1 The EIC Accelerator Project

Overview of the EIC Accelerator Program

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in the European Union that are developing groundbreaking innovations. This program aims to bridge the funding gap for companies that are working on deep-tech solutions, particularly those that are high-risk but have the potential for significant impact. The EIC Accelerator provides a combination of grant funding and equity investments, enabling startups to scale their operations and reach critical milestones.

Funding Structure

The EIC Accelerator offers two primary forms of funding: grants and equity investments.

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a vital role in fostering innovation within the European DeepTech ecosystem. By providing both grant and equity funding, the program helps startups overcome the initial hurdles of commercialization, especially in high-risk sectors like biotechnology, artificial intelligence, and advanced manufacturing. The program encourages collaboration with private investors, thereby enhancing the overall investment landscape for innovative companies in Europe.

Supporting Scale and Private Sector Funding

A key objective of the EIC Accelerator is to help companies scale effectively while simultaneously securing adequate funding from private sectors. The program not only provides financial support but also offers access to a network of investors, mentors, and industry experts. This holistic approach is designed to empower companies, making them more attractive to private investors and facilitating further rounds of funding.

Case Study: TILT Biotherapeutics OY and Project 2-CREATE

Company Overview

TILT Biotherapeutics OY, based in Finland, is an innovative biotechnology company focused on developing novel cancer therapies. The company leverages advanced technologies to create effective treatments that can significantly improve patient outcomes. Their expertise lies in the development of oncolytic virus therapies, which utilize viruses to selectively destroy cancer cells.

Project 2-CREATE

The EIC Accelerator project, known as 2-CREATE, involves a Phase II clinical trial utilizing Immune Checkpoint Response Enabling Adenovirus Technology. This groundbreaking project aims to enhance the effectiveness of cancer treatments by harnessing the body’s immune system to target and eliminate cancer cells more effectively.

Technology Basics and Background

The core technology behind 2-CREATE is based on adenovirus vectors engineered to express immune checkpoint inhibitors. These inhibitors are crucial in overcoming the mechanisms of immune evasion employed by tumors. By combining oncolytic adenoviral therapy with immune checkpoint blockade, TILT Biotherapeutics aims to create a synergistic effect that amplifies the immune response against cancer.

The adenovirus used in this project is modified to selectively infect and replicate within cancer cells, leading to their destruction while sparing healthy tissues. Additionally, the introduction of immune checkpoint inhibitors aims to enhance T cell activation and proliferation, further boosting the anti-tumor immune response. This dual approach has the potential to improve treatment efficacy and provide long-lasting immunity against cancer recurrence.

Conclusion

The EIC Accelerator program significantly contributes to the European startup ecosystem by facilitating the growth of deep-tech companies like TILT Biotherapeutics OY. Through its structured funding mechanisms, the program not only supports innovative projects such as 2-CREATE but also encourages collaboration with private investors, fostering a more vibrant and sustainable innovation landscape in Europe. The advancements in immune checkpoint response technology are poised to make substantial contributions to cancer therapy, showcasing the potential impact of EIC Accelerator funding on public health.

2 The Funding Rounds

TILT Biotherapeutics OY: Financing and Funding Events Since EIC Accelerator Award (March 13, 2024)

Overview

TILT Biotherapeutics OY, a Finnish clinical-stage biotechnology company specializing in cancer immunotherapies using oncolytic adenoviruses, has had several notable funding events leading up to and following its success in the March 2024 EIC Accelerator call.

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Financing Raised and Funding Rounds

• EUR 22 Million Round (Completed February 2023):
• This round comprised two closings:
• First close: EUR 10 million in June 2022.
• Final close: EUR 12 million announced February 7, 2023.
• The final tranche included both equity investments and non-dilutive grant funding.
• Proceeds targeted advancing TILT’s pipeline to Phase II oncology immunotherapy trials.
• Series B Funding:
• A Series B financing round is scheduled for calendar year 2024.
• Purpose: To support further Phase II development of the company's lead asset for ovarian cancer.

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Timing and Amount of Funding Rounds

Date	Round	Amount	Investors/Source
June 2022	First closing	€10 million	Led by Lifeline Ventures
Feb. 7, 2023	Final closing	€12 million	EIC Fund (€5.9M equity), EIC Grant (€2.1M), Stephen Industries Inc Oy (€3M), ACME Investments SPF Sàrl (€1M)
Scheduled '24	Series B	Not disclosed	(Expected use: Phase II development)

Total raised (as of early Feb. '23): €22 million (~$23.8M)

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Investor Information

• Lifeline Ventures: Lead investor in earlier rounds; an early-stage VC firm from Finland focused on high-growth companies.
• European Innovation Council (EIC) Fund: Provided €5.9 million equity investment as part of the final close; this was TILT’s first major international investor.
• EIC Accelerator Programme Grant: Non-dilutive grant contribution of €2.1 million alongside the equity portion from the EIC Fund.
• Stephen Industries Inc Oy & ACME Investments SPF Sàrl: Participated with additional venture capital during the final closing phase.

