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.
"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.
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SOURCE Lightwave Logic, Inc.