Longmont-based Lightwave Logic raises $2 million in private placement

LONGMONT — Lightwave Logic Inc., which last year moved its headquarters from Delaware to Longmont, has raised $2 million in a new private placement offering of the company’s common stock.

About 60 percent of the proceeds, company officials stated in a filing with the Securities and Exchange Commission, will be used for research and development, with the rest going toward working capital.

Lightwave (OTCQB: LWLG) is a development-stage company working to create organic polymer materials that would speed up the transfer of data in optical computing devices.

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The new offering included the issuance of nearly 3 million shares of common stock, accounting for about 5 percent of the company’s issued and outstanding common stock to date. Each $100,000 unit purchased by investors included 147,060 shares, a warrant to purchase 73,530 shares at 85 cents per share, and a warrant to purchase 73,530 shares at $1.02 per share.

Lightwave shares were trading at 78 cents Tuesday.

Company chairman and CEO Tom Zelibor said the new funding will fund the business “well into 2016.” He said that, while adding employees is always in the mix, there are no specific hiring plans right now.

Lightwave has four full-time employees in Longmont and just opened a clean room at its local facility last month. The company also employs three full-time and four part-time staff in Delaware, as well as a couple of other remote full-time employees on the coasts.