The Helsinki-based biotechnology company TILT Biotherapeutics has successfully raised $25.6 million in a Series B financing round to accelerate the development of its innovative cancer immunotherapy platform. The funding was led by existing investors, including the European Innovation Council (EIC) Fund, Lifeline Ventures, TESI, and Stephen Industries Inc Oy.
The new capital will primarily support the advancement of the company's lead candidate, TILT-123 (Igrelimogene litadenorepvec), into Phase 2 clinical trials for platinum-resistant ovarian cancer, a condition with significant unmet medical needs. Additionally, the funds will enable further Phase 1b studies in melanoma and other cancer indications.
Promising Clinical Data Drives Investment
TILT Biotherapeutics recently published encouraging results from its Phase 1a PROTA clinical trial in Nature Communications. The data demonstrated that TILT-123 was well-tolerated with an excellent safety profile while showing promising efficacy in patients with platinum-resistant ovarian cancer.
In the trial, disease control was achieved in 64% of evaluable patients (9/14), with an overall response rate of 20% at the highest dose level. The median progression-free survival reached 98 days, while median overall survival extended to 190 days – notable outcomes for this difficult-to-treat patient population.
"We are delighted to have secured our Series B financing and thank our investors for their continued support," said Akseli Hemminki, founder and CEO of TILT Biotherapeutics. "We've been making good progress in ovarian cancer and this financing will support the roll out of our Phase 2 clinical trials."
Innovative Technology Platform
TILT-123 represents a novel approach to cancer immunotherapy. It is an oncolytic adenovirus armed with two potent immunostimulatory cytokines: tumor necrosis factor (TNF) and interleukin-2 (IL-2). This dual-armed design aims to modify the tumor microenvironment and enhance the efficacy of T-cell therapies and immune checkpoint inhibitors.
The company's proprietary TILT® technology platform uses viruses engineered to carry immune-activating molecules that can potentially overcome immunosuppression in the tumor microenvironment – a major challenge in current cancer treatments.
Expanding Clinical Footprint
With the new funding, TILT Biotherapeutics is expanding its clinical operations in the United States. The company has already opened its first U.S. clinical site and plans to establish at least five more sites by the end of 2025.
"We're excited to have already opened the first site in the USA and are looking forward to dosing our first patients soon," Hemminki noted. "Ovarian cancer continues to be an unmet medical need despite recent therapies being approved. There are no oncolytic viruses or checkpoint inhibitors currently approved for use in this indication."
Strategic Collaborations
TILT Biotherapeutics has established important pharmaceutical partnerships to maximize the potential of its technology. The company is collaborating with MSD (Merck & Co., Inc.) to investigate TILT-123 in combination with KEYTRUDA® (pembrolizumab) in ovarian cancer (NCT05271318).
These collaborations highlight the potential complementary role of TILT's oncolytic viruses with established immunotherapies, potentially offering new treatment options for patients who don't respond to current therapies.
The Ovarian Cancer Challenge
Ovarian cancer represents a significant clinical challenge, particularly in its platinum-resistant form. According to global statistics, ovarian cancer is the eighth most common cancer among women worldwide, with approximately 300,000 new cases diagnosed annually. The five-year survival rate for advanced ovarian cancer remains below 30%, underscoring the urgent need for new therapeutic approaches.
Platinum-resistant disease, which develops in approximately 70% of patients with recurrent ovarian cancer, is particularly difficult to treat, with limited effective options available.
Looking to the Future
Interim results from TILT Biotherapeutics' ongoing Phase 1b trials are expected in the second half of 2026. The company, which originated as a spin-out from the University of Helsinki, continues to build on its scientific foundation while expanding its clinical development program.
As the company advances its lead candidate toward later-stage trials, the potential impact of this novel immunotherapy approach could represent a significant step forward in addressing the treatment challenges of ovarian cancer and potentially other difficult-to-treat malignancies.
