ENGLEWOOD, Colo., Aug. 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 second quarter ended June 30, 2023.
Second Quarter 2023 and Subsequent Company Highlights:
The full text of the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 was filed with the SEC on August 9, 2023 and can be found here.
"The second quarter of 2023 was by underscored by our first commercial agreement – a milestone achievement for Lightwave Logic that we are incredibly proud of," said Dr. Michael Lebby, Chairman and Chief Executive Officer of Lightwave Logic. "Our initial commercial material supply license agreement validates the market acceptance and competitive advantage of our technology and will provide Perkinamine® chromophore materials for polymer based photonic devices and photonic integrated circuits (PICs). The agreement includes a license initiation fee, per unit royalties, minimum royalty levels that increase annually, and minimum sales volumes in units. Supplying licensed materials further validates a first prong of our three-prong revenue model and business strategy that includes 1) technology transfer and partnering with foundries, transceiver companies etc., 2) selling product with polymer based photonic integrated circuits (PICs), and 3) commercial licensing of our chromophore materials.
"We continued to solidify our IP moat in the second quarter with three new patent issuances and publications. We received a publication from the patent office for an advanced chemical structural design and process that enhances the overall efficiency of poling non-linear organic optical chromophores while simultaneously improving thermal stability and electro-optic efficiency (r33). We received a patent for an advanced chemical structural design that enhances the overall performance of non-linear organic optical chromophores using a novel thiophene bridge. A second patent is for a cutting-edge design technique, enhancing the performance of polymer modulators through the use of innovative polymer cladding design that is amenable for high-volume foundry fabrication when integrated with silicon photonics. The fortification of our intellectual property portfolio, with innovative new patents and publications such as these, will be critical as we move ahead on our commercialization journey.
"With a first prong of our commercialization strategy underway, we took the opportunity to strengthen our Board with the appointment of respected industry executive Laila Partridge. Laila brings over 30 years of executive experience in technology, corporate innovation and finance to the Board of Directors - having worked with a wide range of technologies, including telecommunications, internet infrastructure, artificial intelligence, internet of things and more. Her knowledge of both the fiber optic communications markets as well as adjacent markets will help us hone business strategies for growing our electro-optic polymer business.
"As we enter this exciting new era of commercialization, we are positioning Lightwave Logic to make our next-generation technologies truly ubiquitous in the global internet infrastructure of the future. Our strong team, technology, and IP assets have laid the foundation to further build upon our first licensing agreement with a next generation of milestone achievements through year-end," concluded Lebby.
About Lightwave Logic, Inc.
Lightwave Logic, Inc. (NASDAQ: LWLG) develops platforms 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.
SOURCE Lightwave Logic, Inc.