Mr. Dean Burns reports

OCUMETICS ANNOUNCES COMMENCEMENT OF BIOCOMPATIBILITY AND ANIMAL STUDIES FOR UPDATED LENS DESIGN

Ocumetics Technology Corp. has reached a major milestone with the start of biocompatibility and animal studies for its updated lens design.

As a result of extensive product testing and preliminary animal studies over the last 18 months, the Ocumetics research and development team made several design enhancements to the Ocumetics accommodating lens. On April 19, 2023, the company announced product design lockdown.

"Our latest lens design update addressed an implantation challenge identified from our first animal study and feedback received from our medical advisory board at the 2023 ASCRS meeting," said Dean Burns, Ocumetics president and chief executive officer.

"These new studies are to ensure that the lens design has a safe biological response when implanted within the eye and it is a significant milestone towards meeting FDA [Food and Drug Administration] regulatory safety requirements," said Dr. Barbara Fant, president of Clinical Research Consultants, Ocumetics's regulatory consultant.

"It is exciting to see the technology we have developed coming to fruition," added Ocumetics's chief medical officer, Dr. Doyle Stulting.

The biocompatibility studies will take four to five months to complete. Ocumetics expects to begin planning its first-in-human proof of concept studies by Q4 2023.

About Ocumetics Technology Corp.

Ocumetics Technology is a Canadian research and development company that specializes in adaptive intraocular lens designs. Ocumetics is in the preclinical study stage of a game-changing technology for the ophthalmic industry. Ocumetics has developed an expandable intraocular lens that fits within the capsular bag following extracapsular cataract extraction. It is designed to allow the eyes natural muscle activity to shift focus from distance to near, potentially to eliminate the need for corrective lenses.