ENGLEWOOD, Colo., Aug. 12,
2024 /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 its
corporate update in conjunction with the filing of its Quarterly
Report on Form 10-Q for the second quarter ended June 30, 2024.
Second Quarter 2024 and Subsequent Highlights:
- Hosted visits from tier-1 companies exploring potential
material license and supply agreements as well as commercial
interest in high speed, low power modulators with Perkinamine®
materials that Lightwave Logic develops and produces.
- Announced a supply chain collaboration with Advanced Micro
Foundry's Silicon Photonics platform, part of an ongoing
strategic initiative to accelerate development of state-of-the-art
silicon photonics modulators.
- Selected as finalist for Most Innovative Product Award in Most
Innovative Hybrid PIC/Optical Integration Platform; winners to
be announced at September 2024
European Conference on Optical Communications (ECOC), where
Lightwave Logic will be presenting in a Market Focus session.
- Appointed industry veteran Yves LeMaitre to Board of
Directors, bringing expertise in optical communications,
automotive, aerospace and defense, consumer electronics, life
sciences and materials processing.
- Authored significant contributions to the
"Integrated Photonics System Roadmap - International" (IPSR-I)
used to accelerate high-volume commercial manufacturing of
high-value integrated photonics.
- Secured new patent for diamondoid non-linear optical
chromophore used in Lightwave's proprietary polymer materials,
applicable to a broad range of market applications that include
datacenter and other potential market applications such as space,
quantum computing, storage and more.
- As of June 30, 2024, the company
had cash and cash equivalents of $29.0
million, enabling it to finance operations through
October 2025.
The Company's Quarterly Report on Form 10-Q for the quarter
ended June 30, 2024 was filed with
the SEC on August 9, 2024, and can be
found here.
Management Commentary
Dr. Michael Lebby, Chairman and
Chief Executive Officer of Lightwave Logic, said: "During the
second quarter, we continued working diligently on our
commercialization pathway for licensing our proprietary
Perkinamine® materials. We saw an increase in interest from
potential tier-1 customers and licensees for our world-class
materials. As part of our ongoing efforts, we are targeting and
meeting a wide spectrum of tier-1 companies. We hosted visits to
our Englewood, CO volume scale
materials facility for inspection and review, as well as analysis
of data rate performance that now meets the specifications for
datacenter optical interconnects at 800Gbps.
"Also, during the quarter, our focus on near-term
commercialization prospects and the 2024 pipeline included
accelerating development of state-of-the-art silicon photonics
modulators using our electro-optic (EO) polymers in partnership
with Advanced Micro Foundry (AMF). These modulators have been shown
to achieve a record low drive voltage below 1V and data rates of
200Gbps PAM4. We believe that this performance will enable a new
generation of 800 Gbps and 1.6Tbps pluggable transceivers that are
being demanded to address the fast growing requirement for optical
connectivity for large generative AI computing clusters.
"Building on this momentum, we expect to ramp up volume for both
our polymer materials in our manufacturing facility in Colorado, as well as 200-mm silicon wafer
volume with AMF. Our plans are to continue enhancing modulators to
ensure these advanced components will be readily accessible to
product companies on a manufacturing scale.
"We also announced industry veteran and thought leader
Yves LeMaitre joined our Board of
Directors. Yves is a seasoned executive with over 30 years of
experience in technology, corporate strategy and marketing. He
serves as Strategic Board Advisor to Trumpf Photonic Components and
to the Optical, RF & Micro-Electronics division of Sanmina AMT.
We welcome Yves and believe his experience will
prove instrumental in our engagement with tier-1 prospective
customers both with our current focus in the datacenter market as
well as other markets such as space, quantum computing, storage and
more.
"We are pleased that our team's recognized industry expertise
enabled us to substantially contribute to an industry roadmap for
accelerating the high-volume commercial manufacturing of high-value
integrated photonics in the recently published "Integrated
Photonics System Roadmap - International" (IPSR-I). The role of
Lightwave Logic's Perkinamine® EO polymers is discussed in the
context of planning and anticipating commercial growth and/or
critical needs in scaling the manufacturing of integrated
photonics. The silicon semiconductor industry has relied on these
types of roadmaps for 50+ years and with IPSR-I, the photonics
industry is becoming significantly more organized and
influential.
"We expect sustained interest in the high bandwidth, low power
consumption and footprint of Lightwave Logic's Perkinamine® EO
polymers. We are confident in the inherent competitive advantage of
our solution to support datacenters around the world which are
responding to the burgeoning demand for higher speed data
transmission from artificial intelligence, machine learning, and
other cloud-based services. We believe that Lightwave Logic is
uniquely positioned to be a critical solutions provider for the
future, and deliver long-term value for our shareholders,"
concluded Lebby.
Benzinga All-Access Interview
Dr. Michael Lebby, Chairman and
Chief Executive Officer of Lightwave Logic, will host a fireside
chat at 10:45 a.m. Eastern time today
with the hosts of the Benzinga All-Access show to discuss the
Company's second quarter 2024 corporate updates. To watch the
interview, please refer to the access information below.
Date: Monday, August 12,
2024
Presentation Time: 10:45 a.m. Eastern time
Webcast: https://youtube.com/live/PbeNDictA-E?feature=share
An audio webcast and an archived replay will be available using
the webcast link above.
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 www.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
949-259-4987
LWLG@mzgroup.us
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SOURCE Lightwave Logic, Inc.
