Lightwave Logic completes private placement
JUNE 26, 2009 -- The funds are expected to support key initiatives toward commercializing the company's next-generation electro-optic material platform.
JUNE 26, 2009 -- Lightwave Logic Inc. (search Lightwave for Lightwave Logic), which focuses on the development of electro-optic polymer materials for applications in high-speed fiber-optic telecommunications and optical computing, has completed its most recent capital raise. Gross proceeds from the private common stock offering totaled $855,000. No commissions or fees were paid in connection with the offering.
"We were pleased to complete this offering, which enables us to move forward with a number of initiatives over the coming quarters," says Jim Marcelli, chief executive officer of Lightwave Logic. "We remain on target to complete the prototype phase modulator -- our next generation Electro-Optic Material Platform -- in the third quarter of this year. At the same time, scientists at major universities continue critical independent performance testing and material characterization of the platform. Finally, we expect to build functional prototypes of 40-Gbps and 100-Gbps modulators during the first half of 2010.
"These initiatives and timetables reflect a focused strategy to commercialize our platform with the requisite optical and thermal stability for the electro-optical materials market, which is expected to exceed $10 billion in 2010," says Marcelli.
Earlier this month, the company announced that it had begun building the initial prototype of a phase modulator for its next-generation electro-optic material platform. The platform is designed to support new applications over the next several years for the military, aerospace, fiber-optic telecommunications, and optical computing market segments. Some applications may include high-speed, long-reach communication modulators; image recognition; speech recognition; and supercomputers.
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