Low-cost CL material wins funding boost

Lanarkshire-based medical devices company Ocutec has received a further equity investment of £500k from existing investors Discovery Investment Fund, Chimaerabio, Scottish Enterprise Co-investment Fund and company founders.

The investment brings the total raised since January 2007 to £2.5m and will support development of its Poly(ethylene) glycol (PEG) materials technology, based on original research at Strathclyde University, Glasgow.

The company is using PEG, a polymer used in medical devices, instead of silicone to produce disposable contact lenses. Ocutec claimed that this could deliver two major advantages - a superior and sustainable all-day wearing experience and significantly reduced manufacturing costs. It has two CE-marked prototype lenses and will use the new funds to CE mark a third lens and conduct on-eye testing against competitor products in the clinic.