We dive into the world of cutting-edge cancer treatments with Aino Kalervo, Chief Operating Officer of TILT Biotherapeutics and occasional tennis legend in her spare time.
TILT recently closed a $25M series B round, backed by leading Finnish investors, to finance the clinical development of its oncolytic virus candidate to supercharge cancer immunotherapies.
We also explore the challenging space of oncolytic viruses and the untapped potential of biotech innovation in Finland.
For transparency, this episode has been sponsored by TILT.
⭐️ ABOUT THE SPEAKER
Aino Kalervo is the Chief Operating Officer of TILT Biotherapeutics, responsible for fundraising and business development. She has also served as the president of TILT’s US affiliate since 2022. Prior to joining TILT, she worked for Sanofi and the French therapeutic vaccine company Theravectys.
🔗 LINKS MENTIONED
- TILT Biotherapeutics’ website: https://tiltbio.com/
- TILT’s Series B round: https://tiltbio.com/userassets/uploads/2025/05/TILT-Series-B-press-release-May-2025.pdf
- Marina Udier, Nouscom 🇨🇭 | Cancer Vaccines, Neoantigens | E21 – Flot.bio: https://flot.bio/episode/marina-udier-nouscom-cancer-vaccines/
Transcript
[00:00:00] Intro
Aino Kalervo: Tilt was founded on the basis of designing oncolytic viruses, enhanced T-cell therapies and immune checkpoint inhibitors. We have engineered a primary virus, a flu virus, so it’s been engineered with this double cell selectivity mechanism. In such way that it can only replicate in cancer cells
Philip Hemme: when it replicates, it will kill the cancer cell and then liberates.
Yes, it
Aino Kalervo: replicates, eventually it will burst the cancer cell. I appreciate the finished straightforwardness or certain things. This is what we agree about. Only you will send me something two days after and, and. It’ll happen and whereas in, in some other countries not that straightforward and there is more discussion around it.
Philip Hemme: Have new to new episode. I’m your host Philip, and on this show I’ve been doing the best Europeans in biotech to help you grow Oncotic viruses. In cancer have had mixed results, but there’s hope for new approaches. One of the most promising new approach coming from Europe is coming from a Finnish biotech company called Tilt Therapeutics, which is currently in phase two.
So I call up with Ino. Calvo, what? We’re both in Boston. I’ve known Ino since. Before she joined Tilt and was going to catch up with her, we talked about using oncolytic viruses differently to stimulate the immune system. We also talked about biotech and Finland and why networking is so important for transparency.
This episode has been sponsored by Tilt. So here’s my conversation with, I know, and please hit the like or follow button if you’re enjoying it.
So welcome to the show, ilo.
Aino Kalervo: Thank you.
[00:01:44] Inside TILT’s $25M series B round
Philip Hemme: So I wanna start with your, your series B. So it was $25 million and you closed it last month. Just curious how, how did it go?
Aino Kalervo: Well, we have worked on it for, for a while. I mean, yes, we are really proud to clo to have close that series B. Actually we did the closing in two steps.
One, the first closing was approximately mid last year. And then the second posing was done this spring actually. Yeah.
Philip Hemme: Okay. And I was curious. I saw it, there was no, not too many venture capitalists in the round. Was that like,
Aino Kalervo: so so the biggest investor or one of the biggest in investors now is Europeans.
EIC fund. Yeah. So it’s, it’s managed by this EIC accelerator. Yeah. So that was one of the big investors. We already had them as investors in our series a couple of years ago. And then other big investors of this round have been Lifeline Ventures. It has been one of our. Actually earliest in investors and a more tech visa fund in, in Finland.
Then, or the longer name is Finnish Industries Investments. Yeah. So they also joined already our series A and I think we were one of their first drug development investment. Because, well, if you talk after, finished biotech later, but, but there, you know, it’s not the big industry in Finland.