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Company Valuations

No specific post-money or pre-money valuation figures have been publicly disclosed for any recent rounds as per available sources.

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Exit Events (IPO, Buyouts, Acquisitions)

There are no reports or public filings indicating that TILT Biotherapeutics OY has pursued an IPO or been involved in buyout or acquisition activity since receiving its EIC Accelerator blended finance award.

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Summary Table: Recent Key Investment Milestones

Event	Date	Details/Investors
First Closing	June 2022	€10M led by Lifeline Ventures
Final Closing	Feb. '23	Additional €12M; includes EIC Fund & others
Total Raised	By Feb.'23	Cumulative total reached €22M
Upcoming Series B	Expected in '24

                            scheduled            Use: advance lead program to Phase II trials          |

TILT Biotherapeutics continues to focus its fundraising efforts towards advancing clinical programs into late-stage trials while strengthening its investor base with both domestic VCs and international innovation funds such as those provided by the European Innovation Council.

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Sources:

• Investors – TILT Biotherapeutics
• TILT Biotherapeutics Announces Final Close of €22 Million...
• Roschier advised TILT Biotherapeutics in connection with their EUR...
• TILT Biotherapeutics financing for oncology immunotherapy trials
• Finland's TILT raises €22m to progress cancer therapies

3 The Press Releases

TILT Biotherapeutics Advances Cancer Immunotherapies with EIC-Backed Funding and Clinical Milestones Finland-based TILT Biotherapeutics, a clinical-stage biotechnology company focused on oncolytic immunotherapies for solid tumors, has leveraged its European Innovation Council (EIC) Accelerator funding to progress its lead asset, TILT-123. The company secured €22 million in financing by February 2023, including €5.9 million in equity and a €2.1 million grant from the EIC Fund. While the exact timing of the EIC Accelerator award referenced in March 2024 is not explicitly detailed in available materials, recent updates highlight significant clinical advancements funded through this support system.

Clinical Progress and Trial Updates

• Phase I/II Trials: TILT-123, an oncolytic adenovirus armed with TNFα and IL-2 cytokines, demonstrated safety and early efficacy across multiple trials. Over 60 patients have been treated internationally as of December 2024.
• Intravenous Delivery: Fully intravenous administration regimens showcased promising immunological responses at ESMO-IO 2024, including enhanced cytotoxic effector cell activity and memory T-cell formation.
• Combination Therapies: A March 2025 study (PMC11970381) highlighted durable responses in metastatic melanoma patients receiving TILT-123 combined with tumor-infiltrating lymphocytes (TILs), including complete remission in a mucosal melanoma case.

Technology and Pipeline Development
The company’s patented platform modifies the tumor microenvironment to synergize with checkpoint inhibitors and adoptive cell therapies. Recent manufacturing scale-up efforts aim to support Phase II trials for ovarian cancer using intravenous delivery.

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Sources

TILT Biotherapeutics Announces Final Close of €22 Million Financing Round TILT Provides Update on Intravenous Delivery Regimen Safety and Efficacy of Combined Treatment Study

4 The Technology Advancements

Overview of TILT Biotherapeutics Oy

TILT Biotherapeutics Oy, a Finnish clinical-stage biotechnology company, specializes in developing innovative cancer immunotherapies using oncolytic viruses. The company is renowned for its pioneering approach in enhancing T-cell therapies, including tumor-infiltrating lymphocytes (TILs), chimeric antigen receptor T cells (CAR-Ts), and checkpoint inhibiting antibody therapies for solid tumors.

Current Capabilities

As of 2024, TILT Biotherapeutics has been advancing its lead asset, TILT-123, an oncolytic adenovirus armed with tumor necrosis factor alpha (TNFα) and interleukin-2 (IL-2). This therapeutic is designed to enhance the efficacy of T-cell therapies by selectively targeting and lysing cancer cells while attracting immune cells to the tumor site. The company has successfully treated over 60 patients in five international trials, with promising efficacy responses observed in some patients.

