Lightwave Logic Inc. secures $20 million in funding from Lincoln Park Capital Fund LLC
Lightwave Logic Inc., a technology company focused on the development of a Next Generation Non Linear Optical Polymer Materials Platform for applications in high-speed fiber-optic data communications and optical computing, has signed a purchase agreement for up to $20 million with Lincoln Park Capital Fund LLC (LPC), a Chicago-based institutional investor.
LPC has committed to invest up to $20 million in Lightwave Logic's common stock over a 30-month period, under the agreement subject to certain conditions and at Lightwave Logic's sole discretion.
Lightwave Logic is required to file a registration statement with the U.S. Securities and Exchange Commission covering the sale of the shares that may be issued to LPC. When the registration statement is effective, LPC is obligated to make purchases as the Company directs in accordance with the purchase agreement, which may be terminated by the Company at any time, without cost or penalty. Sales of shares will be made in specified amounts and at prices that are based upon the market prices of the Company's common stock immediately preceding the sales to LPC.
"We are pleased to receive this commitment from Lincoln Park Capital, which puts a well respected financial partner behind the company and gives us more financial and business flexibility as we transition out of the research and development stage into a commercial growth enterprise,” says Jim Marcelli, chief executive officer of Lightwave Logic Inc. "As we have previously communicated to our investors, the Company has a number of new projects in the planning stage that will require additional personnel and equipment in order to come to fruition. We believe this commitment helps us potentially achieve these goals with a minimum expenditure of management time while controlling and reducing the potential for further dilution."