ENGLEWOOD, Colo., May 11, 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, today provided a corporate update in conjunction with
the filing of its Quarterly Report on Form 10-Q for the first
quarter ended March 31, 2023.
First Quarter 2023 and Subsequent Company Highlights:
- As of March 31, 2023, the
company's cash and cash equivalents were $26
million, enabling it to finance operations through
July 2024.
- Achieved breakthrough performance metrics with the Company's
latest commercial-class EO polymer material at 1310 nanometers
(nm), a wavelength popular in hyperscale datacenter
applications.
- Announced groundbreaking low-temperature optical modulator with
record performance, paving the way for applications in
supercomputers, quantum circuits and advanced computing
systems.
- Presented at leading industry and investor conferences
internationally, including the 8th Photonic Integrated Circuits
(PIC) International Conference, the 2023 Laser Focus World
Executive Forum, the 2023 Photonics Spectra Conference, the 35th
Annual ROTH Conference, the Sequire Investor Summit: Puerto Rico, and the Ladenburg Thalmann 2023
Tech Expo.
The full text of the Company's Quarterly Report on Form 10-Q for
the quarter ended March 31, 2023 was
filed with the SEC on May 10, 2023
and can be found here.
Management Commentary
"The first quarter of 2023 was highlighted by breakthrough
performance metrics in our latest commercial-class EO polymer
material, using a wavelength popular in hyperscale datacenter
applications," said Dr. Michael
Lebby, Chairman and Chief Executive Officer of Lightwave
Logic. "These result metrics at 1310 nanometers (nm) include a
significantly higher electro-optic coefficient exceeding 200 pm/V,
which allows for very low drive power of 1 volt or less. Other
characteristics include optimized chromophore loading, superior low
optical loss, excellent temporal stability at 85 Celsius, and
extremely high thermal and photo stability. The breakthrough
commercial-class EO material is expected to enable ultra-small
footprint modulators with at least 100 GHz bandwidth as well as
meeting all critical requirements for pluggable transceivers,
on-board optics and co-packaging solutions.
"We believe the robust progress we have made with our
proprietary chromophores will allow us to provide competitive
performance above and beyond other optical modulator competitors in
use today. The results position us for potential near-term
commercialization opportunities in both licensing the use of our
electro-optic polymer materials, as well as continuing to engage
with our partners for technology transfer.
"During the quarter we had the opportunity to attend multiple
industry conferences discussing our latest results with experts in
the field and how the continued forward momentum of electro-optic
polymer technologies such as ours represents a step-change in
capabilities for the industry. At a recent conference, we heard
from the hyperscale industry that polymers offer important
performance advantages as compared to other optical modulators in
use today - reflective of our significant progress with our
proprietary chromophores. These conferences and industry events
allow us to evangelize the benefits of polymers, remaining an
important part of our outreach and awareness strategies.
"Looking ahead, as a prominent thought leader in the space,
combined with recent breakthrough and world-record performances for
our technologies, we believe we are well positioned to make our
next-generation technologies truly ubiquitous in the global
internet infrastructure of the future. As we move towards our
near-term goals, including our first licensing agreement and
potentially other exciting commercial updates, we are incredibly
thankful for the continued support of our shareholders and look
forward to providing further updates in the near term," concluded
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 and Form 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.
