BioProtect 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 U.S. 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 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.
