Lightwave Logic Inc (NASDAQ:LWLG) closed the creation of new laboratory production facilities to support new commercial activity.
The company expanded the corporate facility in Englewood, Colorado, by around 10,000 square feet for a total of 23,500 square feet.
With the renovations and installation of new laboratory and engineering facilities, Englewood facility size was expanded by over 65%, allowing commercial device testing and evaluation, production reliability testing, laser characterization, SEM analysis, and the expansion of the chemical synthesis production line.
The facility expansion will bring the company’s headcount to 33 team members.
Dr. Michael Lebby, Chairman and CEO said, “This additional space allows us to grow our technical capabilities to produce, evaluate and improve our electro-optic polymer materials. The space will be utilized to support commercial material supply and license agreements – such as our recent first agreement – to provide Perkinamine® chromophore materials for polymer based photonic devices and photonic integrated circuits (PICs). Combined with several new experienced engineers, we are quickly ramping our operational capabilities to support our commercialization effort and positioning Lightwave Logic for the future, which should be exciting news to our customers and shareholders alike.”
As of June 30, 2023, cash and equivalents stood at $32.6 million.
Also Read: Lightwave Logic: More Data With Less Power, New Polymers Unlock Full Telecommunication Potential
Price Action: LWLG shares are trading lower by 2.17% at $6.61 on the last check Monday.
