BioProtect this week announced it closed a $25 million Series D equity financing round.
Peregrine Ventures and an unnamed strategic investor completed the financing round that was led by Almeida Ventures and Vincent Tchenguiz, chairperson of Consensus Business Group. KB Investments of South Korea and Triventures also participated in the financing round.
BioProtect said proceeds of the round will go toward the ongoing multicenter FDA clinical trial of its ProSpace balloon spacer, which is designed to protect prostate cancer patients that are undergoing radiation therapy. The proceeds will also go toward expanding the technology platform.
“This financing will allow the company to complete the pivotal study, gain FDA approval, and accelerate development of the next indication to our platform,” CEO Gil Rosen said in a news release.
ProSpace helps reduce radiation therapy risks by pushing the prostate away from adjacent organs at risk. Once injected, the spacer gives physicians a consistent gap of over 1.5 cm that is visible under trans rectal ultrasound and CT. The spacer is stable during radiation therapy and is gradually absorbed after radiation therapy is completed.
“During the pandemic, and possibly even more so after the pandemic, there will be pressure on radiation oncology providers to shorten the treatment cycle without compromising safety and cancer control: first, in order to minimize the number of visits and with them pandemic risks to the patients, and later once the pandemic subsides, the back-log of low risk patients that delayed their treatment will be significant,” Rosen said. “We hope to provide an important enabling tool to these providers and patients. Innovation in radiation therapy platforms enabling larger-dose radiation fractions to be delivered in fewer sessions received significant validation via new guidelines of the main societies, ASTRO, ASCO, and the AUA, and BioProtect hopes to support these patients.”