OcuMedic, Inc. and Gelest, Inc. Enter Investment and Supply Agreement for Novel Contact Lens Drug Delivery System

Prolonged Ocular Therapy

OcuMedic, Inc. and Gelest, Inc. Enter Investment and Supply Agreement for Novel Contact Lens Drug Delivery System

Gelest exclusive supplier of chemistry for
OcuMedic proprietary drug eluting contact lens and corneal bandage

MULLICA HILL, NJ (October 9, 2019) – OcuMedic, Inc., the developer of new proprietary , drug-eluting soft
contact lens/clear corneal bandage technology to replace eye drops, today
announced it has entered into an exclusive supply agreement and received a
strategic investment from Gelest, Inc., a leading innovator in materials
science and supplier to the global contact lens market.

 “Working
together with Gelest we will be better able to leverage the OcuMedic
intellectual property into a wide variety of applications using OcuMedic’s proprietary
platform technology,” said Keith D. Ignotz, President and Chief Executive
Officer of OcuMedic, Inc. “This strategic investment and exclusive supply
agreement is a further validation of the OcuMedic technology and its potential
to revolutionize the eye care market,”

“The exclusive supply agreement with OcuMedic
represents a unique opportunity for our specialty acrylic monomers and reactive
siloxane materials business to partner with a cutting-edge innovator in ocular
drug delivery and further establishes Gelest as a leader in the development and
manufacture of innovative materials for contact and intraocular lenses” said Ken
Gayer, Chief Executive Officer of Gelest, Inc. “Our strategic investment in
OcuMedic together with the exclusive supply agreement positions the companies
to develop new-to-world technologies which match customized lens materials with
selected medications”.

OcuMedic Technology Platform Applications —

The OcuMedic technology provides contact lens
manufacturers the ability to deliver comfort agents to extend the wear time of
daily-use lens. For ophthalmic pharmaceutical companies the platform provides a
new ‘route of administration’ enabling a potentially enhanced ‘therapeutic
index’ and provides new intellectual property over the conventional eye drop
method in use for 150 years. The technology is designed to eliminate the
patient’s therapeutic burden of having to treat themselves which can lead to
compliance problems and associated complications that contribute to $70 billion
in unnecessary follow up treatments per year.

Under terms of the agreement, Gelest will manufacture
and supply OcuMedic’s key chemistry components necessary for the controlled
release of drugs under OcuMedic’s intellectual property for clear or corrective
extended-wear contacts /corneal bandages that deliver a wide-variety of drugs.
Initial indications will be for the treatment of inflammation and pain for post
cataract and LASIK surgery and corneal abrasions, as well as, under development
conditions such as glaucoma and dry eye.

“An additional novelty of the OcuMedic technology is
that eye care providers are already
trained
to deliver the technology and a wear time of seven days coincides
with the recall standards of care whereby the provider places and replaces the
device on a patient during a recall visit. The sustained drug release puts
compliance into the hands of the providers and the patient is relieved of the
burden of having to treat themselves,” Mr. Ignotz said.

Approximately six million Americans undergo some type
of eye surgery every year – four million cataract and one million post-corneal
abrasion surgeries and 900,000 LASIK procedures. More than three-million people
in Europe undergo cataract surgery, annually. All patients require
post-operative care which includes eye drops that
can wash out quickly with only about 5% of the therapy reaching the
target tissue. Eye drops can be hard to administer, and the low delivered
concentration of medication tends to aggravate post-operative complications
costing $70 billion per year. Dry eye disease affects greater than five million
people in the U.S. and approximately 40 million worldwide and is the most
frequent complaint and reason to visit an eye care professional in the U.S.  Approximately three million Americans suffer
from blinding Glaucoma; worldwide, more than 60 million people are affected.

About OcuMedic, Inc. —

OcuMedic, Inc. is the developer of the world’s first,
drug-eluting therapeutic lens/clear corneal bandage for the delivery of drugs
for the global ophthalmic market. Invented by Mark Byrne, Ph.D. distinguished
engineering professor and Founding Head of the Department of Biomedical
Engineering at Rowan University, the therapeutic lens is a soft contact
developed in the most widely used safe lens material that precisely controls
the release of a “first line” anti-inflammatory drug that targets
post-operative eye care to reduce healing time and costly complications. The
device is a platform technology, with OcuMedic demonstrating controlled release
of a number of therapeutics for the duration of wear, targeted at the large and
growing surgery, dry eye, corneal abrasion, and glaucoma markets. For more
information, visit http://ocumedic.net/.

About Gelest, Inc. —

Gelest, Inc., headquartered in Morrisville, Pennsylvania, is
an innovator, manufacturer, and supplier of silicones, organosilanes, metal-organics,
and specialty monomers and polymers for advanced technology end markets
including medical device, life sciences, microelectronics, personal care, and
other high technology end markets.  The
company helps customers succeed by assisting them in the development and supply
of chemistry to solve their most challenging materials science problems and to
enable their new product technology.  In
June 2019, Gelest acquired Bimax, a developer, manufacturer and supplier of specialty
acrylate monomers and polymers for use in contact lenses, intraocular lenses,
personal care products, coatings and adhesives, and other advanced technology
applications. For more information, visit www.gelest.com.  

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Media Contact: Bill Wells –
404-281-7490, media@ocumedics.com                                                  Investor Contact: Keith Ignotz – 404-444-6030