1 The EIC Accelerator Project
EIC Accelerator Program: An Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe. This initiative aims to drive the development of breakthrough technologies and foster the growth of companies that are poised to create significant economic and societal impacts. The program offers a unique blend of funding options, including grants and equity investments, to help these enterprises scale their operations, secure market presence, and ultimately contribute to the European deep tech and startup ecosystem.
Funding Structure: Grants and Equity
Under the EIC Accelerator, companies can apply for two types of funding: grants and equity investments.
Purpose and Role in the Ecosystem
The EIC Accelerator plays a crucial role in the European deep tech ecosystem by providing financial resources, mentorship, and access to networks that enable companies to grow. It addresses the funding gap often faced by innovative startups, which struggle to secure sufficient resources from traditional investors due to the high risks associated with early-stage technologies. By offering blended finance options (a combination of grants and equity), the EIC Accelerator not only mitigates risks for startups but also incentivizes private investors to engage with these companies. This approach fosters a robust innovation landscape that accelerates the development of advanced technologies and solutions across various sectors.
Case Study: TILT Biotherapeutics OY and the I-CREATE Project
Company Overview: TILT Biotherapeutics OY, based in Finland, emerged as a notable winner of the EIC Accelerator program. The company focuses on innovative therapeutic solutions for cancer treatment, particularly through oncolytic immunotherapy.
Project Overview: TILT's project, known by the acronym I-CREATE, aims to develop a next-generation oncolytic immunotherapy targeting ovarian, head and neck, and lung cancers. The project is centered around the Immune Checkpoint Response Enabling Adenovirus Technology, which represents a significant advancement in cancer treatment modalities.
Technology Background and Details
Oncolytic Immunotherapy: This innovative approach utilizes genetically modified viruses that selectively infect and kill cancer cells while simultaneously stimulating an immune response against tumors. The idea is to harness the body’s immune system to recognize and destroy cancer cells, providing a more targeted and effective treatment option compared to traditional therapies.
In summary, TILT Biotherapeutics OY’s I-CREATE project represents a cutting-edge advancement in the fight against cancer, leveraging innovative technology supported by the EIC Accelerator program. As the company progresses, the funding and resources provided by the EIC Accelerator will be vital in bringing their breakthrough solutions to market, ultimately transforming cancer treatment paradigms in Europe and beyond.
2 The Funding Rounds
TILT Biotherapeutics OY: Financing and Funding Events Since EIC Accelerator Award
Overview
TILT Biotherapeutics OY, based in Finland, is a clinical-stage biotechnology company focused on developing cancer immunotherapies using armed oncolytic viruses. The company was awarded EIC Accelerator funding after submitting its Step 2 proposal in March 2022 and winning the Step 3 interview.
Financing Raised and Funding Rounds
- The first close occurred in June 2022, raising €10 million.
- The final close was announced in February 2023, securing an additional €12 million.
- Funding Breakdown:
- Of the final €12 million:
- €5.9 million came as equity from the European Innovation Council (EIC) Fund.
- A €2.1 million grant was provided by the EIC Accelerator programme.
- Additional investments were made by Stephen Industries Inc Oy (€3 million) and ACME Investments SPF Sàrl (€1 million).
- Purpose of Funds:
Investor Information
Key investors involved across these rounds include: - Lifeline Ventures (led first close; early-stage Finnish VC)
- European Innovation Council Fund (major international investor; led due diligence with European Investment Bank support)
- Stephen Industries Inc Oy
- ACME Investments SPF Sàrl
Earlier funding rounds also included contributions from angel investors, Tekes (Finnish government innovation agency), and the Finnish Invention Fund.
Timing & Amount of Funding Rounds
| Date | Amount | Details / Investors |
|---|---|---|
| June 2022 | €10M | First closing; led by Lifeline Ventures |
| Feb 2023 | €12M | Final closing; EIC Fund (€5.9M), EIC Grant (€2.1M), |
| Stephen Industries Inc Oy (€3M), ACME Investments SPF Sàrl (€1M) | ||
| Jan/Feb 2023 Total Raised: ~€22M |
</em>Total includes both closings as part of one Series A/B transition round aimed at progressing to Phase II clinical development.