And then we have worked throughout the years with the finished company called Spring West, who is organizing these funding rounds for, for, for companies there. And they have really good track record in in Finland and we, we have many small owners, family offices. So they’ve been really an important layer in our last funding rounds as well, and, and it’s been a good, good journey with them.
Philip Hemme: Okay. That’s good.
[00:04:04] Multi-action oncolytic viruses
Philip Hemme: And now moving onto to the, let’s say to to science. To the science when you’re using on collective viruses, I think with, with cytokines for, especially for solid tumors, right? Can you just Yeah. Go into like, how does it exactly work?
Aino Kalervo: Yeah, so Tilt was founded on the basis of designing oncolytic viruses to enhance T-cell therapies and immune checkpoint inhibitors.
So how it works in practice, we are using Adenoviral platform. So we have engineered it’s a, it’s a chime virus flu virus. So it’s been engineered with this double selectivity mechanism in such way that it can only replicate in cancer cells. And while it does, so it is producing two cytokines, TNF, alpha and IL two which were selected for their, you know, ability to enhance T-cell T-cell activity.
So this. Like from the very beginning, back in 2013 until was founded, that was like the invention of our founder, whom who was already involved in the oncolytic virus field and who is, you know, one of the like, world renowned either oncologist in the field. So he really saw early on the opportunity to use this, oncolytic virus is not as monotherapy, but as an enhancer of T-cell therapies. Okay.
Philip Hemme: And basically when it, when it replicates, it will kill the cancer cell and then liberates. So it
Aino Kalervo: replicates eventually it will burst or the cancer cells. And while it’s replicating, it’s already also producing TNF, alpha IR two.
So they are released in this process. So. And TNF and IL two, they are anyhow used for example, IL two. Yeah. Used as suppose conditioning with teal therapy. Yeah. So, so we actually alleviating the need for an additional IL two when we use teal 1, 2, 3 in combination with tumor in infiltrating lymphocytes.
Philip Hemme: Okay. Yeah. And I’m curious on, because I. From of the previous work, I, I worked, I looked a bit into IL two and I know that’s, it’s quite hard to inject it systemically and there’s quite some side effects as well. So in your case, what’s interesting that, I guess the virus was specifically to the tumor or infiltrate the tumor and then IL two is I guess, produced locally.
Locally,
Aino Kalervo: exactly. Yeah. So we alleviate the need for systematic systemic IL two, in a, with teal therapy.
Philip Hemme: Okay, that makes sense. And then you talking about failed 1, 2, 3. So you, you lead program so you, yeah. You, that’s in combination with a, with a PD one. And I think you, you started your phase two, you started recruiting the phase two.
Yeah. Can you tell me a bit more about it?
Aino Kalervo: Yeah. So our lead clinical study it, it is in ovarian cancer. We are focusing in platinum resistant ovarian cancer in this phase two study that was recently open here. Yeah. In the us. So in, in, in that study, we are doing intravenous administration.
So. T 1, 2, 3. And we also use Pembrolizumab B Keytruda in combination. And we have published some phase one data recently in nature communications. So the treatment was well tolerated and, and then we got supportive data that we can have you know, the desired mechanism of action. In this study and this, yeah. Just to go back to the phase two. So that is a, for the moment that, that is a study we have open only here in the us so that’s also a bind combination study oft 1, 2, 3, and Pembro. It’s a single arm study of roughly 50 patients. Yeah. Okay.
Philip Hemme: Let’s, good. And I’m curious on the, because you said you inject intravenously, how, how do you make sure that the virus goes to the.
Ovarian cancer. Yeah. Delivery.
Aino Kalervo: That is a good question. So that is something we have studied quite extensively now in our different phase one studies. So because we have actually already completed three different phase one studies, so ovarian cancer melanoma in combination with TE and denna monotherapy study.
All in all, we have enrolled over 80 patients in our studies and in from the patients we collect, obviously biopsies after the iv injection, IV or injection, and we can detect from those biopsies, from the tumors whether the virus is actually from, from the air. And we have now this data from our phase one to support that.
