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Ocutec Secures Further Funding for New Contact
Lens
A Scottish medical device company has secured an additional
£500,000 to support the development of a new range of low cost
disposable contact lenses that will offer a 'superior and
sustainable all day wearing experience'.
Ocutec receives the six-figure sum from current investors
ChimaeraBio, the Discovery Investment Fund, the Scottish Enterprise
Co-Investment Fund and company founders.
The Lanarkshire-based business has already produced two
CE-marked polymer contact lenses and will use the money to CE mark
a third new lens, as well as perform on-eye testing against
competitors products.
The lenses have been developed using a material called
polyethylene glycol (PEG) which is also widely used in skin care
products, injections and food packaging.
Ocutec CEO, Wade Tipton said: "We are delighted in this
continued show of support from our key investors. We are already in
discussion with several potential commercial partners and the new
funding will enable us to prove to their satisfaction our belief
that PEGs have the potential to be the standard contact lens
material of the future."
ChimaeraBio partner, Jim Reid added: "Ocutec has taken
world-leading Scottish materials science and is on the verge of
turning this into a major product ready for commercialisation. The
team have met the milestones set and we are pleased to give them
further backing."
The latest financial backing takes Ocutec's current investment
total to £2.5m since it secured its first investment in the project
back in January 2007.
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