CALGARY: Willow Biosciences Inc. ("Willow" or the "Company") (CSE: WLLW) has released its financial and operating results for the three and six months ended June 30, 2019. Selected financial and operational information is outlined below and should be read in conjunction with Willow's unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2019 and related management's discussion and analysis which are available on SEDAR at www.sedar.com.
"Over the past few months, we have made impressive progress in advancing our business on several important fronts," said Trevor Peters, Willow's President and Chief Executive Officer. "We have assembled a team of proven business executives and world-renowned scientists to lead the development of our high quality consumer, wellness, and pharmaceutical ingredient manufacturing programs. The development of our yeast-based cannabinoid production platform is progressing well and we expect to initiate the scaling up of our process in the first half of 2020. In addition to advancing our development operations, we are focused on positioning Willow for successful future commercialization through our recently signed strategic partnership with Noramco, Inc. (Noramco), one of the world's leading pharmaceutical cannabinoid ingredient producers."
Highlights for the Quarter:
Willow expanded its operations in the quarter to include three facilities, located in Calgary, Alberta, Mountain View, California and Burnaby, British Columbia. Each facility is strategically located to leverage the unique service provider resources and highly qualified personnel available in that region, allowing us to focus on relevant aspects of our development process at each facility, while also encouraging collaboration within the teams.
Willow made key appointments to its management team and board of directors in the second quarter, bringing together a wealth of experience in capital markets, governance and commercialization. Our science team includes some of the industry's leading minds with unique and proven abilities in developing and commercializing biosynthetically produced pharmaceutical grade ingredients. Our management team and board of directors bring a broad and complementary range of experience and skills, including demonstrated leadership abilities, strong business acumen, deep industry knowledge and extensive operational experience in commercial development and start-up organizations.
On June 4, 2019, Willow signed an exclusive Joint Development Agreement (JDA) with Noramco. This strategic...