TILT Biotherapeutics, a Finnish biotech pioneering new approaches in cancer immunotherapy, has raised $25.6 million in a Series B funding round. Led by long-standing backers including the European Innovation Council (EIC) Fund, Lifeline Ventures, TESI, and Stephen Industries Inc Oy, the financing will accelerate the development of the company’s lead candidate, TILT-123, into Phase 2 clinical trials targeting platinum-resistant ovarian cancer.
CEO and founder Akseli Hemminki, a renowned cancer researcher and clinician, emphasized the significance of the round: “We’re delighted to have the continued support of our investors. With our first Phase 2 trial site open in the U.S., we’re looking forward to dosing the first patients and expanding to at least five more locations this year.”
The funding will also support ongoing Phase 1b trials in melanoma and additional indications, while strengthening the company’s clinical footprint in the U.S. ahead of broader trial expansion in 2025. With ovarian cancer still lacking effective options in the oncolytic and checkpoint inhibitor space, the company’s mission is clear: reshape treatment for solid tumours where immunotherapies have so far fallen short.
Turning Cold Tumours Hot With TILT-123
Founded in 2013 as a spin-out from the University of Helsinki, TILT Biotherapeutics was built on decades of clinical and research expertise in immuno-oncology. At its core is a proprietary platform based on oncolytic adenoviruses — engineered viruses that attack cancer cells directly while rewiring the tumour environment to boost immune response. The platform delivers cytokines like TNF alpha and IL-2 straight into the tumour, making it more responsive to T-cell therapies and immune checkpoint inhibitors.
TILT-123, the company’s lead therapeutic, is a chimeric adenovirus that can be administered either locally or systemically. Once inside the tumour, it works by destroying cancer cells, releasing tumour antigens, and activating immune cells to initiate a powerful local immune reaction. The inclusion of cytokines enhances T-cell recruitment, helping convert immune-resistant “cold” tumours into “hot” ones that respond better to immunotherapy.
This dual-mode strategy is currently being tested in combination with Merck’s checkpoint inhibitor KEYTRUDA® (pembrolizumab) in a joint trial (NCT05271318) for ovarian cancer. Early Phase 1a results, published in Nature Communications and presented at AACR, showed encouraging signals: a 64% disease control rate among evaluable patients and a 20% overall response rate at higher dose levels, with a median progression-free survival of 98 days.
While these initial results are promising, the real test lies ahead in the upcoming Phase 2 studies. If successful, TILT’s platform could become one of the first to enable systemic delivery of oncolytic viruses in solid tumours — a major leap for the field.
As Hemminki puts it, “Ovarian cancer continues to be a significant unmet medical need. With TILT-123, we aim to offer a transformative therapy option where none currently exists.”
