Ocutec Limited, a Lanarkshire-based contact lens company, has raised equity finance from ChimaeraBio. This is the first investment for ChimaeraBio, which is headed by serial technology entrepreneurs Jim & Karen Reid, and was match-funded by the Scottish Enterprise Co-Investment Fund. Jim Reid will also join the Ocutec Board. This investment will allow Ocutec to further develop their contact lens technology and complete the final stages of product development. This is the fifth round of equity funding for Ocutec, and brings total funding to £2M since completion of first round funding in January 2007
Wade Tipton, Managing Director of Ocutec said: “We are delighted to have secured this new investment from ChimaeraBio and the Co-Investment Fund. This further supports our mission to revolutionise the contact lens industry with our proprietary materials, and over the coming months we expect to obtain the necessary regulatory approvals to progress the extensive on-eye testing to allow us to demonstrate the superior attributes of our technology.”
Based in Bellshill, 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. While contact lenses are the primary focus, the company is exploring a number of other applications for its thermoplastic hydrogel polymer, including use in other ophthalmic, urinary & coronary based medical devices. For further information, contact:
Ocutec Limited, 3 Clark Way, Bellshill Industrial Estate, Bellshill, ML4 3NX Tel: 01698 849876 Fax: 01698 849633 E-mail:info@ocutec.com Web: www.ocutec.com
ChimaeraBio was formed in August 2000 as a consultancy and investment company focused on the life science industry in Scotland. The partners have a vast range of experience in the field including product development, new technology commercialisation, market development, and international marketing. Due to their extensive network and international experience having spent time with blue chip companies such as Roche, Chiron and Organon, ChimaeraBio has developed the skills, knowledge and level of investment experience needed in order to optimize the growth of businesses in the sector. ChimaeraBio provide a flexible and proactive approach to funding, the focus being to nurture early stage businesses enabling optimal growth. The group have been involved in the formation of over 10 companies in the sector and have successfully exited both Haptogen and Qnostics.