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Lightwave could acquire more assets ahead of commercialization CEO

Lightwave Logic [NASDAQ:LWLG], a provider of electro-optic polymers for photonic computer chips, could acquire more assets this year as it nears commercialization, said CEO Michael Lebby.

The Englewood, Colorado-based company is planning further development this year on a miniaturized photonic receiver that can be incorporated into data center racks, a goal that could be met via M&A, he acknowledged. He declined to comment on what types of targets Lightwave could acquire, or on potential target sizes.

The company is pre-revenue, according to SEC filings. It has enough cash to last until 2024, Libby projected, adding that it plans to report commercial progress sometime this year.

In November, Lightwave acquired polymer technology intellectual property assets from UK-based silicon photonic developer Chromosol for an undisclosed sum. In 2018, it acquired polymer assets from Brazil-based BrPhotonics in 2018 for USD 350,000, according to an SEC filing.

Lightwave announced plans in December to sell up to USD 35m in shares with investment bank Roth Capital Partners. The company also raised USD 33m in financing from private equity firm Lincoln Park Capital in October 2021. Lebby declined to comment on the company’s future capital needs.

Lightwave designs materials for photonic integrated circuits (PICs) inside its 1,500-square-foot facility in Colorado. PICs can process information much faster than conventional electric-based chips and use a fraction of the power. The company plans to use third-party manufacturers to build its components and license out its technology.

The company’s competitors include “incumbent” semiconductor manufacturers like Intel [NASDAQ:INTC], Fujitsu [TYO:6702] and II-VI [NASDAQ:IIVI] subsidiary Coherent, said Lebby.

It has around 25 employees, according to Lebby.

The company’s market cap is around USD 653m.