Willow Biosciences is the result of a three-way merger between University of Calgary spinout Epimeron, BioCan Technologies and CSE-listed Makena Resources.
Epimeron, a Canada-based biotechnology spinout of University of Calgary, and cannabis producer BioCan Technologies have completed their reverse merger with exploration company Makena Resources to form Willow Biosciences.
The new business listed on the Canadian Securities Exchange on Monday after completing a private placement of $29m, with cannabis-focused private equity firm Tuatara Capital supplying $21m. Makena was previously listed on the same stock exchange.
Willow Biosciences will focus on cannabinoid biosynthetic production through all stages of development, from gene discovery through manufacturing and commercialisation.
Founded in 2014, Epimeron specialised in commercialising bioproducts in partnership with synthetic biology companies. The spinout’s technology had applications in healthcare, specialty chemicals, biofuels and agriculture.
Epimeron built on research led by Peter Facchini, professor of plant biochemistry in the Department of Biological Sciences at University of Calgary. It was spun out by tech transfer office Innovate Calgary.
The spinout does not appear to have disclosed any equity funding, though it had received support from nonprofits Genome Alberta and Genome Canada as well as the Natural Sciences and Engineering Research Council of Canada, the Canada Research Chairs Program, the Canada Foundation for Innovation, and the government of Alberta.
BioCan Technologies was founded in 2014 and used molecular genetics to support cultivar development for cannabis and hop plants. It had signed research partnerships with University of British Columbia, though it is unclear if the merger affects these.
Makena Resources, known as Canasia Industries until 2013, was a mining exploration company. It began actively exploring opportunities in the life sciences sector in September 2018 and sold all of its mining assets to an arm’s length third party under the merger agreement.
Trevor Peters, president and chief executive of Willow Biosciences, said: “We are very excited to be entering our next phase of development.
“The capital we have raised will augment and accelerate the work we have already started in developing a biosynthesis platform for producing cannabinoids and will fund us to full scale production.”
Fachini retains his position as chief scientific officer at Willow Biosciences, while Joseph Tucker, co-founder and CEO of Epimeron, has been named executive chairman. Jillian Hagel, co-founder and chief operating officer of Epimeron, has been appointed vice-president of applied science.
