big news day - Qly report out too (below). Trev DOE NOT mention sales in Q2 ... hmmmm ....
Willow Biosciences Reports Q1 2021 Results, Provides Operational Update
BY MT Newswires
— 8:25 AM ET 05/10/2021
08:25 AM EDT, 05/10/2021 (MT Newswires) -- Biotechnology company Willow Biosciences Inc. ( CANSF
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) , which rose 3% on Friday, over the weekend reported a Q1 2021 net loss of $11.3 million, or $(0.10) per share, compared with a net loss of $1.4 million, or $(0.02) per share, for the year ago quarter.
"The first quarter represented another significant move forward for us, as we completed our first commercial scale fermentation run and strengthened our balance sheet for success," said Trevor Peters, Willow's President and Chief Executive Officer. "We are entering the next phase for the Company, which is creating new markets for our ultra-pure, sustainably made, cannabinoids, and our world class team has allowed us to be at the forefront of the industry. As the industry continues to move towards increased regulation from a health and safety perspective, there is a need now more than ever for Willow's consistent and safe manufacturing process."
During the first quarter, Willow continued to optimize its yeast strain, fermentation process, and downstream purification process for production of CBG, and scaled the process to commercial scale fermenters at its first selected contract manufacturing organization (CMO) facilities in Europe. Ongoing optimization of the scaled process to improve production yields will continue in 2021 along with qualification of additional CMOs as required.
The company also announced that Barbara Munroe has been appointed to the board. Munroe has more than 25 years of experience as a lawyer and executive. She is the current Chair of the Board of Crescent Point Energy Corp. (CPG.TO)
Willow ended the quarter in a strong financial position, with approximately $46.5 million in cash on hand.
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