UK billionaire Vincent Tchenguiz will invest $7 million in BioProtect, which has developed and markets a product for protecting healthy tissue against radiotherapy for treatment of prostate cancer. BioProtect is a graduate of Xenia Venture Capital Ltd. (TASE:XENA), which operates a technology incubator.
Tchenguiz invests directly in Xenia and in some of its investee companies, in addition to his other investments in Israel. Cybele-Holdings manages the Tchenguiz group's connection with the capital market.
Following the announcement, Xenia will hold 12% of BioProtect. Xenia's market cap at the beginning of today's trading was NIS 65 million. Simultaneously with the financing round, former Dune Medical senior executive Gil Rosen was appointed CEO of BioProtect.
BioProtect's product is a polymer balloon implanted by injection between the prostate gland and the rectum. When the treatment is over, the balloon decomposes by itself and the body disposes of it.
BioProtect is already marketing its products in Europe. The current financing round is designed to complete clinical trials for marketing in the US. BioProtect's product has additional possible applications, including protection of healthy tissue from radiation treatment for cervical and pancreatic cancer and protection of the heart in treatment for breast and lung cancer.
BioProtect was founded in 2004 by Dr. Adrian Paz, Prof. Avi Domb, and director and CTO Shaul Shohat. The company's offices are located in Tzur Yigal. The company had raised $12 million before its current financing round. Its investors include Xenia, the VILS fund for supporting Israeli life science companies operating in Virginia in the US, US investment fund AJSS, and private investors, including Igal Ahuvi and Rafi Gidron.
Published by Globes, Israel business news - en.globes.co.il - on May 20, 2019
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