04:50 PM EDT, 06/26/2024 (MT Newswires) -- Willow Biosciences ( CANSF ) , after trade Wednesday released a corporate update on its operations.

The biotechnology company said in the update it agreed to a partnership with Laurus Labs, sees revenue on the rise and filed its first patent, with more patents expected to be filed next year.

"Second quarter of 2024 has been the most active quarter to date for Willow's product portfolio," said Dr. Chris Savile, Willow's chief executive, in a statement. "In addition to signing an agreement with global manufacturing giant, Laurus Labs, that added seven new programs in late May, Willow has added a new 'proof of concept' agreement with an innovative biotech company in the high growth biopesticide sector."

Willow said its multi-product development and licensing partnership with Laurus Labs will manufacture active pharmaceutical ingredients.

The company is also expanding its AI platform with the appointment of AI expert and industry veteran Dr. Richard Fox as Senior Advisor, AI Platform Technologies It also appointed Gregory Rocklin as Senior Advisor, Business and Corporate Development to "continue strategic partnership initiatives" after securing the multi-product partnership with Laurus Labs.

In addition, Willow said its first patent is being issued and it anticipates filing another five patents in 2024 primarily related to its steroid production platform. It is also expanding into the high growth biopesticide sector with the addition of a new partnered program.

Willow anticipates revenue of over $1.0 million in Q2, and over $3.5 million for 2024 on existing programs.

The company's shares closed down $0.005 to $0.105 on the Toronto Stock Exchange.