CALGARY,
AB and MOUNTAIN VIEW,
Calif., Oct. 12, 2022 /PRNewswire/ - Willow
Biosciences Inc. ("Willow" or the "Company")
(TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused
on revolutionizing industrial manufacturing of pure, consistent and
sustainable functional ingredients, is pleased to announce that it
has completed proof of concept work, and has started yeast strain
optimization and process development toward commercial production
of astaxanthin, a powerful, naturally occurring, antioxidant
compound that is used in diverse industries such as animal feed,
food & nutrition, and cosmetics.
"We are pleased to add astaxanthin as the next functional
ingredient to our product portfolio", said Dr. Peter
Seufer-Wasserthal, Willow's Interim President and Chief Executive
Officer. "Astaxanthin meets all the criteria for development using
our fully integrated FutureGrownTM technology platform.
It has a large addressable market, with the majority of product
currently supplied being chemically produced using a petroleum
feedstock. Willow offering a natural, clean, sustainably produced
product allows not only penetration of the current large volume
market, but expansion of the market for human health &
wellness, where there is currently no high-purity, cost effective
bio-based product available."
Astaxanthin Market
Astaxanthin is a red pigment, belonging to a group of chemicals
known as carotenoids. In addition to its pigmentation properties,
it is one of nature's most powerful antioxidants. Astaxanthin
occurs naturally in algae and is used as an animal feed additive,
enhancing the red or pink color in trout, salmon, shrimp, lobster
and other seafood, and yolk color in eggs. Astaxanthin is also used
in food & nutrition and cosmetics, where its powerful
antioxidant properties are prized.
Astaxanthin is an attractive functional ingredient that has a
large, established market, estimated to be approximately
$US 750 million in 2022 with an
estimated compound annual growth rate of 8%, and projected to
exceed $US 1 billion by 2027. The
largest opportunity is for animal feed, which represents the
majority of sales for astaxanthin globally. Utilizing its
fully integrated FutureGrownTM technology platform and
strains previously developed on its cannabinoid program, Willow is
developing a high purity, sustainably produced natural astaxanthin
using yeast that is bio-identical to that found in nature yet
expected to be sufficiently cost-effective to compete with the
chemically produced product. Willow's FutureGrownTM
Astaxanthin is also expected to be suitable for the food &
nutrition and cosmetics markets, which are currently served by
low-purity, high-cost material produced using algae. With global
consumer expectations shifting to healthier, more natural sources
of functional ingredients, Willow believes its
FutureGrownTM Astaxanthin will be welcomed by the
market, and in high demand.
Willow has completed proof of concept work, and development is
currently underway to establish a commercial production process for
pure, consistent & sustainable FutureGrownTM
Astaxanthin. The Company intends to update stakeholders as key
milestones along the development timeline are met, which may
include establishing partnerships for product development and
distribution.
An updated version of the Willow's corporate presentation
reflecting its current product portfolio is available on the
Company's website, www.willowbio.com.
About Willow Biosciences
Inc.
Willow develops and produces precision fermented functional
ingredients for the health and wellness, food and beverage and
personal care markets. Willow's FutureGrown™ biotechnology
platform allows large-scale production with sustainability at its
core. Willow's R&D team has a proven track record of developing
and commercializing bio-based manufacturing processes and products
to benefit our B2B partners and their customers.
For further information, please visit our website at
www.willowbio.com
Forward-Looking
Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates and the Company's
assessment of future plans and operations, and, more particularly,
statements concerning: development and commercial production of
FutureGrownTM Astaxanthin; potential demand and market
size in respect of astaxanthin; the continued development of
Willow's FutureGrown™ products, including the ability to obtain all
requisite approvals or certifications; intellectual property
protection; changing consumer sentiments; and the business plan of
the Company generally, including commercial production of
FutureGrownTM Astaxanthin. When used in this news
release, the words "will," "anticipate," "believe," "estimate,"
"expect," "intent," "may," "project," "should," and similar
expressions are intended to be among the statements that identify
forward-looking statements. The forward-looking statements are
founded on the basis of expectations and assumptions made by the
Company which include, but are not limited to: the success of
Willow's strategic partnerships, including the development of
future strategic partnerships; the financial strength of the
Company; the ability of the Company to fund its business plan using
cash on hand and existing resources; market and consumer demand for
Willow's products, including FutureGrownTM Astaxanthin;
the ability of the Company to obtain and retain applicable
licences; the ability of the Company to obtain suitable
manufacturing partners and other strategic relationships; and the
successful implementation of Willow's commercialization and
production strategy, generally. Forward-looking statements are
subject to a wide range of risks and uncertainties, and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Any number of
important factors could cause actual results to differ from the
Company's expectations, including but not limited to: biotechnology
industry in general; the success of the Company's research and
development strategies; infringement on intellectual property;
failure to benefit from partnerships or successfully integrate
acquisitions; actions and initiatives of federal and provincial
governments and changes to government policies and the execution
and impact of these actions, initiatives and policies;
import/export and research restrictions for cannabinoid-based
operations; competition from other industry participants; adverse
U.S., Canadian and global economic conditions; adverse global
events and public-health crises, including the current COVID-19
outbreak; failure to comply with certain regulations; departure of
key management personnel or inability to attract and retain talent;
and other factors more fully described from time to time in the
reports and filings made by the Company with securities regulatory
authorities. Please refer to the Company's most recent annual
information form and management's discussion and analysis for
additional risk factors relating to Willow, which can be accessed
either on Willow's website at www.willowbio.com or under the
Company's profile on www.sedar.com. The forward-looking statements
contained in this news release are made as of the date hereof and
the Company does not undertake any obligation to update publicly or
to revise any of the included forward-looking statements, except as
required by applicable law. The forward-looking statements
contained herein are expressly qualified by this cautionary
statement.
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SOURCE Willow Biosciences Inc.