Of this final close of EUR 22 million, Helsinki-based TILT Biotherapeutics raised EUR 10 million in June 2022. The financing was led by Finland’s Lifeline Ventures, an early-stage venture capital firm founded by serial entrepreneurs.
This second round of EUR 12 million includes EUR 5.9 million from the European Innovation Council (EIC) Fund as well as a EUR 2.1 million grant from EIC’s Accelerator programme. The EIC Fund is TILT’s first significant international investor.
The funding will be used to advance to Phase II the company’s combination trials which use oncolytic immunotherapies synergistically with checkpoint inhibitors.
“We’re pleased to have achieved this round of EUR 22 million to advance our promising pipeline of armed oncolytic viruses. Our trials are progressing well through Phase I, and this new funding will support us in progressing them into Phase II, another key step for these new therapies to reach patients in a range of cancers”, says TILT Biotherapeutics’ founder and CEO Akseli Hemminki, a cancer clinician who has personally treated hundreds of cancer patients with oncolytic viruses.