06:53 AM EDT, 03/17/2025 (MT Newswires) -- Willow Biosciences ( CANSF ) late on Friday said is agreed to sell its operating subsidiary Epimeron USA, including the biotechnology business, intellectual property and research and development team, to a U.K.-based privately-held, arms-length entity for US$3.4 million in cash.

The transaction, which Willow's strategic review, is scheduled to close on or about April 30, subject to customary closing conditions.

Part of the net proceeds will be used for debt reduction and the remainder of the proceeds will be retained pending a review of the company's futures cash requirements and potential opportunities.

The transaction must be approved by shareholders holding at least two-thirds of shares voted in person or by proxy at an annual general and special meeting of shareholders on April 25.

The deal has been approved unanimously by Willow's board.