Press release
Lightwave Logic Issues Shareholder Letter and Provides Corporate Update
Dr. Michael Lebby to Host Fireside Chat with Benzinga All-Access Hosts at 11:30 a.m. Eastern time Today ENGLEWOOD, Colo., Dec. 4, 2023 /PRNewswire/ --
About this update from Lightwave Logic, Inc.
[{"type":"text","content":"Dr. Michael Lebby to Host Fireside Chat with Benzinga All-Access Hosts at 11:30 a.m. Eastern time Today\nENGLEWOOD, Colo., Dec. 4, 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 issued a letter to shareholders from its Chairman and Chief Executive Officer, Dr. Michael Lebby.\n\nDear Fellow Shareholders,\n2023 has been a transformational year for Lightwave Logic, underscored by the first commercial material supply and license agreement for our electro-optic polymer materials and ongoing efforts to build on this commercialization momentum. Throughout the year we focused on industry awareness efforts, evangelizing the benefits of our platform at leading industry events globally. We received the \"2023 Most Innovative Product – Hybrid PIC/Optical Integration Platform Award at this year's ECOC Exhibition Industry. We are engaging with a variety of companies to discuss product design, device prototype sampling, and material supply and licensing agreements. Operationally, we completed the expansion of our new laboratory production facilities and added key team members to enable our anticipated growth. Supporting these efforts, we continued to fortify our intellectual property position with new patent issuances and patent applications.\nCommercialization of EO Polymer Materials\nWe signed a four (4) year material supply and license agreement for Perkinamine® in May 2023 with a company designing and providing polymer based photonic devices and photonic integrated circuits (PICs). We believe this agreement demonstrates tangible commercial progress for electro-optic polymers as well as market acceptance. We made significant progress throughout the year, with delivery of material to support our licensee.\nPer the terms of the non-exclusive material supply and license agreement, the licensee shall pay Lightwave Logic a running royalty with a minimum royalty paid on an annual basis over the term of the License Agreement. Revenue will be generated from royalties from the licensee's sale of licensed products.\nIn addition to this first licensee, we continue to receive strong interest from other potential customers in our innovative device platform and licensing our techn...