BioProtect Secures $28M to Commercialize its Biodegradable Balloon for Rectal Protection During Prostate Cancer Radiation Therapy
TZUR IGAL, Israel, Sept. 27, 2023 /PRNewswire/ -- BioProtect Ltd, a private Med Tech company focused on providing innovative, biodegradable spacing solutions, announced today the successful close of a $28 million funding. The round was led by MVM Partners, with participation from current investors: Triventures, KB Investments, Peregrine Ventures, Almeda Ventures, and Consensus Business Group of Vincent Tchenguiz. Proceeds from this financing will support US commercialization of the BioProtect Balloon Implant System, which recently received FDA clearance for rectal protection during radiation therapy for prostate cancer.
"We believe that our balloon has the potential to revolutionize rectal protection from radiation toxicity during prostate cancer radiation therapy," said BioProtect's CEO, Itay Barnea. "To-date, our spacer has been successfully implanted in over 2,000 patients worldwide and has proven to be safe and effective. We appreciate the support of our new and existing investors who share our vision for the company, and are pleased to secure the resources to drive our penetration into the US market."
"MVM aims to make best-in-class healthcare innovations more widely available to patients. We are impressed by the compelling benefits of BioProtect's next generation spacer and are thrilled to support the US commercial launch of this technology", said Kevin Cheng, a partner at MVM, who will be joining the company's board of directors together with his colleague Stephen Reeders.
BioProtect will officially launch its balloon technology at the 2023 annual meeting of the American Society of Therapeutic Radiology and Oncology (ASTRO) in San Diego, Oct. 1st – 4th.
About BioProtect
BioProtect is a technology platform company that provides innovative biodegradable spacing solutions. BioProtect's first application, commercially available in the US and Europe, is the BioProtect Balloon Implant System, a new generation spacer designed to provide optimal, consistent, and reproducible protection to the rectum during prostate cancer radiation therapy.
For more information about BioProtect and their products, please visit www.BioProtect.com.
About MVM Partners
MVM has invested in high-growth healthcare businesses since 1997. With teams in Boston and London, MVM has a broad, global investment outlook spanning medical technology, pharmaceuticals, diagnostics, contract research and manufacturing, digital health, and other sectors of healthcare. More information can be found at www.mvm.com.
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SOURCE BioProtect
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