ENGLEWOOD, Colo., Nov. 16, 2021 /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 third quarter ended September 30, 2021.
Third Quarter 2021 and Subsequent Company Highlights:
- As of November 15, 2021, the
Company's cash and cash equivalents are approximately $15 million, enabling it to finance operations
through March 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..
- Achieved world-record performance for a polymer modulator, as
demonstrated in an optical transmission experiment by ETH Zurich,
using the Company's proprietary, advanced Perkinamine™ chromophores
and Polariton Technologies Ltd.'s newest plasmonic EO modulator, a
silicon-photonics-based plasmonic racetrack modulator offering
energy-efficient, low-loss, and high-speed modulation in a compact
footprint.
- Received 3rd party review of the ultra-high
performance of Lightwave Logic's electro-optic polymers working
with a slot modulator design.
- Fortified intellectual property portfolio, growing to over 72
domestic and international patents and patent applications in
advance of future commercialization initiatives – further
strengthening the Company's business model and freedom of
manufacturing.
- Developed breakthrough improved thermal design properties for
electro-optic polymers used in its Polymer Plus™ and Polymer Slot™
modulators, enabling the speed, flexibility and stability needed
for high-volume silicon foundry
processes.
- Received the 2021 Industry Award for Optical Integration from
the European Conference on Optical Communications (ECOC) - a
premier industry exhibition.
- Presented at multiple industry specific and investor-related
conferences including the European Conference on Optical
Communications, the Q3 Investor Summit, the H.C. Wainwright 23rd
Annual Global Investment Conference, and the LD Micro Main
Event.
The full text of the Company's Quarterly Report on Form 10-Q for
the third quarter ended September 30,
2021 was filed with the SEC on November 15, 2021 and can be found here.
Management Commentary
"We continued to press forward development of our proprietary
electro-optic polymers during the third quarter of 2021, including
the achievement of world-record performance for a polymer
modulator, and breakthrough improved thermal design properties for
electro-optic polymers," said Dr. Michael
Lebby, Chief Executive Officer of Lightwave Logic. "Through
our collaboration with Polariton, we not only have achieved a new
world-record for a racetrack plasmonic modulator device structure,
transmitting 220 Gbit/s OOK and 408 Gbit/s 8PAM, but we received
3rd party review of the performance of our electro-optic
polymer material. We believe performance achievements both at these
speeds as well as material performance are demonstrating to
companies the impact that high performance optical switching
devices using our polymers will have on their business.
"We also successfully improved high temperature thermal
performance for electro-optic polymers used in our Polymer Plus™
and Polymer Slot™ modulators, an essential measure of robustness
and an important metric discussed with potential customers for
fiber optic datacenter and telecommunications applications. Test
results from our new modulators demonstrated a roughly tripling of
the data rates possible in fiber optic communications, an
advancement that we believe will have a profound impact on internet
traffic flow.
"During the quarter we received a U.S. patent on an invention
that enables enhanced optical routing architectures for
polymer-based integrated photonics that can be scaled with partner
foundries. This enhances our integrated photonics platform in
general and is a powerful architectural routing patent that
discloses how optical signals can be routed in two optical planes
from light generation on-chip to light coupling off-chip.
"Our technological achievements were further recognized in the
capital markets with our milestone achievement of uplisting to the
Nasdaq, which we expect will help to continue to expand our
existing shareholder base, improve liquidity and elevate our public
profile within the industry. Our financing agreement with long-term
investor Lincoln Park Capital Fund allows us to source capital in
an opportunistic manner, in addition to our $100 million S-3 shelf registration that provides
the potential for additional financing alternatives. We are
comfortable with our cash position of $15
million at November 15th
relative to our current burn rate, as this financing flexibility
provides additional optionality for us as we move forward towards
our end-goal of mass commercialization.
"Looking ahead to the final quarter of 2021 and into
2022, we continue to work closely with our
partners under NDA – which include semiconductor foundries – to
enhance our commercial positioning through ongoing innovation. I
look forward to providing further updates in the near-term as we
strive to create sustainable, long-term value for our
shareholders," 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
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SOURCE Lightwave Logic, Inc.