Ocutec Ltd, a Bellshill, UK-based medical devices company, received a further equity investment of £500K.
Investors in the round include existing partners Discovery Investment Fund Limited, Chimaerabio, Scottish Enterprise Co-investment Fund and company founders.
This funding brings the total raised since January 2007 to £2.5m.
The capital infusion will be used to further develop Ocutec’s Poly(ethylene) glycol (PEG) Materials Technology, based on original research at Strathclyde University, Glasgow.
PEG is a polymer widely used in medical devices, food packaging, skin care products and injections. Ocutec is initially focused on using PEGs instead of silicone to produce disposable contact lenses, with the potential to deliver two major advantages – a superior and sustainable all day wearing experience and significantly reduced manufacturing costs.
The company has already introduced two CE-marked lenses and will use the new funds to CE mark a third lens and conduct extensive on-eye testing against competitor products in the clinic.