1 The EIC Accelerator Project

EIC Accelerator Program: An In-Depth Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium enterprises (SMEs) and startups in their pursuit of innovation and market growth. This initiative provides substantial financial backing through a blended finance model, combining grants and equity investments to help innovative companies bring their groundbreaking ideas to market.

Funding Structure

The EIC Accelerator offers funding up to €2.5 million in grant form, aimed at covering the costs associated with the development and commercialization of innovative products or services. In addition, the program provides equity financing, which has evolved over time. Until 2024, companies can receive up to €15 million in equity funding, whereas from 2025 onwards, this amount will be capped at €10 million. This flexible funding approach allows companies to choose the type of support that best suits their needs, whether it be non-dilutive grants or equity investments that help finance scaling efforts.

Purpose and Impact

The primary objective of the EIC Accelerator is to enhance the European DeepTech and startup ecosystem. By providing essential funding and support, the program aims to bridge the gap between early-stage innovations and market entry. It facilitates the scaling of high-impact startups that can contribute to economic growth, job creation, and technological advancements within Europe. Furthermore, the EIC Accelerator assists companies in attracting additional funding from private investors by validating their innovative projects through a rigorous selection process.

Scaling Support and Private Sector Engagement

The EIC Accelerator plays a pivotal role in helping companies scale their operations and secure sufficient private sector funding. The program not only provides financial resources but also offers access to a network of investors, mentors, and industry experts. This comprehensive support system enables innovative companies to refine their business models, enhance their market strategies, and improve their overall viability, thereby increasing attractiveness to potential private investors.

Case Study: BIOPROTECT LTD and Project ProSpace

Company Overview

BIOPROTECT LTD, based in Israel, is a pioneering company focused on developing innovative solutions for medical applications. The organization recently won the EIC Accelerator funding for its project, ProSpace, which entails the BioProtect Balloon Implant System. This system aims to enable safe and effective prostate radiation treatment, even at extreme dosages.

Project Description: ProSpace

The ProSpace project revolves around the BioProtect Balloon Implant System, a cutting-edge technology designed to enhance the safety and efficacy of prostate radiotherapy. Prostate cancer treatment often involves radiation therapy, which can cause damage to surrounding healthy tissues. The BioProtect system aims to address this challenge by using a balloon implant that acts as a physical barrier, protecting healthy tissue while allowing for targeted radiation delivery to the tumor.

Technology Basics and Background

The BioProtect Balloon Implant System utilizes a specialized balloon that is inserted into the rectal cavity prior to radiation treatment. This balloon is designed to maintain a safe distance between the radiation source and the rectal wall, thereby minimizing potential side effects that can arise from radiation exposure. The technology leverages advancements in balloon catheter design and imaging techniques, ensuring precise placement and optimal protection during treatment.

ProSpace incorporates real-time imaging capabilities, allowing healthcare professionals to monitor the position of the balloon and make adjustments as needed. This level of precision is crucial, especially when dealing with extreme radiation dosages. The innovation not only aims to improve patient outcomes by reducing adverse effects but also seeks to enhance the overall efficiency of the treatment process.

The successful implementation of the ProSpace project could revolutionize prostate cancer treatment, making it safer and more effective for patients. By winning the EIC Accelerator funding, BIOPROTECT LTD has secured vital resources to advance its research and development efforts, paving the way for clinical trials and eventual market entry.

Conclusion

The EIC Accelerator program serves as a critical mechanism for supporting innovative companies like BIOPROTECT LTD as they navigate the complex landscape of product development and commercialization. By offering substantial funding and resources, the program enhances the potential for breakthrough technologies, ultimately contributing to the advancement of healthcare solutions and the broader European economy.

2 The Funding Rounds

# BioProtect Ltd: Funding Journey and Investment Analysis

BioProtect Ltd, an Israeli medical technology company, has secured significant funding to develop and commercialize its innovative biodegradable balloon implant system for rectal protection during prostate cancer radiation therapy. The company's financing history includes both traditional venture capital rounds and European Innovation Council (EIC) Accelerator funding.