A subsequent Series B funding round is planned for 2024 to support further expansion into advanced clinical stages.
Company Valuation
Dealroom.co estimates place TILT Biotherapeutics' enterprise valuation between $44—65 million as of February 2023, following completion of their latest financing activities. No precise official post-money valuation has been disclosed publicly beyond this estimate.
Exit Events: IPOs or Acquisitions
As of April 24, 2025:
- There have been no public exit events such as IPOs or acquisitions reported for TILT Biotherapeutics OY since receiving their EIC Accelerator award.
- The company remains privately held with ongoing plans for further growth through additional venture capital financing rounds rather than exit strategies at this stage.
Sources
- Investors – TILT Biotherapeutics
- TILT Biotherapeutics Announces Final Close of €22 Million…
- TILT Biotherapeutics financing for oncology immunotherapy trials
- Roschier advised TILT Biotherapeutics in connection with their EUR…
- Finland’s TILT raises €22m to progress cancer therapies
– TILTBio Dealroom profile
– Category: Latest News – Seed funding details
3 The Press Releases
TILT Biotherapeutics Oy, a Finnish clinical-stage biotechnology company, has made significant progress and updates since winning the EIC Accelerator funding in March 2022. The company specializes in developing novel cancer immunotherapies based on its proprietary oncolytic adenoviruses, particularly its lead asset TILT-123. This chimeric adenovirus is armed with two human cytokines (TNF alpha and IL-2) designed to modify the tumor microenvironment and enhance immune responses against cancer.Key Updates from Press Releases and Blog Posts
Clinical Trial Progress
- TILT Biotherapeutics has been advancing multiple international clinical trials for TILT-123, focusing on intravenous delivery regimens for improved usability and efficacy.
- Over sixty patients have been treated across five international trials with promising initial efficacy responses observed.
- The company presented data at major oncology conferences such as ESMO Immuno-Oncology Congress 2024 and ASCO 2024, showing that TILT-123 supports immunological memory formation and has demonstrated therapeutic potential in ovarian cancer after full intravenous dosing.
- Phase I clinical data highlighted a positive response rate of up to 100% in pre-clinical models, now being evaluated in humans.
Partnerships
- Collaborations with major pharmaceutical companies are central to their strategy:
- MSD (Merck & Co., Inc.) partnership involves two ongoing clinical trials combining TILT-123 with pembrolizumab (KEYTRUDA®) for ovarian cancer and checkpoint inhibitor refractory non-small cell lung cancer (NSCLC).
- Merck KGaA and Pfizer Alliance collaborate on investigating TILT-123 combined with the PD-L1 inhibitor avelumab (Bavencio®) for head and neck cancers.
- In Greater China, a partnership was established with Biotheus for development and commercialization of TILT’s therapies.
Technology Advancements
- The fully intravenous administration approach of TILT-123 represents an important advancement allowing systemic delivery rather than local injection only—this could broaden patient eligibility.
- Single-cell sequencing analyses have identified immune markers correlating with better treatment outcomes using their virus therapy. This scientific insight may guide future patient stratification strategies.
Financing & Expansion
- In February 2023, the company closed a €22 million financing round aimed at supporting progression into Phase II oncology immunotherapy trials.
- They opened an office in Boston to expand their U.S.-based clinical trial activities alongside existing European operations.
Team Updates & Recognition
While specific team changes were not detailed explicitly in recent press releases or blog posts found online, leadership under CEO Akseli Hemminki remains prominent. Media contacts include COO Aino Kalervo supporting communications efforts.Summary
Since receiving EIC Accelerator funding following submission in March 2022:
TILT Biotherapeutics has focused extensively on advancing its flagship product TILT-123 through multiple Phase I/II clinical studies internationally. They have successfully leveraged partnerships with pharmaceutical giants like MSD/Merck & Co., Merck KGaA/Pfizer alliance, as well as regional collaborators such as China’s Biotheus.
Technologically they are pioneering fully intravenous delivery of armed oncolytic viruses that modulate tumor immunity effectively while demonstrating encouraging early-phase efficacy signals at key global oncology forums.
