Xenia Venture Capital Ltd. (TASE:XENA) has notified the Tel Aviv Stock Exchange (TASE) that its portfolio company BioProtect has raised $3.5 million at a company value of $20 million. Kfar Saba based BioProtect has developed a minimally invasive balloon implant which reduces rectal toxicity in prostate cancer radiation therapy.
"Each year, 250,000 such oncological procedures are performed in the US and Europe representing an immediate market for BioProtect's products," said Xenia CEO Avishay Noam.
After completion of the latest financing round, Xenia will be left with a 22.85% stake in BioProtect, with full dilution.
Xenia expects BioProtect's financing to raise the value of its assets by NIS 4.4 million. Xenia invests in high-tech, medical device and drug development startups. Since its establishment in 2004, Xenia has invested in more than 30 companies which have accomplished major technological and business achievements.
BioProtect founder and CEO Shaul Shohat said, "BioProtect's technological platform is very flexible and can be adapted to other medical applications and procedures that create added value for the company because there is no need for other development expenses. Also in products based on the balloon that we have developed hundreds of successful procedures have been performed on patients so that it has been proven beyond doubt that the product is safe and effective in treating various medical problems."
Published by Globes [online], Israel business news - www.globes-online.com - on April 13, 2017
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