Yes, the virus is, it can actually be detected. So there are two different methods we use for that.
Philip Hemme: Yeah. But how, what’s the, let’s say, mechanism action. How, how come the virus like naturally goes into the tumor or what’s the
Aino Kalervo: Yeah, that is a good, good question as well. It is not specifically targeted on cancer cells.
It can actually get into different type of cells. Yeah. And there is but, but the unique thing is that it can only replicate it, those kinds of cells. Because if you just have add five. The data supports that it’s going through another receptor. It’s easier to actually downregulated in some cancer cells.
But again, this is actually quite, I mean something that was studied quite long ago already because our founders, so actually he Minky was also saw, he is a medical oncologist, a promisor at University of Helsinki. He was. Running this compassionate treatment program before he founded Tilt where they already studied extensively the use of oncolytic adenoviruses with different constructs in patients and also clinical setting obviously.
And, and that is kind of some of the data that’s, that was already,
Philip Hemme: and I guess studied back then to take a bit our perspective ONC virus.
[00:10:54] Learning from their peers
Philip Hemme: I guess it helps that you have a few approved now on the market. I guess for you guys. It also, you can, I’d say learn or compare from.
Aino Kalervo: Yeah. Yeah. Again I.
Hope that the industry has learned from some of the failures as well that have been out there. And, and really let’s remember that what is unique about the 1 3 3 is the fact that from the very beginning, so back in 2013, the idea was already designed to be used with T-cell therapies. I mean, now it seems obvious that, that you want to do that, but.
We look at those first generation viruses, they have a different payload. For example, they’re using different viral platforms and they were using
Philip Hemme: monotherapy mainly. Yes.
Aino Kalervo: But then, well I mean they, it studied now in combination as well. There was a big phase three unfortunately a negative readout, but, so, so let’s see how things will evolve. We hope, obviously we follow also some of those more advanced oncolytic virus companies here in the us, for example, CG oncology. And, and I think it’ll be, it’ll do good for the entire industry. They get there. So
Philip Hemme: because where we are on that. ’cause Tve from Amgen, I mean, they got, I think they got the approval, they
Aino Kalervo: got approval of the sales that thousand 15.
But the sales has to have been marginal. But you know again, maybe even we look back, the development of of Tve was started back in the days when, you know, t cell therapy is an immune check inhibitors. They weren’t mainstream yet. So. At least in our studies, G-F-C-S-F, which is the payload in Tve, it doesn’t have similar effects as payload that we are using to enhance T-cell therapy.
And also it’s using a different viral plat platform. So they are doing only IV delivery sorry, only intratumoral delivery. So also. We have seen that in our phase one studies that it’s an important aspect to be able to administer the therapy intravenously because therefore it can be used in, in wider number of clinical sites.
Philip Hemme: Yeah, because I, at least my understanding that quite a oncotic virus were used in melanoma because you could inject them directly into the tumor
Aino Kalervo: inact. Okay. Yeah. Yeah, that is right. Okay, so
Philip Hemme: then for you, it’s a big advantage to be. Intravenously you can target ovarian or different cancers.
Aino Kalervo: Yeah. We actually have a study one phase one study ongoing in lung cancer as that, so it’s fully iv and, and also we have a study phase one study ongoing in head and f cancer in combination with umab.
Okay. Yeah,
Philip Hemme: so sounds good.
[00:14:07] Phase 1 for melanoma
Philip Hemme: And then switching a bit to your phase one B in melanoma. So that was tail infiltrating lymphocytes. And if I remember well also the first tail was approved last year that I guess it’s maybe not the same year working combination, but Yeah. Yeah. Can you tell a bit more on the, on that program?
Aino Kalervo: Yeah. So we have, so our first in man clinical study was actually opened in, in Denmark and France and that was a study in which we investigated the use of Teal Fund two three with teal therapy. And, and we did that study with the hospital in Denmark and France. And we used the teal, the standard teal therapy that was used in those, or developed by those hospitals.