EIC Accelerator Funding

BioProtect Ltd was among the 51 companies selected for funding in the EIC Accelerator program following the March 22, 2023 cut-off date. This particular EIC funding round distributed a total of €261 million to innovative companies across Europe, representing a 33% increase in budget compared to the previous call. While the specific amount awarded to BioProtect through the EIC Accelerator program is not explicitly stated in the search results, the company was recognized for its ProSpace BioProtect Balloon Implant technology.

The EIC Accelerator is known for providing both grant funding (non-dilutive) and equity investments to selected companies, with blended finance being the most awarded financing type (45%) in the March 2023 call.

Major Funding Rounds

$28 Million Round (September 2023)

BioProtect secured a significant $28 million funding round in September 2023. This round was led by MVM Partners, with participation from several existing investors:

• Triventures
• KB Investments
• Peregrine Ventures
• Almeda Ventures
• Consensus Business Group (led by Vincent Tchenguiz)

As part of this transaction, BioProtect issued 154,996 Non-Convertible Series E preferred shares to Almeda Ventures Limited Partnership, one of the returning investors.

The proceeds from this financing round were earmarked to support the US commercialization of the BioProtect Balloon Implant System, which had recently received FDA clearance for rectal protection during radiation therapy for prostate cancer.

Previous Funding

While the complete funding history isn't fully detailed in the search results, there is evidence of previous investment rounds:

• BioProtect has received a total funding of approximately €74.3 million across various rounds
• The company has previously received investment from KB Investment and Almeda Ventures
• The company has successfully implanted its spacer in over 2,000 patients worldwide prior to the September 2023 funding announcement

Investor Information

BioProtect has attracted investment from several notable venture capital and investment firms:

• MVM Partners: Led the $28 million round in September 2023. Following this investment, Kevin Cheng and Stephen Reeders from MVM joined BioProtect's board of directors
• Triventures: Participated in the September 2023 funding round
• KB Investments: Participated in multiple funding rounds
• Peregrine Ventures: Participated in the September 2023 funding round
• Almeda Ventures: Participated in multiple funding rounds
• Consensus Business Group (led by Vincent Tchenguiz): Participated in the September 2023 funding round
• AJJS Holdings Inc.: Listed as an investor, though the timing and amount are not specified

Company Valuation and Exit Events

The search results do not provide specific information about BioProtect's valuation or any exit events such as IPOs, buyouts, or acquisitions. As of May 2025, the company appears to remain privately held and focused on commercializing its technology in the US market following FDA clearance.

Market Launch

BioProtect officially launched its balloon technology at the 2023 annual meeting of the American Society of Therapeutic Radiology and Oncology (ASTRO) in San Diego, October 1-4, 2023, marking an important milestone in the company's commercialization journey.

Sources: - BioProtect company information, funding & investors

• EIC Accelerator winners and statistics March 2023 - Strata.team
• BioProtect Secures $28M to Commercialize its Biodegradable Balloon
• BioProtect Ltd. announced that it has received funding from Almeda Ventures Limited Partnership
• BioProtect - Startup Nation Finder

3 The Press Releases

Bioprotect Ltd: Advancing Radiotherapy Safety with Biodegradable Technology Bioprotect Ltd, an Israeli medtech company and March 2023 EIC Accelerator winner, specializes in biodegradable medical devices designed to reduce complications in radiotherapy. The company’s flagship product is a poly(L-lactide-co-ε-caprolactone) (PLCL) balloon implant, which serves as a rectal spacer during prostate cancer treatment. Preclinical and clinical studies confirm its safety and efficacy in minimizing radiation-induced damage to healthy tissues.

Key advancements include:

• Biocompatibility: The balloon maintains structural integrity during treatment before biodegrading, avoiding long-term foreign-body complications.
• Clinical relevance: Demonstrated reduction in rectal radiation dose exposure, improving patient outcomes.

While specific press releases from Bioprotect’s website or social media are not available through the provided sources, peer-reviewed studies validate the technology’s potential in oncology care.

