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Willow Biosciences Inc. (TSX:WLLW) (OTCQB:CANSF) has reported its financial and operating results for the third quarter ending September 30, 2023, showcasing record revenue and substantial progress in its business expansion.
Willow is a precision fermentation company that uses advanced science and technology to produce natural ingredients for the health and wellness, food and beverage and personal care markets, including cannabis.
Dr. Chris Savile, Willow's president & CEO, highlighted the successful implementation of the company's strategy to enhance sustainability and reduce operational expenses.
Key Third Quarter Corporate Highlights
“The excitement in the industry around our BioOxi program and its potential to transform the multi-billion dollar steroid market has led to negotiations on multiple new programs that are expected to close in the first half of 2024," said Dr. Savile. "These programs are expected to generate both near-term R&D revenue, including up-front cash, and longer-term upside through milestones, royalties, and ingredient supply without the need for significant internal investment."
Business Outlook for 2023: The company anticipated continued strong R&D revenue growth in Q4 and expects the first commercial revenues as early as Q1 2024.
CANSF’s shares were trading 8.13% higher at $0.0556 per share at the time of writing on Wednesday afternoon.
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