OcuMedic Inc. announced that its contact lens drug delivery system has been granted a patent by the European Patent Office.
This will cover the company’s intellectual property for time-released delivery of drugs through prescription, soft contact lenses, according to a press release from the company.
The drugs included in the patented contacts aid in the treatment of conditions including dry eye and glaucoma. They also provide controlled release of anti-inflammatory, antibiotic and pain-reducing drugs for postoperative care for cataract surgery, LASIK and similar procedures.
“The European patent extends the company’s intellectual property coverage to the important European market valued at $16.7B annually, growing by 5.6% CAGR by 2023, according to Allied Market Research,” Keith D. Ignotz, president and CEO of OcuMedic Inc., said in the release.
Ignotz noted that the delivery of ophthalmic drugs is now in the hands of the physician, relieving the patient of the burden of having to remember to self-deliver drops.
“This additional patent is an important validation of our novel approach to delivering the best eye care possible to a large number of people suffering from poor vision or diseases of the eye,” Mark E. Byrne, PhD, professor of biomedical engineering at Rowan University and chief technical officer of OcuMedic, said in the release, “Our goal is to extend and enhance the gift of sight for as many as possible, and our new technology provides a better way to better eye health.”