"During the third quarter we continued to advance our commercial business plans with a significant laboratory expansion to bolster EO polymer production, supporting recent talent acquisition and our commercialization cadence," said Dr. Michael Lebby, Chairman and Chief Executive Officer of Lightwave Logic. "We expanded our corporate facility in Englewood, Colorado by nearly 10,000 square feet for a total of approximately 23,500 square feet. The space is being utilized to provide Perkinamine® chromophore materials for polymer based photonic devices and photonic integrated circuits (PICs), including our first licensing agreement as well as to support multiple requests for prototypes from the industry. The renovations and installation of new laboratory and engineering facilities expands the size of our facility by over 65%, enabling commercial device testing and evaluation, product reliability testing, high speed optical characterization, SEM analysis and the expansion of our chemical synthesis production line. The facility will also support recently added team members, including organic chemists as well as photonics, packaging and reliability engineers that will bring our head count to 33 team members.
"Our initial commercial material supply license agreement to provide Perkinamine® chromophore materials for polymer based photonic devices and photonic integrated circuits (PICs) is progressing, and we have now delivered material to support our partner. We believe this partnership demonstrates tangible commercial progress for electro-optic polymers as well as market acceptance.
"We continue to receive strong interest in licensing our technologies from companies ranging from innovative start-ups to existing OEM companies, as well as multinational tier-1 corporations which manufacture data communications network equipment. In addition, several of these tier-1 manufacturers have requested to meet and test our polymer modulators, while fiber optic transceiver companies have expressed interest in learning how to implement polymer modulators into their ongoing 800G transceiver development programs. Also of note, several commercial foundries are implementing our PIC designs for multi-channel polymer modulator engines, including 4 channel solutions for 800G. Taken together, we continue to see significant momentum on all fronts and we are highly encouraged by these positive discussions.
"Underlying this momentum is the fact that our technology continues to be recognized for driving innovative change in our industry, most recently with the 2023 Industry Award for Most Innovative Hybrid PIC/Optical Integration Platform from the European Conference on Optical Communications (ECOC). With our commercialization underway, awards such as this further validate our technology and provide industry confirmation of the inherent benefits of our platform. Our ability to evangelize the benefits of platform at leading industry events globally has been an important part of our awareness efforts. We are encouraged by the constructive meetings we are having with industry leaders in attendance at these events and have received multiple requests for prototypes from them.
"Looking into 2024, we are capitalizing on our momentum with the team and the facilities in place to support an expected ramp in interest, positioning Lightwave Logic for a future of ubiquity. This commercial momentum, taken in conjunction with our exceptional team, technology, and IP assets, positions us to continue to create sustainable value for our shareholders over the long-term," concluded Lebby.
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