Finnish TILT Biotherapeutics closes €22M financing round
09 February, 2023, 14:32
Helsinki-based TILT Biotherapeutics has announced the final close of its €22 million financing round to develop a cancer treatment. Finland’s Lifeline Ventures led the funding round, which will help advance to Phase II the company’s combination trials, Business Wire reports.
- Founded in 2013 by cancer clinician Akseli Hemminki, TILT Biotherapeutics is a clinical-stage biotechnology company developing cancer therapeutics. The solution is based on stimulating or suppressing T cells with adenoviruses. The company patented its TILT technology which enhances T-cell therapies.
“We’re pleased to have achieved this round of €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,”Akseli Hemminki comments on the round.
- Once again, Lifeline Ventures is the lead investor for the company. It is a Finnish venture capital firm founded by serial entrepreneurs. The firm supports early-stage startups with tickets ranging between $0.5-1 million. In June 2022, the fund backed the first €10 million close of TILT’s financing.
- This final close of €12 million also included €5.9 million equity from the European Innovation Council (EIC) Fund. The round also accounts for a €2.1 million grant from EIC’s Accelerator programme, as well as investments from Stephen Industries and ACME Investments SPF Sàrl.
- The fresh funds will allow TILT Biotherapeutics to conduct Phase II trials of its solution.