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Ocutec secures further investment
14 August 2008
Ocutec has secured further investment of £775,000 from Dundee-based Discovery Investment Fund (£325,000), the Scottish Enterprise Co-Investment Fund (£325,000) and other private individuals (£125,000). This brings Ocutec's total funding to £1.5M since January 2007, when Discovery Investment Fund made its initial investment. This includes a ‘SMART:Scotland' grant totalling £232,000 from the Scottish Government.
Ocutec is a Scottish-based medical device company that has invented novel advanced materials and manufacturing technologies. These are based on polyethylene glycol (PEG), a well known polymer widely used in medical devices, food packaging, skin care products and injections.
Ocutec is initially focused on delivering disposable contact lenses with twin advantages that will revolutionise the contact lens industry. These are significant manufacturing cost reductions, and a superior and sustainable all day wearing experience.
Ocutec has recruited an enviable team comprising world class contact lens specialists, and a technical team of researchers and engineers. All are highly experienced and knowledgeable within the challenging medical device environment. Mr Wade Tipton, formerly General Manager of Clearlab and Technical Director of VisionTec, has recently been appointed as Managing Director of Ocutec.
"Ocutec polymers are thermoplastic and as such can be shaped under heat and pressure using either compression or injection moulding. These manufacturing techniques are commonly used in other industries to produce high quality products in large volumes at low cost. By applying these techniques to our polymers, we believe we can make contact lenses at a fundamentally lower cost than is available today. We have already completed design and manufacture of lens prototypes, and testing by independent experts has indicated that these are high quality lenses exhibiting good biocompatibility properties. Our next objective is to secure the regulatory approvals needed to progress extensive on-eye testing, which is the precursor to a market ready product."
stated Mr Tipton.
For further information contact Dr Caroline Stretton, Ocutec Limited T: 0141 773 6222.
