BioProtect ltd., a Tzur Yigal, Israel-based company developing bioabsorbable polymer spacer balloons, held the initial closing of $13m of its Series D equity financing.
The round was led by the family office of Vincent Tchenguiz, chairman of Consensus Business Group, with participation from Accelmed Ventures II, and KB Investments.
The company intends to use the funds to finance the ongoing multicenter FDA clinical trial of its lead product, the ProSpace balloon spacer, which protects prostate cancer patients undergoing radiation therapy, as well as the expansion of the technology platform.
Led by Gil Rosen, CEO, BioProtect is advancing a pipeline of spacing products that improve outcomes in radiotherapy and interventional oncology procedures as well as in aesthetics and general surgery. The company’s ProSpace balloon spacer helps reduction of radiation therapy risks by pushing the prostate away from adjacent organ at risk, the rectum. Once injected with saline the spacer offers physicians a consistent gap of over 1.5cm, is visible under CT. The spacer remains stable during radiation therapy and is gradually absorbed after radition therapy is completed.