08:26 AM EDT, 06/03/2024 (MT Newswires) -- Willow Biosciences ( CANSF ) , a biotechnology company that saw its shares jump 24% on Friday, on Monday said it will raise up to $3 million via a brokered private placement offering.

The offering, which is expected to close by July 18, is comprised of up to 30 million units at an issue price of $0.10 apiece. On Friday, the shares rose $0.025 to $0.13.

Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will allow the holder to buy one common share at an exercise price of $0.13 per common share for 36 months from the closing of the offering.

Willow plans to use the proceeds to support the company's enzyme engineering of existing pipeline of products, including the funding of products relating to the company's recently announced strategic partnership with Laurus Labs to develop new biobased routes for seven active pharmaceutical ingredients, strain engineering of existing pipeline of products, working capital requirements and general corporate purposes.

With the previously available working capital, revenues from currently funded programs, including the partnership with Laurus Labs, payments for expected performance milestones, and future revenues from new partnerships under negotiation, the company expects to have sufficient working capital until the end of 2025.