Program further validates Willow’s technology and focus on commercial execution and aligns with its strategic focus on near term revenue generation
Kalamazoo, Michigan and Sunnyvale, California – July 20, 2023 – Willow Biosciences Inc. (“Willow“) (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent and sustainable functional ingredients, and Kalsec® Inc. (“Kalsec“), a leading global producer of natural taste and sensory, food protection, colors and advanced hops ingredients for the food and beverage industry, announce they are advancing their functional ingredient development program for a large volume savory foods opportunity.
After a successful phase one feasibility program that applied Willow’s BioOxiTM platform exceeded expectations, Kalsec has agreed to continue full development toward commercialization that includes additional R&D and scale-up work. Willow expects to continue generating revenue from research fees and milestones, aligning with its strategic focus on near-term revenue generation on programs bringing commercial revenue in reasonable timeframes, with anticipated ongoing negotiation of commercial terms as the program advances.
“We appreciate the trust Kalsec has in Willow to help with their innovation pathway and are delighted to partner with them on this next step in our engagement on ingredient development,” said Dr. Chris Savile, Willow’s President & CEO. “Looking forward, we are excited by the opportunity to engage with Kalsec’s extraordinary team in bringing to market what could potentially be a number of sustainably sourced innovative ingredients that favorably enhance customers’ products and the consumer experience.”
“Willow has proven its capabilities repeatedly during our engagement over the last few months and we anticipate a long partnership as the result of our success working together,” said Dr. Roger Nahas, Executive Vice President of Global R&D and Chief Innovation Officer at Kalsec. “Toward that end, our team has identified a number of savory food and beverage ingredient targets where we can potentially engage with Willow to help bring the best products possible to Kalsec’s customers with a keen focus on market-leading innovation and sustainability.”
About Kalsec Inc.
Kalsec® Inc provides innovative taste and sensory, natural food protection, natural colors and advanced hops solutions to the food and beverage industries. We capture the best nature has to offer and utilize over 60 years of experience and industry leading innovation to make food and beverage products look better, taste better and last longer. Family owned and headquartered in Kalamazoo, Michigan since 1958, Kalsec has regional offices, laboratories and sales teams in North America, Europe, and Asia. As a certified B Corp, Kalsec makes ethical and sustainable decisions that serve our customers, employees, communities, and the environment. For more information about Kalsec’s portfolio of solutions and its commitment to unlocking the potential of people, nature, and science to nourish the world, visit www.kalsec.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 FutureGrownTM 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 more information, visit www.willowbio.com.
FutureGrown™ and BioOxiTM are registered trademarks of Willow Biosciences Inc. All other trademarks are trademarks of their respective holders.
