ENGLEWOOD, Colo., May 11, 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 Quarterly Report on Form 10-Q
for the quarter ended March 31,
2022.
First Quarter 2022 and Subsequent Company
Highlights:
- As of March 31, 2022, the
company's cash and cash equivalents were approximately $24.3 million, enabling it to finance
operations through January 2024.
- Achieved world-class results for a polymer modulator, as
demonstrated in an enhanced stability and high-speed measurement by
Polariton Technologies and ETH Zurich.
- Achieved breakthrough photostability results on its
electro-optic polymer modulators that are compatible with
high-volume silicon foundry processes.
- 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.
- Fortified intellectual property portfolio through publication
of a U.S. patent application that aids to significantly enhance
polymer performance and simplify fabrication in foundry
applications, as well as the receipt of another U.S. patent that
simplifies modulator integration for high-volume
manufacturing operations.
- 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.
- 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 34th annual ROTH Investor
Conference, the Benzinga All Access Event and the Oppenheimer
Virtual Emerging Growth Conference.
The full text of the company's Quarterly Report on Form 10-Q for
the quarter ended March 31, 2022
filed with the SEC on May 10, 2022
can be found here.
Management Commentary
"The first quarter of 2022 was highlighted by several
breakthrough achievements for our technology, including third party
review and verification of stability and high-temperature operation
of our world-class electro-optic polymer materials platform," said
Dr. Michael Lebby, Chief Executive
Officer of Lightwave Logic. "The results were generated using our
proprietary, advanced Perkinamine® chromophores in Polariton
Technologies' silicon-photonics-based plasmonic racetrack
modulator. Through our collaboration with Polariton, we are clearly
demonstrating the potential for our polymer materials to become
ubiquitous in their use across the internet.
"During the quarter we also 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. We also completed
successful initial testing of our optical grating couplers, which
will be part of our Process Development Kits (PDKs) that will
simplify foundry processes when integrating our polymer technology
with silicon photonics. Many of our patent applications are in the
area of manufacturing simplification as well – a key aspect in
achieving deep market penetration, the importance of which cannot
be understated.
"We continue to further fortify our patent portfolio as well,
receiving a new patent that allows our polymer technology platform
to turbo-charge both integrated photonics platforms as well as
fiber optic transceivers that are already being utilized by the
millions on the internet. The patent illustrates the use of our
polymer modulators as a high speed, low power engine not only for
data communication and telecommunication applications, but other
new market opportunities as well.
"We look forward to additional advancements and innovations in
the months ahead, in-line with our internal projections to further
demonstrate the immense potential of our technology. We continue to
build out our robust IP moat with each technology improvement,
helping to improve performance or simplify manufacturing. In the
months to come, we are highly focused on incorporating feedback
from our partners to enhance our positioning in anticipation 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 and Form 10-Q; 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
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SOURCE Lightwave Logic, Inc.