CALGARY,
AB and MOUNTAIN VIEW, Calif. , July 18,
2022 /CNW/ - 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 ingredients, is pleased to announce that
the Board of Directors has appointed Dr. Peter Seufer-Wasserthal as
Interim President and Chief Executive Officer, effective
July 17, 2022, in connection with
Trevor Peters' retirement as
President and CEO. Mr. Peters will continue to be a Director of the
Company. In addition to the above mentioned changes, Ms.
Barbara Munroe, a Director of the
Company, has been appointed as Lead Independent Director.
"Peter is a visionary leader that has been Chairman of the Board
of Willow since 2020," said Barbara
Munroe. "Peter's experience in biotech, pharma and consumer
ingredients uniquely positions him to oversee the implementation of
our strategic initiatives going forward as we expand our portfolio
of functional ingredients beyond cannabinoids."
Ms. Munroe continued, "On behalf of the Board of Directors, I
would like to thank Trevor for his stewardship through the
challenges of the pandemic and broader industry headwinds. We are
grateful for his contributions to Willow and wish him all the best
in his retirement."
"I am enthused to take over as Interim CEO at such an exciting
time in the Company's history," said Dr. Peter Seufer-Wasserthal.
"Willow's technology platform has been demonstrated with the rapid
commercial launch of its yeast-derived cannabigerol and is now
positioned to successfully deliver new consumer ingredients for the
nutrition, food & beverage, and consumer care sectors, either
independently or through partnerships."
Dr. Peter Seufer-Wasserthal's immediate areas of focus
include:
- Identifying additional key functional ingredients and markets
for expansion of Willow's product portfolio;
- Capturing additional strategic partnerships to accelerate
commercialization; and
- Continuing to build and lead the organization needed to
successfully execute on the Company's mission.
About Willow Biosciences
Inc.
Willow develops and produces high-purity ingredients for the
personal care, food and beverage, and pharmaceutical 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.
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: the Company's management team and the
performance thereof; the ability to accommodate new programs and to
expand capabilities, including the expansion of the Company's
portfolio of functional ingredients beyond cannabinoids; and the
business plan of the Company, generally. 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; the market for Willow's
products; 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 materially
from those in the forward-looking statements including, but not
limited to, risks associated with: the cannabinoid 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 operations in the cannabinoid, personal care, food
and beverage and pharmaceutical markets; the size of such markets;
competition from other industry participants; adverse U.S.,
Canadian and global economic conditions; adverse global events and
public-health crises, including the evolving 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.