ENGLEWOOD, Colo., Nov. 13,
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 a corporate update in conjunction with the filing of its
Quarterly Report on Form 10-Q for the third quarter ended
September 30, 2024.
Third Quarter 2024 and Subsequent Company Highlights:
- Attended the 2024 European Conference on Optical Communications
("ECOC"), where management:
- Jointly showcased packaged electro-optic polymer modulators
with Polariton Technologies, demonstrating the combination of
Polariton's High-Speed Plasmonic Modulators with Lightwave's
Perkinamine™ Chromophores in a Packaged Device
- Received the 2024 ECOC Industry Innovation Award for Hybrid
PIC/Optical Integration Platform, recognizing the company's EO
polymer material and technology as a leading innovation amongst the
industry.
- Presented in the Market Focus Session, which included a
presentation by CEO Dr. Michael
Lebby titled "World class performance for 200Gbps PAM4 and
400Gbps PAM4 lanes from electro-optic polymer modulators" to an
audience of industry experts and other industry participants.
- Appointed former DuPont executive and CEO of the American
Chemical Society (ACS) Thomas M. Connelly,
Jr. as its newest Board member, deepening its optical
polymer capabilities and commercial expertise to open new markets
for its advanced materials.
- Appointed Yves LeMaitre to Board of Directors, bringing
over 30 years of executive experience in technology, corporate
strategy and marketing to the Board.
- Furthered active discussions with tier-1 companies for
licensing, technology transfer, material sales and device
evaluations. Management has focused on transceiver companies that
need to update their silicon photonics platforms with Lightwave's
polymer technology platform.
- Recently demonstrated drive levels below 0.5V which represents
the highest performance commercially designed electro-optic
polymer modulators to date.
- The impact of driving optical modulators significantly below 1V
is significant not only from the impact of directly driving
modulators from electronic ICs to save driver costs, but more
importantly, savings in power consumption for the module system,
which is a key issue for datacenter operators today.
- As of September 30, 2024, the
company had cash and cash equivalents of $27
million, enabling the company to finance operations through
February 2026.
The full text of the Company's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2024
was filed with the SEC on November 12,
2024 and can be found here.
Management Commentary
"During the third quarter of 2024 we were once again privileged
to participate in the European Conference on Optical Communications
as we continue to focus on our near-term commercialization
pathway," said Dr. Michael Lebby,
Chairman and Chief Executive Officer of Lightwave Logic. "The
conference was incredibly successful for us as we shared recent
developments and partnerships as we continue to focus on near-term
commercial prospects – which culminated in receiving the Innovation
Award for Hybrid PIC/Optical Integration Platform. As we address
the rapidly growing optical transceivers market – which is expected
to grow to at least $100 billion by
2030 driven by data centers and artificial intelligence – the
visibility for our technology at such a prestigious event cannot be
understated.
"At ECOC we showcased our collaboration with Polariton
Technologies by demonstrating a packaged device with over 110 GHz
super high bandwidth packaged electro-optic polymer modulators
using Polariton's plasmonic modulator device design that contains
our proprietary PerkanamineTM chromophores. The packaged
device contains a plasmonic modulator using electro-optic polymer
material and platform chips have demonstrated performance up to 400
Gbps, which demonstrates that our polymers are positioned for the
networks' next-generation data rate for transceiver equipment. This
is an example of extending the performance of silicon photonics
using both electro-optic polymers as well as plasmonics for the
modulator device design. Further, this collaboration forms an
important technology platform for scalability using large silicon
foundries for mass commercialization with 200mm silicon wafers.
"This was the second year in a row of being granted the
Innovation Award at ECOC, a tremendous honor from a committee of
industry peers. The award demonstrates our leadership in the
photonics industry, is reflective of the true market recognition of
our technology and provided further market validation. ECOC is one
of the leading global industry conferences on optical
communications, adding to the recognition for this award.
"We appointed two new respected leaders to our Board in recent
months. Industry veteran Yves
LeMaitre has over 30 years of executive experience in
technology, corporate strategy and marketing, and currently serves
as a Strategic Board Advisor to Trumpf Photonic Components, a
global technology company specializing in the development of lasers
for optics, and as a strategic advisor to the Optical, RF &
Micro-Electronics division of Sanmina AMT. Thomas M. Connelly Jr., has served as CEO of the
American Chemical Society, one of the largest scientific societies
with 170,000 members worldwide, and as Chief Innovation Officer of
DuPont, where he was a member of its Office of the Chief Executive.
Among his responsibilities in chemicals and materials over 35+
years at DuPont were its Performance Polymers and Packaging &
Industrial Polymers businesses. His exceptional industry knowledge
and deep experience in the polymers business will be an outstanding
resource to Lightwave Logic.
"Looking ahead, we are well along the commercialization pathway
with licensing our proprietary Perkinamine® materials and product
sales of high-speed modulators. We are targeting a wide spectrum of
Tier-1 companies and multinational corporations – currently having
multiple ongoing engagements discussing materials supply,
technology transfer and licensing agreements as well as chiplet
device designs. While we understand it is our goal to sign an
agreement with a tier-1 company in 2024, ongoing discussions are in
progress, and have progressed well with companies based in USA,
Europe, and the Far East, and our
revised goal is now 2025. Chiplets are modulators that are
encapsulated for direct insertion into transceiver modules. We have
continued to demonstrate our leadership in the photonics industry
with outstanding 200Gbps per lane performance for our technologies
that aligns well with datacenter expectations today. We are
confident in the implicit 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 also believe we are well-positioned to expand our
initial business focus from datacenters and AI clusters
connectivity to include other high growth markets, such as
materials, organics, quantum/optical computing, aerospace, defense,
and storage," concluded Lebby.
Benzinga All-Access Interview
Dr. Michael Lebby, Chairman and
Chief Executive Officer of Lightwave Logic, will host a fireside
chat at 10:50 a.m. Eastern time on
Thursday, November 14, 2024 with the hosts of the Benzinga
All-Access show to discuss the Company's third quarter 2024
corporate updates. To watch the interview, please refer to the
access information below.
Date: Thursday, November 14,
2024
Presentation Time: 10:50 a.m. Eastern time
Webcast: https://www.youtube.com/live/X6ukRWZ7UMY
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
Managing Director
MZ Group - MZ North America
949-259-4987
LWLG@mzgroup.us
www.mzgroup.us
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SOURCE Lightwave Logic, Inc.