Company Discussing Licensing Agreements with
Variety of Companies, Ranging from Innovative Start-Ups to Existing
OEMs to Tier-1 Multinational Corporations
ENGLEWOOD, Colo., Nov. 10,
2023 /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 in a small form factor, today provided a corporate
update in conjunction with the filing of its Quarterly Report on
Form 10-Q for the third quarter ended September 30, 2023.
Third Quarter 2023 and Subsequent Company Highlights:
- Hosted meetings with a variety of companies to discuss
licensing agreements for the Company's EO polymer materials,
including innovative start-ups, existing OEMs and tier-1
multinational corporations that have optical network systems
businesses designed to address emerging applications including
generative AI.
- Completed new laboratory production facilities, expanding the
corporate facility in Englewood, Colorado by nearly 10,000 square feet for a
total of approximately 23,500 square feet to support volume scale
of our EO chromophore materials and new commercial activity.
- As of September 30, 2023, the
company had cash and cash equivalents of $30
million, enabling the company to finance operations through
April 2025.
- Appointed respected industry executive Laila Partridge to
Board of Directors, bringing a 30+ year track record of executing
transactions in the technology space to hone business strategies
for growing its electro-optic polymer business.
- Received the 2023 Industry Award for Most Innovative
Hybrid PIC/Optical Integration Platform from the European
Conference on Optical Communications (ECOC) - a premier industry
exhibition.
- Invited to speak at leading industry and investor conferences
internationally, including the Optica Photonic-Enabled Cloud
Computing Industry Summit, the European Conference on Optical
Communications (ECOC), Planet MicroCap Showcase: Vancouver 2023 and H.C. Wainwright 25th Annual
Global Investment Conference.
The full text of the Company's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2023
was filed with the SEC on November 9,
2023 and can be found here.
Management Commentary
"During the third quarter we continued to advance our commercial
business plans with a significant laboratory expansion to bolster
EO polymer production, supporting recent talent acquisition and our
commercialization cadence," said Dr. Michael Lebby, Chairman and Chief Executive
Officer of Lightwave Logic. "We expanded our corporate facility in
Englewood, Colorado by nearly
10,000 square feet for a total of approximately 23,500 square feet.
The space is being utilized to provide Perkinamine® chromophore
materials for polymer based photonic devices and photonic
integrated circuits (PICs), including our first licensing agreement
as well as to support multiple requests for prototypes from the
industry. The renovations and installation of new laboratory and
engineering facilities expands the size of our facility by over
65%, enabling commercial device testing and evaluation, product
reliability testing, high speed optical characterization, SEM
analysis and the expansion of our chemical synthesis production
line. The facility will also support recently added team members,
including organic chemists as well as photonics, packaging and
reliability engineers that will bring our head count to 33 team
members.
"Our initial commercial material supply license agreement to
provide Perkinamine® chromophore materials for polymer based
photonic devices and photonic integrated circuits (PICs) is
progressing, and we have now delivered material to support our
partner. We believe this partnership demonstrates tangible
commercial progress for electro-optic polymers as well as market
acceptance.
"We continue to receive strong interest in licensing our
technologies from companies ranging from innovative start-ups to
existing OEM companies, as well as multinational tier-1
corporations which manufacture data communications network
equipment. In addition, several of these tier-1 manufacturers have
requested to meet and test our polymer modulators, while fiber
optic transceiver companies have expressed interest in learning how
to implement polymer modulators into their ongoing 800G transceiver
development programs. Also of note, several commercial foundries
are implementing our PIC designs for multi-channel polymer
modulator engines, including 4 channel solutions for 800G. Taken
together, we continue to see significant momentum on all fronts and
we are highly encouraged by these positive discussions.
"Underlying this momentum is the fact that our technology
continues to be recognized for driving innovative change in our
industry, most recently with the 2023 Industry Award for Most
Innovative Hybrid PIC/Optical Integration Platform from the
European Conference on Optical Communications (ECOC). With our
commercialization underway, awards such as this further validate
our technology and provide industry confirmation of the inherent
benefits of our platform. Our ability to evangelize the benefits of
platform at leading industry events globally has been an important
part of our awareness efforts. We are encouraged by the
constructive meetings we are having with industry leaders in
attendance at these events and have received multiple requests for
prototypes from them.
"Looking into 2024, we are capitalizing on our momentum with the
team and the facilities in place to support an expected ramp in
interest, positioning Lightwave Logic for a future of ubiquity.
This commercial momentum, taken in conjunction with our exceptional
team, technology, and IP assets, positions us to continue to create
sustainable value for our shareholders over the long-term,"
concluded Lebby.
About Lightwave Logic,
Inc.
Lightwave
Logic, Inc. (NASDAQ: LWLG) develops a platform leveraging its
proprietary engineered electro-optic (EO) polymers to transmit data
at higher speeds with less power in a small form factor. 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 10-Q; other risks to which our company is subject; other
factors beyond the company's control.
Investor Relations
Contact:
Lucas
A. Zimmerman
MZ Group - MZ North America
949-259-4987
LWLG@mzgroup.us
www.mzgroup.us
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SOURCE Lightwave Logic, Inc.