09:02 AM EST, 01/20/2025 (MT Newswires) -- Willow Biosciences ( CANSF ) said Monday that it initiated a formal strategic review process to identify, and evaluate strategic alternatives, including the potential sale of the company.

The company said alternatives may also include a sale of its assets, a merger, joint ventures, royalty or licensing arrangements, introduction of a new significant strategic shareholder, various financing alternatives or other significant transaction.

Willow said there are no assurances that a transaction will be undertaken as a result of the strategic review process.

"To date, the company has been unsuccessful in procuring any form of financing on terms that are in the best interest of shareholders," Willow said. "Given the challenging capital market conditions, the company has initiated a review of available strategic alternatives with a view to maximizing and accelerating the value of Willow's assets."

Willow's share price jumped 6.7% on Friday to $0.08 on the TSX.