Join us on our mission to develop revolutionary non-invasive diabetes screening and monitoring devices.
- Disruptive, pain-free, non-contact optical technology
- Multiple International Patents
- First Letter of Intent worth a potential £6.75m
- Estimated $35Billion Combined Global Markets
At Occuity our mission is to revolutionise the way in which some of the world’s most prevalent chronic diseases, such as diabetes and Alzheimer’s are screened and monitored.
Our patented non-contacting technology uses the eye as a window on the health of the body. By safely shining a low power beam of light into the eye, collecting and analysing the return signal our handheld devices will aim to accurately measure structures within the eye and detect changes associated with these chronic life-changing conditions.
Our disruptive technology is currently being developed into a range of handheld devices to target three distinct markets: Ophthalmology, Disease Screening and Disease Monitoring - worth an estimated $35Bn/year.
Of particular interest is the growing problem of both diabetes and pre-diabetes. Globally 463 million adults have diabetes and 352 million are estimated to have pre-diabetes. Occuity's products aim to enable earlier detection and provide a non-contacting, pain-free glucose monitor - the Occuity Indigo.
Substantial accomplishments to date
o Advanced first device based on our non-contacting technology, the PM1 Pachymeter, from early prototype close to production-ready
o 9 Granted Patents - Plus an additional 5 filed and 1 in draft
o In process of appointing distributors for the PM1 pachymeter, including one of the UK's leading ophthalmic distributors, Birmingham Optical with further international discussions ongoing.
o Awarded Innovate UK grant for the development of technology within the Occuity Indigo. A further grant application for a project worth over £1.5m have been submitted with more planned. If successful this will further strengthen the business and allow us to accelerate our plans.
o Highly promising in vitro results from our Glucose Monitoring technology as part of Innovate UK grant-funded research.
o Created a Facebook community of over 8,900 individuals. A sample survey provided positive feedback with 99% of those who completed the survey saying they would be likely to switch to the Occuity Indigo if it were available today.
o £1.4m raised prior to this round.
o Order placed with sub-contract manufacturer for 500 off electronic components to mitigate global semi-conductor shortage.
o Achieved ISO 13485 Certification - Quality Management System specifically developed for the manufacture of medical devices
o Significantly enhanced the senior team including a Design Director, with 27 years of experience in Apple’s design team, a seasoned CFO and a Programme Director experienced in bringing Medtech devices to market.
o Overall team has grown from 5 to over 30 people in 18 months
Based on our patented optical technology our devices are being developed with the aim of being faster, easier to use and safer than existing invasive techniques. We believe they have the potential to improve the lives of hundreds of millions of people worldwide.
By targeting three distinct markets, Occuity’s planned monetisation strategy offers multiple revenue streams.
Priced to compete against finger stick testing, we plan to market the Occuity Indigo to consumers through distribution networks or as an OEM deal with a manufacturer. Device as a Service (DAAS) model with a recurring monthly subscription price which includes device warranty, data analysis and storage, software and firmware upgrades.
We are planning a B2B strategy through Point of Care (PoC) providers such as opticians and pharmacies. A DAAS model with a recurring monthly subscription price targeted to encourage revenue generation both for the PoC provider and Occuity.
Starting with the PM1 and followed by a planned pipeline of further ophthalmic products, we aim for these devices to be sold via B2B distributors in specific regions with a target price competitive with existing contacting devices.
Although not included in forecasts, the scale of the data collected by our range of devices could offer potentially significant new revenue streams. For example, providing commercial access to anonymised population data via licensing agreements.
Use of proceeds
Raised funds will primarily be used to bring the PM1 Pachymeter to market and continue the research and development of our technology.
From the launch of the PM1, we intend for Occuity to generate significant revenues which, along with funds from this round, will be used to accelerate the development of the patented technology used within the Occuity Indigo glucose monitor and disease screening device.
Funds will also be used to run small scale clinical trials to prove our next-generation glucose monitor improves on the previous clinical trials.
To deliver these advances, Occuity will enhance its engineering and management teams, research facilities, quality and regulatory systems.
Please note the business has three share classes (Ordinary, A Ordinary and B Ordinary) a breakdown of these is provided below:
1. Ordinary: The standard share class issued to Founders and investors. Full voting rights. On a listing or sale of the company these shares rank pari passu with A Ordinary shares.
2. A Ordinary: Relate to a staff Option Scheme. This share class has no Voting Rights. On a listing or sale of the company these shares rank pari passu with Ordinary shares.
3. B Ordinary: These are growth shares, issued to incentivise staff who aren’t able to benefit from the EMI scheme.
In the event of a return of capital above £6,527,736 (“Hurdle Amount”), the proceeds available for distribution (“Exit Proceeds”) will be applied in the following order of priority:
1. B Ordinary Shares according to the below formula:
2. Any balance of the Exit Proceeds remaining after the allocation to the B Ordinary Shares shall be distributed pro rata amongst the Ordinary and A Ordinary Shares.
The B Ordinary Shares do not have the right to participate in a return of capital in the event the Hurdle Amount is not reached.
Please note, the valuation for the round has been calculated on a fully-diluted basis, including an Options Pool of 110,000 shares which can be converted into either A Ordinary or B Ordinary shares. To date, 32,100 shares have been converted into B Ordinary shares, leaving 77,900 shares available for the Option scheme.
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