Glasgow contact lens specialist in sharp focus after £1m-plus funding round

A Glasgow-based contact lens specialist that was spun out of the University of Strathclyde is focusing on growth after securing a fresh funding injection.

Intuitive Investments Group, a closed-end investment company focused on the life sciences sector, is investing £250,000 to acquire 156,250 new ordinary shares in Ocutec as part of a £1.36 million fundraising round.

Ocutec has patented technology covering the formulation of novel contact lens products, contact lens “comfort solutions” and injection moulding technology for rapid manufacturing.

The venture is based in Glasgow and has been operating since 2006, having been spun out of the University of Strathclyde.

Intuitive Investments Group (IIG) is focused on fast growing and high potential life sciences businesses operating predominantly in the UK, continental Europe and the United States.

According to its unaudited management accounts for the six months to October 31, 2021, Ocutec had no revenue and a loss after tax of £377,386 and, as of that same date, had unaudited net assets of £4,447,137, Intuitive Investments Group noted.

Stewart White, chairman of Intuitive Investments Group’s advisory panel and a member of the company’s investment team, acts as a consultant to Ocutec.

As part of the Glasgow firm’s fundraising, Robert Naylor, Intuitive Investments Group’s chief executive, and Malcolm Gillies, Intuitive’s senior non-executive director, have each personally invested £50,000 giving each of them a 1.21 per cent interest in Ocutec's enlarged share capital.

Accordingly, neither Naylor nor Gillies voted as members of the board approving the investment.

Intuitive Investments Group, which is quoted on the UK’s Alternative Investment Market, is focused on fast growing and high potential life sciences businesses operating predominantly in the UK, continental Europe and the United States.

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