Occuity is pleased to announce that it has been awarded an Innovate UK EDGE Scaleup Programme Growth Support Grant to support its efforts to obtain FDA approval for the PM1 Pachymeter. The grant is designed to accelerate growth activities aligned to the challenges and opportunities identified in the recruitment stages of the programme and support Occuity's overall growth as a company.
The grant will enable Occuity to work with regulatory experts and consultants to ensure that our device meets all necessary FDA requirements for safety, efficacy, and quality - a critical step towards bringing our technology to the US market. Moreover, the increased revenue from the distribution of the PM1 Pachymeter into the US market will support the future growth of the company.
The Scaleup Programme Growth Support Grant provides funding for activities that require external expertise to be sourced by the business to address a particular challenge, opportunity, or gap in knowledge. Occuity has decided to engage with an FDA specialist consultant to support the preparation and submission of the application for FDA approval of the PM1 Pachymeter. The total spend is estimated to be just under £20,000 and the Scaleup Programme Growth Support Grant will cover 70% of these costs. With this funding and support, we are confident that we can successfully navigate the FDA approval process.
Occuity was eligible to apply for this grant due to it already being a part of the Innovate UK EDGE Scaleup Programme which is aimed at companies that have already achieved some level of success and are looking to take their business to the next level. This includes companies that have demonstrated strong growth potential, have a clear vision for their future, and are committed to innovation and creating high-value jobs in the UK.
Dan Daly, Founder and CEO of Occuity, comments:
"We are thrilled to have been awarded the Innovate UK EDGE Scaleup Prgoramme Growth Support Grant, which will be instrumental in supporting our efforts to bring the PM1 Pachymeter to the US market. Having had significant interest from distributors and industry professionals in the US, it is very exciting to now be able to communicate with these partners that we are in the process of accelerated commercialization."
The PM1 Pachymeter is a ground breaking device that uses Occuity's patented technology to measure the thickness of the cornea, a crucial element in the diagnosis of eye diseases such as glaucoma and keratoconus. Unlike traditional methods, the PM1 Pachymeter is non-invasive, painless, and can be performed in a matter of seconds.
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