The firm also secured substantial financing (€22M round) to support further trials while expanding operations into the U.S., indicating growth ambitions beyond Europe.
Their website's news section regularly updates these milestones but does not appear to host traditional blog posts or frequent social media announcements specifically detailing other internal team changes or patent filings publicly.
Sources:
4 The Technology Advancements
TILT Biotherapeutics Oy, a Finnish clinical-stage biotechnology company, specializes in developing cancer immunotherapies based on its proprietary oncolytic adenovirus platform called TILT® technology. This technology modifies the tumor microenvironment to overcome immune suppression and enhance T-cell therapies such as immune checkpoint inhibitors, tumor-infiltrating lymphocyte (TIL) therapy, and CAR T-cell therapies.Capabilities and Technology
- The core of TILT’s portfolio is their lead asset, TILT-123, a chimeric 5/3 serotype adenovirus engineered to express two human cytokines: TNF alpha and IL-2. This virus is designed to activate T cells within tumors by altering the immunosuppressive environment.
- The patented technology can be delivered intravenously (IV), intratumorally, or locoregionally. It aims to convert "cold" tumors with little immune activity into "hot" tumors that are more responsive to immunotherapies.
Advancements Since Receiving EIC Accelerator Funding in March 2022
Since receiving European Innovation Council (EIC) Accelerator funding on March 23, 2022:
Clinical Progress
- TILT Biotherapeutics has advanced multiple clinical trials involving over 60 patients across five international Phase I studies focusing on various solid tumors including metastatic melanoma, ovarian cancer, head and neck cancer, and non-small cell lung cancer.
- Published clinical data from late-breaking presentations at major conferences such as SITC 2023 (Society for Immunotherapy of Cancer) show promising safety profiles for TILT-123 monotherapy alongside evidence of anti-tumor activity in injected and non-injected lesions across different tumor types.
- An important milestone was demonstrated by combining TILT-123 with Tumor Infiltrating Lymphocyte (TIL) therapy in metastatic melanoma patients resistant to checkpoint inhibitors. Data presented at the ESMO Immuno-Oncology Congress in December 2023 confirmed this combination's safety and encouraging efficacy without requiring pre/post conditioning typically needed for regular TIL therapy.
Delivery Method Improvements
- Progress has been made toward optimizing intravenous administration of TILT-123. Data presented at ESMO IO 2024 indicated successful systemic delivery supporting formation of immunological memory with favorable biological markers linked to better outcomes.
- The company is progressing towards Phase II clinical trials for ovarian cancer using IV delivery expected in H2 2025.
- Ongoing collaborations include partnerships with Merck KGaA & Pfizer investigating combination treatment using PD-L1 inhibitor avelumab; as well as MSD/Merck & Co., Inc., exploring combinations with pembrolizumab (KEYTRUDA®) for ovarian carcinoma and refractory lung cancers.
- Demonstrating systemic intravenous delivery feasibility alongside intratumoral injection routes.
- Validating combinational use with other immunotherapies like checkpoint inhibitors or adoptive cell therapies such as tumor infiltrating lymphocytes.
- Multiple ongoing international Phase I trials treating more than sixty patients,
- Presenting updated clinical data at globally recognized oncology conferences,
- Collaborations running combination trials that integrate their viral platform into existing standard-of-care regimens or novel therapeutic strategies.
- The company's proprietary platform remains patented under the "TILT® technology" umbrella covering its unique viral constructs armed with cytokines.
- They have published scientific posters presenting trial data at major oncology meetings including SITC 2023 highlighting both safety/efficacy results and mechanistic insights from single-cell sequencing analyses supporting further development strategies.
- Purpose: Two ongoing collaborations investigate TILT-123 combined with pembrolizumab (KEYTRUDA®) in ovarian cancer (NCT05271318) and refractory non-small cell lung cancer (NCT06125197). These trials aim to overcome resistance to immune checkpoint inhibitors.
- Market Impact: Positions TILT as a leader in combination therapies for hard-to-treat cancers, leveraging MSD’s global oncology expertise.
- Purpose: Evaluating TILT-123 with avelumab (Bavencio®) in head and neck cancer (NCT05222932). This partnership explores synergistic effects between oncolytic viruses and PD-L1 inhibitors.
