Tilt Biotherapeutics announced funding €6.2 million.
Tilt Biotherapeutics, a Helsinki, Finland-based clinical stage company working in the area of enabling tumor T-cell therapy and checkpoint inhibitors with oncolytic viruses, announced securing funds totalling €6.2 million.
The money consists of €4.5 million ($5M) equity, a €500k convertible loan and a long-term Government loan from Business Finland of up to €1.7 million. In conjunction with the funding, Tily also announced two new appointments to its board of directors, Kenneth Forssell, an entrepreneurial leader with over 25 years’ experience in global pharmaceutical and medical device companies, including GSK, and Pekka Mattila, co-founder and CEO of Desentum Oy. In addition, Jyrki Liljeroos has been appointed to an advisory role for the board of directors.
Proceeds will be used to advance its proprietary cytokine armed oncolytic adenovirus, TILT-123, into Phase 1 clinical trials in Europe and the United States, and to prepare for Phase 2 trials. TILT-123 has completed GLP preclinical studies and CMC for Phase 1 studies. These studies are planned in solid tumors as TILT-123 monotherapy or in combination with tumor infiltrating lymphocytes (TILs) or checkpoint inhibitors. Tilt will also use the funding to develop an innovative production process to scale up GMP manufacturing.
Tilt, founded in 2013 as a spin-out from the University of Helsinki and led by CEO Akseli Hemminki, is a clinical-stage biotechnology company developing cancer therapeutics based on its proprietary oncolytic adenoviruses armed with molecules including cytokines that can stimulate, or suppress, T cells. The company’s patented TILT technology, which can be delivered locally and systemically, modifies the tumor microenvironment and eliminates its ability to suppress immune responses to cancer, thereby enhancing T-cell therapies such as checkpoint inhibitors and CAR T therapies. Its lead asset, TILT-123, is a 5/3 chimeric serotype adenovirus armed with two human cytokines; TNF alpha and IL-2.
SInce being founded the company has secured €17.5m of funding with investors including Lifeline Ventures and Finnish private investors as well as the European Innovation Council, and Business Finland. In addition, Tilt has also secured additional payments through a collaboration with Biotheus for licensing rights to TILT-123 in Greater China.