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By Adriano Marchese
Shares of Willow Biosciences were higher in late morning trading on Wednesday after the biotechnology company said that it filed a patent application to produce corticosteroids at a lower price
The stock was up 14% at 8 Canadian cents (6 cents) per share at 10:55 a.m. ET.
Willow said that it has developed a process to produce corticosteroids at a significantly reduced cost by using its BioOxi platform that uses bio-hydroxylation in manufacturing.
Corticosteroids are anti-inflammatory and immunosuppressant drugs. They are typically used to treat conditions such as rheumatoid arthritis, inflammatory bowel disease, asthma and allergies.
The global corticosteroids market is expected to grow at a compounded annual growth rate of 4.1% and reach $5.93 billion in 2026, Willow said, citing the independent firm ResearchandMarkets.
Write to Adriano Marchese at [email protected]
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