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Sources

• EIC Accelerator winners and statistics March 2023 - Strata.team
• Assessment of Bioprotect's Biodegradable Balloon System - PMC

4 The Technology Advancements

BioProtect Ltd: Post-2023 Funding Advancements and Market Progress

Current Capabilities
BioProtect Ltd, an Israeli medtech company, specializes in biodegradable spacing solutions for radiation therapy. Its flagship BioProtect Balloon Implant™ System creates a temporary barrier between the prostate and rectum during radiotherapy, reducing rectal toxicity by 84.8% (rV70 metric). The device is adjustable (10–18 mm spacing), visible under CT/MRI/CBCT imaging, and fully absorbed within six months. As of late 2023, over 2,000 patients worldwide have received the implant.

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Post-EIC Accelerator Developments (March 2023 Onward)
Available records do not explicitly link BioProtect to EIC Accelerator funding. However, significant milestones achieved after March 2023 include:

• FDA Clearance: Received August 2023 for prostate cancer radiotherapy use in the U.S.
• $28M Funding Round: Closed September 2023 to accelerate U.S. commercialization.
• Clinical Adoption: Deployed at centers like Princeton Radiation Oncology, with Dr. Edward Soffen citing its benefits for high-risk patients.
• ASTRO Launch: Debuted the balloon system at the October 2023 ASTRO Annual Meeting.

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Technology Improvements & Market Demonstrations
While no new features are explicitly reported since March 2023:

• Adjustability: Maintains customizable spacing via saline fill, critical for dose escalation protocols.
• Biodegradability: Confirmed six-month absorption timeline in recent case data.

The company has not published new clinical trials or whitepapers post-FDA clearance but continues to collect real-world data from its installed base.

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IP Expansion & Scientific Output
Publicly available updates include:

Patent Activity: A September 19, 2023-granted patent covering radiation therapy applications (filed April 2016)§. No new filings post-March disclosed.

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Sources:
Bioprotect Balloon Implant FDA Clearance | $28M Funding Round | Clinical Adoption & Patient Data | Patent Details

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⚠️ Note: No direct evidence links BioProtect Ltd to EIC Accelerator funding as of available data; all post-March developments relate to other financing rounds or regulatory approvals.

5 The Partnerships and Customers

BioProtect Ltd: Recent Developments and Partnerships

BioProtect Ltd, an Israeli MedTech company specializing in biodegradable spacing solutions, has been actively enhancing its presence in the medical technology sector. Following its success in securing the EIC Accelerator funding in March 2023, the company has made significant strides in advancing its innovative technologies.

Partnerships and Investors

BioProtect recently closed a $28 million funding round led by MVM Partners, with participation from existing investors including Triventures, KB Investments, Peregrine Ventures, Almeda Ventures, and Consensus Business Group of Vincent Tchenguiz. This funding is crucial for the commercialization of the BioProtect Balloon Implant System in the U.S. market. As part of this investment, MVM partner Kevin Cheng will join BioProtect's board of directors, further solidifying the partnership.

Customers and New Relationships

While specific customer names are not publicly disclosed, BioProtect's technology is designed to benefit patients undergoing prostate cancer radiation therapy. The company has successfully implanted its Balloon Implant System in over 2,000 patients worldwide, showcasing its safety and efficacy. BioProtect will officially launch its technology at relevant medical conferences, such as the American Society of Therapeutic Radiology and Oncology (ASTRO) meetings, enhancing its visibility among potential customers and partners.

Nature and Purpose of New Relationships

The new relationships, particularly with MVM Partners, are aimed at leveraging expertise and resources to drive U.S. commercialization and expand market penetration. These partnerships will help BioProtect accelerate the adoption of its technologies in cancer treatment centers globally.

Market Positioning and Technology Advancements

By securing substantial funding and forging strategic partnerships, BioProtect Ltd is poised to strengthen its market position as a leader in biodegradable spacing solutions. The alliances will facilitate technological advancements and scaling, enabling the company to reach more patients and healthcare providers. The focus on innovative biodegradable products positions BioProtect as a pioneer in reducing treatment complications during cancer therapies.

Scaling and Advancements

The funding and partnerships will enable BioProtect to scale its operations, enhance product development, and improve its technological offerings. By collaborating closely with the clinical community, the company can refine and expand its product pipeline, addressing broader needs in cancer care.

