WILLOW SIGNS MASTER SERVICES AGREEMENT WITH INNOVATIVE BIOTECH COMPANY TO DEVELOP INGREDIENTS FOR AGE-RELATED DISEASES

Biotech partner recognizes strength of Willow's first in class FutureGrown^™ technology platform for producing natural products

Further expansion and diversification of Willow's product portfolio with collaboration revenue expected in 2023 and potential for near-term commercial product revenue

MOUNTAIN VIEW, Calif., May 31, 2023 /CNW/ - Willow Biosciences Inc. ("Willow") (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent and sustainable functional ingredients announces execution of a Master Services Agreement (the "MSA") with an innovative biotech company focused on age-related diseases. Through this partnership, Willow will develop precision fermentation processes for a class of molecules with targets being developed as nutritional supplements for health and wellness and active pharmaceutical ingredients (APIs).

Willow will use its FutureGrown™ technology platform and yeast-strain engineering expertise with the goal of developing a strain and process for production of the partner's ingredients. After a successful first phase, both parties anticipate the next steps will be a full process optimization program and entering into a commercial agreement for scaling up the targeted ingredients for use in consumer end-market products. Due to the disruptive potential nature of its targeted product applications, the partner's name and target molecules are not being disclosed at this time.

"We are delighted that our partner recognizes our expert strain engineering capabilities can help accelerate and support their product innovation needs to develop novel solutions for age-related diseases," said Dr. Chris Savile, Willow's President and CEO. "Furthermore, their dual commercialization strategy supports the generation of nearer term product revenue from the nutritional supplement segment along with the longer-term upside from the pharmaceutical sector. With this agreement and other positive developments we've announced in recent weeks, we continue to believe 2023 will be a solid year of growth and progress for Willow with the anticipation of our being able to post fundamentally improved financial results for the year."

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 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. For more information, visit www.willowbio.com.

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 MSA, including the ability to accommodate new programs and to expand capabilities;; the demand and market size potential of the synthetic ingredients industry; and the business plan of the Company, generally, including becoming a leader in precision fermentation, research and production of functional ingredients. 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 biotechnology 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; 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 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.

SOURCE Willow Biosciences Inc.

Travis Doupe, Chief Financial Officer, [email protected]