- A 2020 licensing agreement for Greater China development was mutually terminated in December 2023 due to Biotheus’ strategic shifts. TILT regained global rights to TILT-123, enabling broader trial expansion.
- Clinical Progress: Over 60 patients treated across five international trials as of December 2024, including intravenous delivery advancements for systemic efficacy. Phase Ib results expected by late 2025, with Phase II ovarian cancer trials underway.
- Manufacturing Scale-Up: Enhanced production processes support larger-scale trials and future commercialization.
- Strategic Focus: Targeting cold tumors resistant to existing immunotherapies by using armed oncolytic adenoviruses like TILT-123 (expressing TNFα/IL-2) to “heat” the tumor microenvironment.
- Global Reach: Expanded US presence via Boston operations and enrollment at leading US cancer centers strengthens competitiveness in the immuno-oncology market.
- Investors - TILT Biotherapeutics
- TILT Biotherapeutics Announces Final Close of €22 Million
- Latest News and Press Releases - GlobeNewswire
- Our Team - TILT Biotherapeutics
- Positive Clinical Trial Updates: TILT Biotherapeutics has been featured in various media outlets for its positive updates on Phase 1 immunotherapy clinical trials in cancer. These updates highlight the company's progress in developing innovative cancer treatments.
- Funding and Collaborations: The company received significant funding, including a €22 million financing round, which is being used to advance its combination trials using oncolytic immunotherapies with checkpoint inhibitors. Additionally, TILT Biotherapeutics has been awarded a USD 2 million grant from the U.S. Department of Defense for ovarian cancer immunotherapy research.
- ESMO 2024: Presented data on TILT-123 after fully intravenous delivery regimen.
- ASCO 2024: Presented clinical data on TILT-123 in ovarian cancer, including combination studies with KEYTRUDA (pembrolizumab).
- AACR 2024: Presented preliminary safety and efficacy data on TILT-123 in combination with KEYTRUDA for ovarian cancer.
- TILT Biotherapeutics - Latest News
- Latest News and Press Releases - GlobeNewswire
- TILT Biotherapeutics Provides Update on International Clinical Trial Progress
- TILT Biotherapeutics Announces Final Close of €22 Million Financing Round
- TILT Biotherapeutics - Science
- TILT Biotherapeutics OY - European Innovation Council
- TUNIMO Phase 1 Clinical Trial
- TILT Biotherapeutics Oy - Drug Pipelines, Patents, Clinical Trials
Planned Trials
Collaborations
Technology Improvements or New Features
The advancements since early 2022 mainly relate to:
These represent significant enhancements broadening potential therapeutic application beyond localized treatments.
Market Demonstrations / Clinical Trials
Yes, the company has actively demonstrated their technology through:
No public evidence shows commercial sales yet; however these extensive clinical validations indicate strong progress toward market readiness.
Intellectual Property & Publications
While specific recent patent filings were not explicitly mentioned in accessible sources post-EIC funding date:
In summary,
Since winning EIC Accelerator funding on March 23rd, 2022, Finland-based TILT Biotherapeutics Oy has significantly progressed its lead candidate TILT‑123 through multiple Phase I international clinical trials, improved systemic intravenous dosing approaches expanding treatment possibilities beyond local injections, initiated pivotal combination studies especially pairing their virus with adoptive cell therapy against resistant metastatic melanoma demonstrating favorable safety/efficacy outcomes—and continues advancing toward Phase II development particularly targeting ovarian cancer scheduled around mid‑2025. Their innovations have been validated through presentations at leading global scientific forums while maintaining strong agreements with pharma partners like Merck KGaA/Pfizer/MSD enhancing translational impact of their proprietary oncolytic adenovirus platform.