Sources

• BioProtect Secures $28M to Commercialize its Biodegradable Balloon for Rectal Protection During Prostate Cancer Radiation Therapy
• BioProtect Secures $28M to Commercialize its Biodegradable Balloon for Rectal Protection During Prostate Cancer Radiation Therapy
• BioProtect, Ltd. August 25, 2023
• BioProtect Ltd. announced that it has received funding from Almeda Ventures Limited Partnership
• BioProtect secures $28m funding to market Balloon Implant System
• MVM invests in BioProtect
• Israeli balloon implant co BioProtect raises $28m

6 The Hiring and Company Growth

BioProtect Ltd: Post-EIC Accelerator Funding Developments

BioProtect Ltd, based in Israel, received EIC Accelerator funding on March 22, 2023. Here is an overview of the company's recent developments:

Current Headcount and Team Size

BioProtect Ltd has variously reported employee counts. One source indicates 27 employees in the manufacturing sector, while another suggests 100-200 employees in Medtech. However, a more recent or precise figure is not available.

Hiring and Team Growth

There is no specific information available on whether BioProtect Ltd is currently hiring or details about recent key positions filled. However, receiving funding typically allows companies to expand their teams.

Growth and Scaling

The EIC Accelerator funding is expected to significantly contribute to BioProtect's growth, enabling the company to further develop its proprietary biodegradable implantable balloon solutions. These solutions aid in protecting organs during radiation oncology treatments and other surgical needs.

Future Impact of New Team Members

New team members would help BioProtect scale and grow by enhancing their technological capabilities and expanding their market presence. This expansion supports their vision to become a leader in spacing technology, protecting healthy organs during radiation therapy.

Management and Founding Team Changes

There is no information available on recent changes in BioProtect Ltd's management or founding team. The company's leadership includes a CEO and a Co-Founder, CTO, but specific names are not mentioned in the available data.

Key Positions and Hiring Strategy

While there are no specific key positions mentioned, BioProtect would likely focus on hiring experts in biotechnology, medical devices, and related fields to support their product development and market growth.

Sources: - BioProtect Ltd Information - RocketReach

• BioProtect - Startup Nation Finder
• BioProtect - Products, Competitors, Financials, Employees
• Bioprotect - Overview, News & Similar companies
• About Us - BioProtect
• BioProtect Ltd Overview

7 The Media Features and Publications

Media Features and Company Activity of BioProtect Ltd. BioProtect Ltd., an Israeli medical technology company specializing in biodegradable spacing solutions, has garnered significant media attention following its FDA clearance for the BioProtect Balloon Implant System in August 2023. The device, designed to protect the rectum during prostate cancer radiation therapy, was highlighted by The Jerusalem Post, Globes, and Urology Times, which emphasized its potential to reduce radiation toxicity and improve treatment outcomes.

Publications Naming BioProtect

• Applied Radiation Oncology: Detailed the FDA clearance and clinical benefits of the balloon spacer, quoting CEO Itay Barnea on its revolutionary potential for dose escalation.
• Globes English: Reported on the $28 million funding round led by MVM Partners, underscoring investor confidence in BioProtect’s US commercialization strategy.
• Urology Times: Featured interviews with physicians who implanted the device, noting improved rectal protection compared to traditional methods.

Conference Participation
BioProtect launched its balloon system at the 2023 American Society of Therapeutic Radiology and Oncology (ASTRO) annual meeting in San Diego (October 1–4), a key platform for oncology innovations. While specific presentations or panels were not detailed in available sources, CEO Itay Barnea cited ASTRO as pivotal for market entry.

Leadership Interviews and Events
Though no podcasts were listed publicly:

• CEO Itay Barnea provided statements to multiple outlets about clinical trial results (>2,000 global implantations) and expansion plans.
• Newly appointed General Manager Ken Knudson (ex-Boston Scientific) was profiled for his role in driving US commercialization efforts.

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Sources

• Israeli firm gets FDA approval for rectum shield that blocks radiation (The Jerusalem Post)
• Israeli balloon implant co BioProtect raises $28m (Globes English)
• First physicians to implant BioProtect Balloon describe benefits (Urology Times)