Lightwave Logic Provides Fourth Quarter and Fiscal 2021 Corporate Update
Lightwave Logic (NASDAQ: LWLG) released a corporate update along with its 10-K filing for the year ended December 31, 2021. As of that date, the company reported cash and equivalents of approximately $23.4 million, ensuring operational financing through December 2023.
Key highlights include Nasdaq listing approval, breakthrough results in polymer photostability, and the appointment of Dr. John Zyskind as VP of Engineering. The company aims to expedite commercialization processes with its foundry partners and has initiated optical grating coupler testing.
- Cash position of approximately $23.4 million as of December 31, 2021, financing operations through December 2023.
- Breakthrough results in polymer photostability enhance integration with silicon foundry processes.
- Appointment of industry veteran Dr. John Zyskind to lead engineering efforts.
- Approval for listing on the Nasdaq Capital Market.
- None.
ENGLEWOOD, Colo., March 2, 2022 /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 Annual Report on Form 10-K for the quarter and year ended December 31, 2021.
Recent Company Highlights:
- As of December 31, 2021, the Company's cash and cash equivalents are approximately
$23.4 million , enabling it to finance operations through December 2023. - Nasdaq Stock Market approved the listing of the Lightwave Logic common shares on the Nasdaq Capital Market. The stock began trading on the Nasdaq on September 1, 2021, followed by a closing bell ceremony at the Nasdaq Stock Market on September 10, 2021.
- Appointed Dr. John Zyskind - a veteran of the telecom and data communications industries - to spearhead the Company's engineering teams ahead of commercialization and scale up with foundry partners.
- Enhanced its foundry process development kit (PDK) offering with addition of optical grating couplers, which will be part of the Company's Design Tool Kit to simplify foundry processes when integrating the company's polymer technology with silicon photonics.
- Achieved breakthrough photostability results on its EO polymer modulators that are compatible with high-volume silicon foundry processes.
- Announced the appointment of Dr. Craig Ciesla, a company Advisory Board member, to the Board of Directors. In conjunction, Dr. Joseph A. Miller retired from the Board of Directors and transitioned to the company's Advisory Board.
- Presented at multiple industry specific and investor-related conferences including the ROTH 10th Annual Deer Valley Investor Conference, Oppenheimer's 5G Summit: Wireless and Cloud Convergence, Ladenburg Thalmann Virtual Technology Expo, ROTH 10th Annual Virtual Technology Conference, Benzinga All Access Event and LD Micro Main Event, and was co-chair and keynote speaker at the 5th PIC International conference.
The full text of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 was filed with the SEC on March 1, 2022 and can be found here.
Management Commentary
"Our final quarter of 2021 was highlighted by ongoing technology improvements and developments that will support the commercialization process with our high-volume silicon foundry partners," said Dr. Michael Lebby, Chief Executive Officer of Lightwave Logic. "To that end, we announced breakthrough photostability results of our electro-optic polymer modulators, which is an incredibly important metric as we optimize our polymers for high-volume silicon foundry processes. The improved photostability of our polymers will minimize any optical losses and provide a more robust platform for silicon foundries.
"We have also completed successful initial testing of our optical grating couplers, which will be part of the Design Tool Kit that will simplify foundry processes and Process Development Kits (PDKs) when integrating our polymer technology with silicon photonics. The introduction of optical grating couplers, integrated with modulators, enable light to be efficiently coupled into and out of the modulator, improving the overall efficacy of an integrated silicon photonics platform. The inclusion of an optical grating coupler in a PDK enables silicon foundry partners to fabricate the modulator and optical grating coupler either simultaneously or in a single fab run.
"Operationally we recently welcomed a respected industry veteran, Dr. John Zyskind, as Vice President of Engineering, whose extensive experience in our space will enable a smoother, more efficient commercialization process. Dr. Craig Ciesla, who served as a Company Advisory Board member, was appointed to the Board of Directors, where will continue to improve business strategies for growing our electro-optic polymer business.
"Supported by our financing agreement with long-term institutional investor Lincoln Park Capital Fund and a
"Looking into 2022, we continue to make significant progress to further advance the technology and information needed for our foundry partners, enabling an expedited commercialization process through simplified manufacturing. We expect to see additional progress as we incorporate feedback from our tier-1 partners. I look forward to providing further updates in the near-term as we move closer to our end goal of mass market commercialization," concluded Dr. 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; other risks to which our Company is subject; other factors beyond the Company's control.
Investor Relations Contact:
Greg Falesnik or Luke Zimmerman
MZ Group - MZ North America
949-385-6449
LWLG@mzgroup.us
www.mzgroup.us
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SOURCE Lightwave Logic, Inc.
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