D operations into one lab, located in\n \n Mountain View, California\n \n and is pleased to report that key personnel have relocated to the\n \n Mountain View\n \n site and the transfer of operations was completed with minimal downtime for operations. In addition, Willow was able to ship and repurpose a ...