TILT Biotherapeutics, a clinical-stage biotech company based in Helsinki, has raised $25.6 million (EUR 22.6 million) in a Series B round to fuel the next phase of its lead cancer therapy. The round was backed by a strong roster of existing investors, including the European Innovation Council (EIC) Fund, Lifeline Ventures, Finnish Industry Investment (TESI), and Stephen Industries Inc Oy.
Immunotherapy has been revolutionary for some cancers, especially blood cancers. But when it comes to solid tumors like ovarian cancer, progress has lagged. Treatments like CAR-T and checkpoint inhibitors often struggle to break through the tumor’s natural defenses.
That’s where TILT Biotherapeutics steps in. Its lead product, TILT-123, is an oncolytic virus armed with two immune-activating proteins—tumor necrosis factor (TNF) and interleukin-2 (IL-2). Together, these molecules help trigger a local immune response and enhance the effect of existing T-cell-based therapies. In simple terms: it helps the body recognize and fight tumors it previously couldn’t detect.
This approach is gaining traction. A recent early-stage clinical study showed disease control in 64% of patients with platinum-resistant ovarian cancer—a group with limited treatment options.
The newly raised capital will support a Phase 2 clinical trial of TILT-123 in patients with platinum-resistant epithelial ovarian cancer. The trial is already underway in the U.S., with the first site open and five more planned to launch later this year.
The company also plans to continue expanding its clinical programs, including additional Phase 1b trials in melanoma and other cancer types. These efforts are key to proving TILT-123’s broader potential and gaining regulatory momentum.
Beyond clinical trials, the funding will help TILT scale its operational presence in the U.S. and deepen collaborations with pharmaceutical partners. The company aims to demonstrate how its immune-enhancing virus can be safely and effectively combined with existing immunotherapies.
CEO Akseli Hemminki noted that even though several new treatments have been approved in recent years, ovarian cancer remains a major unmet need—especially for those who don’t respond to platinum-based therapies. There are still no approved oncolytic viruses or checkpoint inhibitors specifically for this condition.
Founded in 2013, TILT Biotherapeutics emerged from the University of Helsinki as a spin-out from the lab of Professor Akseli Hemminki. He’s a well-known name in oncology, with more than 370 scientific publications and a track record in pioneering oncolytic virus research in Europe. Before TILT, Hemminki co-founded Oncos Therapeutics and personally treated nearly 300 patients with experimental virus therapies.
The company is now headquartered in Helsinki with an additional office in Boston, expanding its transatlantic clinical reach. Its technology, branded as TILT®, aims to convert “cold” tumors—those that evade immune detection—into “hot” ones that can be effectively targeted by the immune system. The virus can be administered intravenously, directly into tumors, or regionally, depending on what’s needed.
What makes TILT stand out isn’t just its science—it’s the practical flexibility of its platform and its focus on systemically deliverable treatments that can work in real-world settings, not just in lab conditions.
Over the years, TILT has raised more than EUR 72 million from a mix of public and private investors. That includes:
Their continued support highlights investor belief in TILT’s potential to shift the paradigm in immuno-oncology.
As the company expands its trials and builds momentum, its progress will be closely watched—not just by investors and researchers, but by patients and clinicians hoping for new options in some of the most treatment-resistant forms of cancer.
