OcuMedic said today that it entered into an exclusive supply agreement and picked up a strategic investment from Gelest for its proprietary drug-eluting soft contact lens of an undisclosed amount.

Under the terms of the agreement, Morrisville, Pa.-based Gelest is set to manufacture and supply OcuMedic’s key chemistry components used in the controlled release of drugs in the latter’s corrective extended-wear contacts/corneal bandages.

OcuMedic said initial indications are for the treatment of inflammation and pain for post-cataract and LASIK surgery, along with corneal abrasions and conditions like glaucoma and dry eye.

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