Major investors leading the round are the family office of Vincent Tchenguiz, chairman of
Proceeds of the round will finance the ongoing multicenter FDA clinical trial of BioProtect's lead product, the ProSpace balloon spacer, which protects prostate cancer patients undergoing radiation therapy, as well as the expansion of the technology platform.
Every year, more than 1.1 million men are diagnosed with prostate cancer worldwide and approximately 400,000 will undergo prostate radiotherapy. Historically prostate radiation therapy was limited by concerns over risk of rectal toxicity following radiotherapy. Innovation in radiation therapy platforms enabling larger-dose radiation fractions to be delivered in fewer sessions recently received significant validation via new guidelines of the main societies, ASTRO, ASCO, and the AUA.
The 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.
BioProtect's future pipeline represents a
Vincent Tchenguiz, Chairman of CBG, commented, "We have been supporting BioProtect for a long time, watching it succeed. We believe its technology offers strong value that would help the market's growth. We also recognize the strength of the platform and are keen to work with the company to continue and grow it "
CBG's diversified portfolio includes sectors such as Life Sciences, climate change and other technologies. CBG is a LP or GP in multiple healthcare funds including Forbion,
About Accelmed Ventures II