A UK medical device business has secured a reportedly six-figure sum to further develop a new range of low-cost daily disposable contact lenses which, it believes, will ‘revolutionize the contact lenses industry’.

Ocutec, the Lanarkshire-based contact lens company, has received equity finance from ChimaeraBio, a consultancy and investment company focused on life sciences in Scotland and headed by technology entrepreneurs Jim and Karen Reid. The finding has been matched by the Scotland Enterprise Co-Investment Fund, bringing Ocutec’s total financial backing to £2m since it secured its first investment for the project in January 2007.

Speaking about the contact lenses in the past, Mr Tipton explained: “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 available today.