Company has 'compelling platform and portfolio of technologies': Vogel
By Stephanie N. Rotondo
Portland, Ore., May 9 - Rick Vogel could not say enough positive things about Lightwave Logic Inc. in an interview with Prospect News on Monday.
Lightwave has been working with Vogel, president of Lincoln Park Capital Fund LLC, on a $20 million 30-month equity financing. The Wilmington, Del.-based company said Friday it had secured a committed equity investment from Lincoln Park on May 3.
According to Vogel, the fund approached Lightwave "to get a deal done.
"They have got a pretty compelling platform and portfolio of technologies," Vogel explained. He said their technologies were "not only compelling in one or two sectors," but some could be considered "breakthrough" technology that could have uses across a variety of spectrums.
Vogel was also impressed with Lightwave's management team.
"They not only have great backgrounds, but they have also been successful a few times, each of them," he said, noting that the company's chairman - Phillip W. Smith - is a founder of Taser International Inc.
"They also have a great list of strategic partners, so that seemed to validate the technology," Vogel said.
Unlike most of Lincoln Park's deals, this one did not include an upfront equity purchase.
"We wanted to," Vogel said. "But the company didn't have an immediate use for it." He speculated that Lightwave might be looking to wait until its stock price was a bit higher before drawing on the facility.
"They'll be able to opportunistically use it at their discretion," he said.
The fund will purchase common shares from Lightwave at a price per share based on market prices.
Lightwave is a developer of developed electro-optic polymers that have a range of applications in the electro-optic device market.
| Issuer: | Lightwave Logic, Inc.
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| Issue: | Stock purchase agreement
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| Amount: | $20 million
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| Tenor: | 30 months
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| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Pricing date: | May 3
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| Stock symbol: | OTCBB: LWLG
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| Stock price: | $1.11 at close May 6
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| Market capitalization: | $48.8 million
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