Advancements Since EIC Accelerator Funding

Following the receipt of funding from the European Innovation Council (EIC) in March 2024, TILT Biotherapeutics has made significant progress:

• Phase I to Phase II Trials: The company is progressing plans for international Phase II trials of TILT-123 in ovarian cancer, with the therapy administered intravenously. Phase Ib clinical results are expected by the second half of 2025.
• Collaborations: TILT Biotherapeutics has collaborations with major pharmaceutical companies such as MSD (Merck & Co., Inc.) and Merck KGaA to investigate TILT-123 in combination with checkpoint inhibitors like KEYTRUDA (pembrolizumab) and Bavencio (avelumab) in various cancers.
• Technology Advancements: The company has demonstrated improvements in the intravenous delivery of TILT-123, showing systemic tumor transduction and lymphocyte accumulation at tumor sites. This indicates potential for treating tumors without direct injection.

Market Demonstration and Clinical Trials

TILT Biotherapeutics has actively demonstrated its technology in clinical trials:

• Clinical Trials: The company has conducted Phase I trials in Europe for TILT-123 as a monotherapy and in combination with TIL therapy in metastatic melanoma. Additional trials are planned in combination with checkpoint modulators or CAR-T products.
• Recent Findings: In a Phase I trial for ovarian cancer, TILT-123 combined with KEYTRUDA showed safety and disease control, with 64.3% of evaluable patients achieving disease control.

Patents and Publications

While there are no specific mentions of new patents filed or scientific studies published since the EIC funding, the company continues to present its data at major conferences like the American Society of Clinical Oncology (ASCO).

Sources

• TILT Biotherapeutics
• Pipeline - TILT Biotherapeutics
• TILT Biotherapeutics Provides Update on International Clinical Trial Progress
• TILT Biotherapeutics reports data from ovarian cancer drug trial
• Building a New Arsenal of Therapeutics from Oncolytic Viruses
• TILT Biotherapeutics Announces Final Close of €22 Million Round
• Science - TILT Biotherapeutics

5 The Partnerships and Customers

TILT Biotherapeutics Oy: Partnerships and Advancements

TILT Biotherapeutics Oy, a Finnish clinical-stage biotechnology company, is renowned for developing innovative cancer immunotherapies. The company focuses on creating the next generation of treatments for solid tumors, particularly utilizing oncolytic viruses.

Partnerships and Collaborations

TILT Biotherapeutics has established significant partnerships to enhance its cancer immunotherapy pipeline. Key collaborations include:

• Merck KGaA and Pfizer: TILT Biotherapeutics is working with Merck KGaA and Pfizer to investigate TILT-123 in combination with avelumab (Bavencio) in head and neck cancer.
• MSD (Merck & Co., Inc.): The company has collaborations with MSD to explore TILT-123 in combination with pembrolizumab (KEYTRUDA) in ovarian cancer and refractory non-small cell lung cancer.
• Biotheus: In 2019, TILT established a partnership with Biotheus for the development and commercialization of its proprietary oncolytic virus TILT-123 in Greater China.

New Partnerships

As of the latest information, TILT Biotherapeutics has not announced any new partnerships since receiving the EIC Accelerator funding. However, its existing partnerships continue to support its mission to advance cancer treatments.

Customers

TILT Biotherapeutics primarily focuses on developing treatments rather than having direct customers. Its products are aimed at medical institutions and healthcare systems that administer these therapies to patients.

Impact on Market Positioning

TILT Biotherapeutics' relationships with major pharmaceutical companies like Merck and Pfizer enhance its market position by validating its technology and approach. These collaborations can help accelerate the development and commercialization of its oncolytic immunotherapies, potentially making them more accessible to a broader range of patients.

Technology Advancements and Scaling

The partnerships and funding from entities like the European Innovation Council (EIC) support TILT Biotherapeutics in advancing its pipeline. The company's ability to scale up its manufacturing and clinical trials is crucial for expanding its reach and bringing new therapies to market. The use of oncolytic viruses in combination with checkpoint inhibitors represents a cutting-edge approach in cancer immunotherapy, and the collaborations provide access to resources and expertise that can further refine these technologies.

EIC Accelerator Funding Impact

Receiving funding from the EIC Accelerator program has been instrumental in supporting TILT Biotherapeutics' progression into Phase II clinical trials. This funding bridges the gap for innovative companies like TILT, enabling them to scale up in Europe and globally.

Sources

• TILT Biotherapeutics
• Pipeline - TILT Biotherapeutics
• Harnessing the Power of Oncolytic Viruses
• Harnessing the Power of Oncolytic Viruses
• TILT Biotherapeutics Provides Update on International Clinical Trial Progress
• TILT Biotherapeutics Announces Final Close of €22 Million Financing Round
• TILT Biotherapeutics financing for oncology immunotherapy trials
• Partners - TILT Biotherapeutics

6 The Hiring and Company Growth

TILT Biotherapeutics Oy

Overview TILT Biotherapeutics Oy is a Finland-based clinical-stage biotechnology company specializing in the development of oncolytic immunotherapies for solid tumors. The company was founded in 2013 by Akseli Hemminki, a cancer clinician, and is recognized as a leading developer of innovative cancer treatments.

