Lightwave Logic Provides Second Quarter 2024 Corporate Update
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.
