Program brings immediate R&D revenue and first commercial supply revenue as early as 2024

Program further validates Willow's BioOxi™ technology and focus on commercial execution and aligns with its strategic focus on near term revenue generation

SUNNYVALE, Calif., Dec. 7, 2023 /PRNewswire/ - 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 a Nasdaq-listed biopharma company are advancing their program to develop precise, concise manufacturing routes to advanced intermediates and high-value active pharmaceutical ingredients.

The parties' phase one feasibility program that applied Willow's BioOxi™ platform exceeded expectations and the partner has now agreed to continue full development toward commercialization, including additional R&D and scale-up work. Willow expects to continue generating revenue from research fees, aligning with its strategic focus on near-term revenue generation on programs bringing commercial revenue in reasonable timeframes, and to begin generating revenue from commercial supply of a key advanced intermediate from Willow's manufacturing network as early as 2024.

"We appreciate the trust our partner has in Willow to develop sustainable manufacturing routes to APIs and are delighted to continue to work with them to further develop and supply key advanced intermediates to support their development pipeline," said Dr. Chris Savile, Willow's President & CEO. "This is truly an exciting time for Willow and the BioOxi platform as we rapidly move from R&D to manufacturing and supply in 2024."

Willow develops and produces precision fermented functional ingredients for the health and wellness, food and beverage and personal care markets. Willow's FutureGrown™ and BioOxi™ 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 BioOxi™ are registered trademarks of Willow.

This news release may include forward-looking statements including opinions, assumptions, estimates and the assessment of future plans and operations of Willow and its partners, and, more particularly, statements concerning: the development programs involving the companies, including the ability to accommodate new programs, expand capabilities and scale-up toward commercialization; research and commercial supply revenue generation for Willow and the timing thereof; the demand and market size potential of the synthetic ingredients industry; and the business plan of Willow, generally, including becoming a leader in precision fermentation, research and production of functional ingredients and moving from R&D to manufacturing and supply in 2024. 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 Willow 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 Willow; the ability of Willow to fund its business plan using cash on hand, existing resources and commercial revenue; the market for Willow's products; the ability of Willow to obtain and retain applicable licences; the ability of Willow 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 Willow and its partners believe 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 biotechnology industry in general; the success of Willow's research and development strategies; infringement on intellectual property; failure to benefit from partnerships or successfully integrate acquisitions; actions and initiatives of federal, state and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; competition from other industry participants; adverse U.S., Canadian and global economic conditions; adverse global events and public-health crises; 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 Willow with securities regulatory authorities. Please refer to Willow'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 Willow's profile on www.sedarplus.ca.

The forward-looking statements contained in this news release are made as of the date hereof and Willow 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.