Current Headcount and Team Growth Specific details about the current headcount or team size of TILT Biotherapeutics Oy are not publicly available. However, the company has been actively involved in research and development, particularly with its oncolytic virus products, which indicates a need for a skilled workforce in fields like biotechnology and immunology.

Hiring and Recent Positions While there are no specific details on current hiring processes or recent hires, the company's progress in clinical trials suggests ongoing recruitment in roles related to research, development, and clinical trials management. TILT Biotherapeutics is likely to be hiring professionals in biotechnology, immunology, and clinical research to support its growing pipeline of cancer immunotherapies.

Company Growth and Funding TILT Biotherapeutics Oy received funding from the EIC Accelerator in March 2024, which marks a significant milestone for the company. This funding supports the advancement of its oncolytic virus therapies, including TILT-123, which is progressing through Phase I clinical development. The company's strategic growth is focused on expanding its pipeline and advancing its therapeutic candidates, particularly in treating solid tumors like ovarian cancer.

Impact of New Team Members and Future Prospects New team members in TILT Biotherapeutics would be crucial for enhancing the company's research capabilities, accelerating clinical trials, and scaling up its operations. Additional talent in areas such as immunotherapy, biotechnology, and clinical trial management would help the company navigate complex regulatory environments and drive innovation in cancer treatment. As the company progresses with its oncolytic virus therapies, these new team members would play a pivotal role in positioning TILT Biotherapeutics as a leader in cancer immunotherapy.

Management and Founding Team Changes There are no recent reports of major changes in the management or founding team of TILT Biotherapeutics Oy. The company continues to be driven by its founding vision under the leadership of Akseli Hemminki, with a focus on developing groundbreaking cancer treatments.

Sources

• TILT Biotherapeutics
• About TILT - TILT Biotherapeutics
• Building a New Arsenal of Therapeutics from Oncolytic Viruses
• Pipeline - TILT Biotherapeutics

7 The Media Features and Publications

TILT Biotherapeutics Oy: Media Presence, Publications, and Event Participation

Media Features
TILT Biotherapeutics has been featured in biotech-focused media outlets such as GlobeNewswire, Business Wire, and Pharmaceutical Technology Europe. Coverage highlights its clinical advancements, including Phase I data for its lead asset TILT-123. The company’s €22 million financing round in 2023—including a €5.9 million equity investment from the European Innovation Council (EIC) Fund—was widely reported.

Publications Citing TILT Biotherapeutics

• Pharmaceutical Technology Europe: Detailed TILT’s oncolytic virus platform and clinical strategy, emphasizing its role in enhancing T-cell therapies like tumor-infiltrating lymphocytes (TILs).
• Biospace: Covered Phase I results for TILT-123 presented at the Society for Immunotherapy of Cancer (SITC) 2023 conference.
• Labiotech.eu: While primarily focusing on competitor Iovance Biotherapeutics’ TIL therapy, it contextualizes industry advancements relevant to TILT’s work.

Podcasts and Interviews
No direct podcasts or interviews featuring TILT’s team were identified in available sources. However, industry podcasts like Beyond Biotech have discussed related immunotherapy technologies, including tumor-infiltrating lymphocyte therapies.

Conference Participation and Presentations

• AACR Annual Meeting 2025: Listed as an upcoming event where TILT plans to engage stakeholders. Earlier in April 2024, the company presented clinical data at AACR 2024 on combining TILT-123 with pembrolizumab for ovarian cancer.
• ESMO Immuno-Oncology Congress 2023: Shared positive Phase I safety/efficacy data for metastatic melanoma patients receiving its immunotherapy.
• Society for Immunotherapy of Cancer (SITC) 2023: Highlighted monotherapy results from trials involving advanced solid tumors.

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Sources

-Category: Latest News - TILT Biotherapeutics -GlobeNewswire: April 10, 2024 Clinical Data -Business Wire: February 7, 2023 Funding Announcement -Pharmaceutical Technology Europe Article -Biospace SITC Coverage -Labiotech Podcast on Tumor-Infiltrating Lymphocytes -Company News Page - Upcoming Events -GlobeNewswire AACR Presentation Details -ESMO IO Congress Update via GlobeNewswire (Note: Original URL may contain typographical errors; corrected source referenced.)