Sources:
5 The Partnerships and Customers
TILT Biotherapeutics' Strategic Partnerships and Market Positioning Post-EIC FundingSince securing European Innovation Council (EIC) Accelerator funding in 2022, TILT Biotherapeutics OY has expanded its partnerships to advance its oncolytic virus platform. The company collaborates with industry leaders to enhance the efficacy of immunotherapies and accelerate clinical development. Below is an overview of key relationships and their strategic implications:
Key Partnerships
Technology Advancements & Scaling Efforts
Market Positioning Post-EIC Funding
The €22 million financing round (finalized February 2023), including EIC equity and grants, enabled progression into Phase II trials for combination therapies:Sources
TILT Biotherapeutics Partners Page · Finland's TILT Raises €22M · Clinical Data at ESMO IO 2023 · Biotheus License Termination Notice · December 2024 Clinical Update · February 2023 Financing Announcement PDF
6 The Hiring and Company Growth
TILT Biotherapeutics Oy: Growth and Development
Overview
TILT Biotherapeutics Oy is a clinical-stage biotechnology company based in Finland, focused on developing cancer immunotherapies. The company received significant funding from the European Innovation Council (EIC) in 2023, which has been pivotal in advancing its research and development efforts.
Current Team and Hiring Status
As of the latest available information, specific details regarding TILT Biotherapeutics' current team size or headcount are not publicly disclosed. However, the company's growth trajectory suggests an expansion of its workforce, particularly in research and development roles, given its ongoing clinical trials and collaborations with major pharmaceutical companies like Merck and Pfizer.
Recent Hiring and Team Growth
There is no explicit information on the company's recent hiring activities or key positions filled. However, the receipt of substantial funding and the progression of its clinical trials indicate a potential for team growth to support these endeavors.
Impact of New Team Members
New team members, particularly in research and development, would be crucial for advancing TILT Biotherapeutics' pipeline of cancer immunotherapies. Their expertise would help the company in scaling up and optimizing its lead asset, TILT-123, as well as exploring new therapeutic combinations with checkpoint inhibitors. This growth would enhance the company's ability to execute clinical trials efficiently and expand its collaborations with other industry partners.
Management Changes
The company is led by Akseli Hemminki, who is both the founder and CEO. There are no recent reports of significant changes in the management or founding team.
Growth and Future Prospects
TILT Biotherapeutics has experienced significant growth since receiving funding from the EIC Accelerator. This support has enabled the company to advance its oncology immunotherapy trials, particularly with its lead asset TILT-123, which is showing promising results in combination with checkpoint inhibitors. The company's strategic collaborations and ongoing clinical trials position it well for further expansion and potential breakthroughs in cancer treatment.
Current Hiring Status
While there is no direct information on whether TILT Biotherapeutics is currently hiring, the company's ongoing projects suggest a need for skilled professionals in biotechnology and clinical research. Job openings would likely be in areas such as research scientists, clinical trial managers, and regulatory affairs specialists.
Future Implications
The integration of new team members and the company's growth strategy will be essential in scaling its operations and achieving success in the competitive biotechnology sector. As TILT Biotherapeutics continues to progress with its clinical trials and expands its partnerships, it is poised to make significant contributions to the field of cancer immunotherapy.
Sources: - TILT Biotherapeutics
7 The Media Features and Publications
TILT Biotherapeutics Oy: Recent Developments and Activities
TILT Biotherapeutics Oy, a Finnish clinical-stage biotechnology company, has been actively developing cancer immunotherapies since receiving funding from the European Innovation Council (EIC) in March 2022. Here's an overview of the company's recent media features, publications, and event participations.
Media Features
Publications
Publications have highlighted TILT Biotherapeutics' work on oncolytic adenoviruses, particularly TILT-123, which is armed with tumor necrosis factor-alpha (TNFα) and interleukin-2 (IL-2). These publications emphasize the potential of TILT-123 in enhancing T-cell therapies and improving outcomes for patients with solid tumors.
Podcasts and Interviews
There are no specific podcasts or interviews featuring TILT Biotherapeutics' team members mentioned in the available sources. However, the company's founder and CEO, Akseli Hemminki, has been quoted in press releases discussing the company's progress and future plans.
Conference and Fair Visits
TILT Biotherapeutics has actively participated in several conferences, presenting clinical data on its lead asset, TILT-123. Notable presentations include:
Event Involvement
TILT Biotherapeutics' involvement in events has been focused on advancing its clinical trials and collaborations. The company has progressed plans for international Phase II trials of TILT-123 in ovarian cancer and is working on scaling up its manufacturing processes to support further clinical development.
Sources
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