Lightwave Logic Begins Commercialization of its Electro-optic Polymer Materials
Company signs its first material supply and license agreement for its Perkinamine® series materials
ENGLEWOOD, Colo., May 25, 2023 /PRNewswire/ -- Lightwave Logic, Inc. (NASDAQ: LWLG), a technology platform company leveraging its proprietary electro-optic polymers to transmit data at higher speeds with less power, today announced the company's first commercial material supply license agreement for its Perkinamine® chromophore materials.
This initial commercial material supply license agreement will provide Perkinamine® chromophore materials for polymer based photonic devices and photonic integrated circuits (PICs). Supplying licensed materials is one prong of the Company's three-prong revenue model and business strategy that includes polymer modulator products as well as technology transfer. The license agreement represents tangible commercial progress for electro-optic polymers as part of the company's business plan.
The supply license agreement terms include supply of electro-optic polymer material, license initiation fee, per unit royalties, minimum royalty levels that increase annually, and minimum sales volume in units.
Dr. Michael Lebby, Chairman and Chief Executive Officer of Lightwave Logic, commented: "As our first commercial agreement, this material supply license agreement for our Perkinamine® chromophores recognizes market acceptance and competitive advantage of our technology and validates the first prong of our business model. All of us at Lightwave Logic have worked very hard for this milestone, and as we enter into this exciting new phase for our company, we look forwrd to advancing our commercial business plans."
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