TILT Biotherapeutics Announces over $10 Million Financing to Advance Oncology Immunotherapy Assets

Helsinki, Finland – 14 June 2022: TILT Biotherapeutics (TILT), a clinical-stage biotechnology company developing cancer immunotherapies, announces it has completed the first close of its financing round raising $10.7 million (€10 million). The round was led by Lifeline Ventures and was joined by Tesi (Finnish Industry Investment Ltd). The funding will be used to advance Phase I/II programs in Europe and the US, using TILT-123 plus immune checkpoint inhibitors against a range of cancers including ovarian, head & neck, and lung.

The company also announces the appointment of Dr. Tuija Keinonen, PhD (Pharm), as Chair of the Board. Tuija brings specialist industry experience in life sciences business development and clinical trial operations across Europe and Asia. 

TILT Biotherapeutics’ founder and CEO, Akseli Hemminki, a cancer clinician who has personally treated hundreds of cancer patients, said, “I’m delighted to announce a solid financing for the company, and to warmly welcome Tuija Keinonen as Chair of the Board. Tuija brings a wealth of experience which will be a great asset as we progress our pipeline of armed oncolytic viruses. These are showing excellent potential in the clinic to increase the anti-tumor benefits of checkpoint inhibitors for a range of cancers where there’s a pressing need for better therapies. 

TILT Biotherapeutics’ Chair, Tuija Keinonen, said, “I’m able to use my international business and clinical operations expertise to support TILT’s growing clinical footprint. We now have several clinical trials running in Europe and the US and are planning more.” 

Lifeline Ventures’ Founding Partner, Timo Ahopelto, said, “We support resilient founders. We saw early on the enormous potential in TILT’s innovative approach to boost the patient’s T cell immune response to better enable it to find and destroy cancer cells.” 

"TILT is one of the most promising biotech companies in Finland. We are excited to back the development of the company’s innovative treatments for cancer types with currently limited treatment options. Despite the enormous developments in cancer treatments over the past decade, there is still a significant need for new therapies," said Miia Kaye, Investment Manager at Tesi.