Ocutec develops poly(ethylene) glycol (PEG) materials technology, aiming to replace silicone in disposable contact lenses. The PEG-based approach is intended to deliver a superior, sustainable all-day wearing experience and to cut manufacturing costs. The technology traces to original research at Strathclyde University, Glasgow. Ocutec has already introduced two CE-marked lenses and plans to CE mark a third. The company will use new funding to finalize the third lens and conduct extensive on-eye clinical testing against competitor products. Financially, the firm has raised a total of £2.5m since January 2007, including the latest £500K equity infusion. Ocutec has developed a new class of thermoplastic hydrogel polymer for contact lenses that it says allows much more oxygen through than existing products, offering vastly superior on‑eye performance. The polymer, developed by Professor Neil Graham of Strathclyde University, can be produced using standard compression or injection moulding techniques, which the company says will make lenses cheaper and easier to produce than standard multi-stage processes. Directors believe the technology could revolutionise the contact lens industry and plan to move to mass production if regulatory steps succeed. The latest funding is intended to pay for work to secure regulatory clearance for testing on humans, which the company hoped to complete in 2009 and to enter mass production in 2010. Ocutec is based in Bellshill, Lanarkshire; management changes include the recent appointment of Wade Tipton as managing director and involvement from Dr Roderick Byers. The company said employee numbers could increase to more than 100 if production begins. Ocutec is a Glasgow-based eye-care technology company that has developed a thermoplastic hydrogel polymer and a new manufacturing methodology for contact lenses. Its process reduces the typical 15-step production to five steps and the company says this will cut production costs by as much as 50%. Over the past 18 months Ocutec developed the material and manufacturing approach and has produced a prototype lens. The company is about to proceed with on-eye trials and will invest in specialised equipment to manufacture under its new model. Management aims to bring materials into large-scale trials in the next 18–24 months and sees potential in emerging markets including India and China. To date Ocutec has raised £282,000 to develop the prototype, funding it says will accelerate progress to market over the next two years.

Total raised

$3M

Funding rounds

3

Latest round

Equity

Latest activity

Jun 2010