BioProtect, an Israeli medical technology company focused on biodegradable spacing solutions, has closed a $28m funding round led by MVM Partners, which invests in healthcare companies.

The existing investors including Triventures, KB Investments, Peregrine Ventures, Almeda Ventures, and Consensus Business Group of Vincent Tchenguiz also participated in the funding round.

As part of the financing, MVM partner Kevin Cheng will be appointed to BioProtect’s board of directors, along with Stephen Reeders.

MVM partner Kevin Cheng said: “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.”

The medical device company intends to use the proceeds from the financing to support the commercialisation of its BioProtect Balloon Implant System in the US.

The BioProtect Balloon Implant System is a new-generation spacer designed to provide optimal, consistent, and reproducible protection to the rectum during prostate cancer radiation therapy.

It is said to provide reproducible separation between the prostate and rectum, which is visible in all imaging modalities like MRI, CT, and ultrasound.

The balloon implant system has recently been approved by the US Food and Drug Administration (FDA), for rectal protection during radiation therapy for prostate cancer.

BioProtect CEO Itay Barnea said: “We believe that our balloon has the potential to revolutionize rectal protection from radiation toxicity during prostate cancer radiation therapy.

“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.”