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.
As well as using industry standard cast moulding for daily disposables, the company's website said it was using PEG formulations and injection moulding technology to directly thermoform lenses at a low cost.
Chief executive officer Wade Tipton commented: '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.'
