Lightwave Logic announced that Lincoln Park Capital Fund purchased $3 million of common stock at closing, which was sold at $9.16/share. Under the purchase agreement, Lightwave Logic will have the right, but not the obligation, to sell up to an additional $30.0 million of its common stock to Lincoln Park over a 36-month period. Lightwave Logic will control the timing and amount of any sales to Lincoln Park with no upper limits to the price Lincoln Park may pay to purchase such common stock. The purchase agreement may be terminated by Lightwave Logic at any time, in its sole discretion, without any additional cost or penalty.
Jim Marcelli, President and Chief Operating Officer of Lightwave Logic, commented, "While we are comfortable with our current cash position of approximately $15 million and burn rate, this financing provides additional flexibility for us as we move forward toward commercialization of our products.
Lightwave Logic is developing a platform leveraging its proprietary engineered electro-optic (EO) polymers to transmit data at higher speeds with less power.
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Lightwave Logic and Polariton announce record polymer modulator
Lightwave Logic has achieved world-record performance for a polymer modulator, as demonstrated in an optical transmission experiment by ETH Zurich, using its proprietary, advanced "Perkinamine" chromophores and Polariton Technologies' newest plasmonic EO modulator, a silicon-photonics-based plasmonic racetrack modulator offering energy-efficient, low-loss, and high-speed modulation in a compact footprint.
Polariton's plasmonic modulator transmitted 220 Gbps OOK and 408 Gbps 8PAM. Transmission of an optical signal was conducted over 100 m using a low-voltage electrical drive of 0.6Vp, an on-chip loss of 1 dB, and an optical 3 dB bandwidth of beyond 110 GHz.
The groundbreaking results were presented as a post-deadline paper at the prestigious European Conference on Optical Communications (ECOC).
"Our mission at Lightwave Logic is to continually push the frontiers of high-speed performance for electro-optic polymers, shaping the 'impossible' into reality and a new normal for the industry," said Dr. Michael Lebby, Chief Executive Officer of Lightwave Logic. "Through our collaboration with Polariton, we have achieved a new world-record for a racetrack plasmonic modulator device structure. The acceptance of a post-deadline peer reviewed paper at ECOC 2021 provides third party validation of this incredible result.
