BioProtect Nabs $28M for Balloon Implant System Commercialization
27 Sep 2023
Radiation Therapy
BioProtect, a company providing biodegradable spacing solutions, recently announced it closed its most recent funding round with $28 million from investors. The round was led by MVM Partners, with participation from Triventures, KB Investments, Peregrine Ventures, Almeda Ventures, and Consensus Business Group of Vincent Tchenguiz. The proceeds will help support BioProtects United States commercialization of its FDA cleared BioProtect Balloon Implant System for rectal protection during prostate cancer radiation therapy.
The balloon implant system is an implantable, biodegradable balloon that provides a defined, enclosed distance to reduce radiation exposure to the rectum. It is deployed in a quick and minimally invasive procedure using a blunted tip insertion device and is visible under all imaging modalities, including CT, MRI, and ultrasound.
"We believe that our balloon has the potential to revolutionize rectal protection from radiation toxicity during prostate cancer radiation therapy," said Itay Barnea, CEO of BioProtect. "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."
The company reported that it will officially launch the balloon technology at the 2023 annual meeting of the American Society of Therapeutic Radiology and Oncology in San Diego, CA, Oct. 1 to 4.
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