Willow Biosciences experienced a surge in its shares on Monday following the biotechnology company's announcement of a collaboration with a Nasdaq-listed biopharma company. The collaboration aims to develop new sustainable manufacturing routes for key intermediates and active pharmaceutical ingredients.
In morning trading, Willow Biosciences' shares saw a significant increase of 23%, reaching C$0.08. This boosted the company's shares after experiencing a 30% drop earlier in the year.
Willow Biosciences specializes in the development and production of precision fermented functional ingredients. The undisclosed partner will join forces with Willow for an initial program that will primarily focus on assessing the feasibility of developing a biobased pathway. If successful, the collaboration will progress towards implementation at a commercial scale.
Earlier this month, Willow Biosciences projected that its revenue would accelerate in the second half of the year. The company experienced a decline in revenue during the second quarter, falling to 135,000 Canadian dollars ($99,617), which was attributed to timing factors concerning contracts and the completion of research and development/milestone revenue generation.