ENGLEWOOD, Colo., March 2,
2022 /PRNewswire/ -- Lightwave Logic, Inc.
(NASDAQ: LWLG), a technology platform company leveraging its
proprietary electro-optic (EO) polymers to transmit data at higher
speeds with less power, today provided a corporate update in
conjunction with the filing of its Annual Report on Form 10-K for
the quarter and year ended December 31,
2021.
Recent Company Highlights:
- As of December 31, 2021, the
Company's cash and cash equivalents are approximately $23.4 million, enabling it to finance operations
through December 2023.
- Nasdaq Stock Market approved the listing of the
Lightwave Logic common shares on the Nasdaq
Capital Market. The stock began trading on the Nasdaq
on September 1, 2021, followed
by a closing bell ceremony at the Nasdaq Stock Market
on September 10, 2021.
- Appointed Dr. John Zyskind
- a veteran of the telecom and data communications industries
- to spearhead the Company's engineering teams ahead of
commercialization and scale up with foundry partners.
- Enhanced its foundry process development kit (PDK)
offering with addition of optical grating couplers, which will be
part of the Company's Design Tool Kit to simplify foundry processes
when integrating the company's polymer technology with
silicon photonics.
- Achieved breakthrough photostability results on
its EO polymer modulators that are compatible with
high-volume silicon foundry processes.
- Announced the appointment of Dr. Craig
Ciesla, a company Advisory Board member, to the Board
of Directors. In conjunction, Dr. Joseph A.
Miller retired from the Board of Directors and transitioned
to the company's Advisory Board.
- Presented at multiple industry specific and investor-related
conferences including the ROTH 10th Annual Deer Valley Investor
Conference, Oppenheimer's 5G Summit: Wireless and Cloud
Convergence, Ladenburg Thalmann Virtual Technology
Expo, ROTH 10th Annual Virtual Technology Conference,
Benzinga All Access Event and LD Micro Main
Event, and was co-chair and keynote speaker at the 5th PIC
International conference.
The full text of the Company's Annual Report on Form 10-K for
the year ended December 31, 2021 was
filed with the SEC on March 1, 2022
and can be found here.
Management Commentary
"Our final quarter of 2021 was highlighted by ongoing technology
improvements and developments that will support the
commercialization process with our high-volume silicon foundry
partners," said Dr. Michael Lebby,
Chief Executive Officer of Lightwave Logic. "To that end, we
announced breakthrough photostability results of our electro-optic
polymer modulators, which is an incredibly important metric as we
optimize our polymers for high-volume silicon foundry processes.
The improved photostability of our polymers will minimize any
optical losses and provide a more robust platform for silicon
foundries.
"We have also completed successful initial testing of our
optical grating couplers, which will be part of the Design Tool Kit
that will simplify foundry processes and Process Development Kits
(PDKs) when integrating our polymer technology with silicon
photonics. The introduction of optical grating couplers, integrated
with modulators, enable light to be efficiently coupled into and
out of the modulator, improving the overall efficacy of an
integrated silicon photonics platform. The inclusion of an optical
grating coupler in a PDK enables silicon foundry partners to
fabricate the modulator and optical grating coupler either
simultaneously or in a single fab run.
"Operationally we recently welcomed a respected industry
veteran, Dr. John Zyskind, as Vice
President of Engineering, whose extensive experience in our space
will enable a smoother, more efficient commercialization process.
Dr. Craig Ciesla, who served as a
Company Advisory Board member, was appointed to the Board of
Directors, where will continue to improve business strategies for
growing our electro-optic polymer business.
"Supported by our financing agreement with long-term
institutional investor Lincoln Park Capital Fund and a $100 million Form S-3 shelf registration, we
remain comfortable with our cash position of over $23.4 million at December
31, 2021 relative to our current burn rate. Taken together,
our capital position and financing flexibility as a well known
seasoned issuer provides significant optionality for us as we move
forward.
"Looking into 2022, we continue to make significant
progress to further advance the technology and information needed
for our foundry partners, enabling an expedited commercialization
process through simplified manufacturing. We expect to see
additional progress as we incorporate feedback from our tier-1
partners. I look forward to providing further updates in the
near-term as we move closer to our end goal of mass market
commercialization," concluded Dr. Lebby.
About Lightwave Logic,
Inc.
Lightwave
Logic, Inc. (NASDAQ: LWLG) is developing a platform leveraging its
proprietary engineered electro-optic (EO) polymers to transmit data
at higher speeds with less power. The Company's high-activity and
high-stability organic polymers allow Lightwave Logic to create
next-generation photonic EO devices, which convert data from
electrical signals into optical signals, for applications in data
communications and telecommunications markets. For more
information, please visit the Company's website
at lightwavelogic.com.
Safe Harbor Statement
The information posted in this
release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. You can
identify these statements by use of the words "may," "will,"
"should," "plans," "explores," "expects," "anticipates,"
"continue," "estimate," "project," "intend," and similar
expressions. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. These risks and uncertainties
include, but are not limited to, lack of available funding; general
economic and business conditions; competition from third parties;
intellectual property rights of third parties; regulatory
constraints; changes in technology and methods of marketing; delays
in completing various engineering and manufacturing programs;
changes in customer order patterns; changes in product mix; success
in technological advances and delivering technological innovations;
shortages in components; production delays due to performance
quality issues with outsourced components; those events and factors
described by us in Item 1.A "Risk Factors" in our most recent Form
10-K; other risks to which our Company is subject; other factors
beyond the Company's control.
Investor Relations
Contact:
Greg
Falesnik or Luke
Zimmerman
MZ Group - MZ North America
949-385-6449
LWLG@mzgroup.us
www.mzgroup.us
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lightwave-logic-provides-fourth-quarter-and-fiscal-2021-corporate-update-301493575.html
SOURCE Lightwave Logic, Inc.