TILT Biotherapeutics raised $25.6M to find a cure for ovarian cancer

A major challenge in cancer treatment is the limited effectiveness of existing immunotherapies against solid tumours, particularly T-cell-based approaches like CAR-T, TIL, and immune checkpoint inhibitors. While these treatments have shown remarkable success with blood cancers, they struggle against solid tumours due to the immunosuppressive tumour environment, poor T-cell infiltration, and tumour antigen variation. This limitation leaves millions of patients with few options, highlighting a critical unmet medical need.
Today, TILT Biotherapeutics announced a $25.6 million Series B funding round led by existing investors, including theEuropean Innovation Council (EIC) Fund,Lifeline Ventures,TESI, and Stephen Industries Inc Oy. This investment will accelerate the development of TILT’s lead candidate, TILT-123, advancing it to Phase 2 clinical trials for platinum-resistant ovarian cancer.
Tiltbio’s founder and CEO,Akseli Hemminki, said: “We are delighted to have secured our Series B financing and thank our investors for their continued support. We’ve been making good progress in ovarian cancer and this financing will support the roll out of our Phase 2 clinical trials. We’re excited to have already opened the first site in the USA and are looking forward to dosing our first patients soon and opening at least five more sites this year.”
The funding will also support additional Phase 1b studies in melanoma and other indications, while enabling the company to expand its U.S. clinical presence, with several new sites planned for 2025.
TILT Biotherapeutics was founded in 2013 in Helsinki, Finland, by Professor Akseli Hemminki, MD, PhD, eMBA — a distinguished cancer clinician, scholar, and biotech entrepreneur. As a professor of oncology at the University of Helsinki, he has authored over 370 scientific publications and holds more than 10 patents related to oncolytic viruses. Before founding TILT, Hemminki co-founded Oncos Therapeutics (now part of Targovax ASA) and personally treated nearly 300 cancer patients with experimental oncolytic viruses, pioneering individualised immunotherapy in Europe.
The company emerged from the University of Helsinki, building on Hemminki’s clinical and research expertise to develop a new generation of cancer therapies. TILT aims to transform solid tumour treatment by making T-cell-based immunotherapies more effective and accessible.
TILT Biotherapeutics specialises in developing oncolytic adenovirus therapies to enhance immune responses against tumours. Its proprietary platform, TILT®, employs genetically engineered viruses with immune-activating agents, specifically cytokines (TNF alpha and IL-2), to modify the tumour environment. This approach aims to overcome the immunosuppressive barriers that typically make treating solid tumours difficult.
TILT-123 (Igrelimogene litadenorepvec), the company’s lead candidate, is a chimeric oncolytic adenovirus armed with TNF and IL-2, administered directly into tumours or intravenously. The virus targets and destroys cancer cells, releasing tumour antigens and triggering a strong local immune response. The cytokines enhance this effect by activating and attracting T cells, converting “cold” tumours (undetectable to the immune system) into “hot” tumours that respond to T-cell therapies and checkpoint inhibitors.
TILT is running multiple clinical trials, focusing on platinum-resistant ovarian cancer and melanoma. The company has established key partnerships with pharmaceutical giants Merck & Co. (MSD) and Merck KGaA. In collaboration with MSD, TILT is studying TILT-123 combined with the checkpoint inhibitor KEYTRUDA® (pembrolizumab) in ovarian cancer (NCT05271318).
The company recentlypublishedresults from its Phase 1a clinical trial (PROTA) in platinum-resistant ovarian cancer in Nature Communications, with findings also presented at AACR. The data revealed excellent tolerability and safety, encouraging efficacy in some patients. Disease control was achieved in 64% of evaluable patients (9/14), with a 20% overall response rate at the highest dose level. Median progression-free survival reached 98 days, while overall survival extended to 190 days. Interim results from ongoing Phase 1b trials are expected in the second half of 2026.
Despite recent therapeutic advances, ovarian cancer remains a significant unmet medical need. Currently, no oncolytic viruses or checkpoint inhibitors are approved for this indication. TILT’s approach stands out for its innovation — it is among the few companies worldwide developing systemically deliverable oncolytic viruses for solid tumours that can work with various immunotherapies.
As founder and CEO, Akseli Hemminki puts it: “Ovarian cancer continues to be an unmet medical need despite recent therapies being approved. No oncolytic viruses or checkpoint inhibitors are currently approved in this indication. We are committed to our mission to transform the treatment options for patients with ovarian cancer with TILT-123.”
With its solid scientific foundation, experienced leadership, and firm investor backing, TILT Biotherapeutics is well-positioned to reshape cancer treatment. Its ongoing clinical trials and partnerships with leading pharmaceutical companies place it at the forefront of immuno-oncology innovation, bringing new hope to patients with hard-to-treat cancers.