So in this phase one study, actually the primary endpoint of the study was the monotherapy safety for til 1, 2, 3, because we first studied the treatments by by just giving the roughly during one month, just til 1, 2, 3. And then when the patients initially came to the study and they are biopsied.
They, they are biopsied to get the teals because you know that you need to get the teals, you need to grow the TEALS from the, from the biopsy. So during this time when the teal is grown, which takes roughly one month, the patient is already treated with teal. 1, 2, 3. And then we got our primary endpoint at that at roughly one month.
And then we started the teal treatment, or the basis we received back the infusion of teals. Okay. And well, that study is all we published the results in 17 patients in melanoma. And, one complete response, for example, in cell melanoma. And these patients are refractory to immune check bone inhibitors.
And also what is important to know that the teal therapy is traditionally given with preconditioning lymphoid depleting chemotherapy, which is quite tough for the patients. And then with post condition IL two with, with the. Which is also associated with some, some side effects, as you mentioned.
So because of the effects that we are bringing with tilt 1, 2, 3, we did that study or without the lymph for lymph for feeding chemotherapy and forced conditioning. IL two, just the TEALS until 0.23. Okay. But now also what, what we saw we, we, we. S in that study and good safety as well. But nevertheless, we are now adding a a, a lymph depleting chemotherapy and continuing a phase one V.
Yeah. So that we give the patients lymph for depleting chemotherapy with T 23 treatment, but we are not using the post conditioning IL two. Okay. And also so. The U2 unique things that then we bring to the still therapy is the fact that the patients can actually be treated during the time that they are waiting for the TES to grow.
Because you know those are immune checkpoint inhibitor refractory. Yeah. Patients with at asthma, me stages of melanoma. And you don’t want them just to wait around four months. So we can actually already start. Treating while the fields have grown. And then also the fact that we don’t need that IL two Congo.
And so let’s see, how will that phase one be? So go. So we continue to work with the hospital in, in Denmark, and we also looking some other approaches and interested in, in opening potentially sites here in the us Okay. But.
Philip Hemme: So you don’t use a specific pill from a, let’s say from a company, it’s more like the hospital that develop their own procedure.
Aino Kalervo: Exactly. Okay. But let’s see how things move forward, move of things evolve when we move forward. So for the moment we are really showing what we can do with these hospital tears and, and lets then also. Explore options with other T-cell therapies. We have also done preclinical work with CAR T therapy solid tumors.
That is a collaboration we had back in, I think 2017 or something like that with University of Pennsylvania and they published some data there in the CAR T space. But that’s just, you know, we cannot do every, everything either. So we have concentrated on the phase one work. On Teals and on immune checkpoint inhibitors.
But let’s see now as we start preparing our next expanding round where things ha what are the, all the options.
Philip Hemme: Yeah. Okay. And I’m still curious on the tell also like, ’cause I mean it was approved, but I think the results were, I mean there’s interesting results, but we’re not, also, not like outstanding from my understanding.
And also it’s further complicated procedure was very expensive. I think from the market reception was like mixed. Do you agree with that?
Aino Kalervo: Well again, I’m not you know, I don’t have a medical background. I don’t want to go into the speculation of the results, but my understanding is that that actually the results are quite good from a, you know they have got good, very good responses and very long lasting responses in those patients who, who respond.
But maybe there is. Still work to do on the commercial opportunity. Yeah. Like, you know, it’s after all it’s an individualized treatment. You need to grow the cells for every patient. And maybe like the industry doesn’t have that experience fully yet, and they, but let’s see how things, things go.
And after all, there is the IL two as well, which we talk about.
Philip Hemme: Okay. Also what I, from my understanding also what’s, what was interesting with the till is that it’s not one of the only, but one of the only, like effective,
Aino Kalervo: that’s the first ell, especially for solid. That’s a big thing. Yeah. Right. So I don’t know the little, you know, presentations I have seen here, and when I look at the company profiles, I, I think.
We see, again, quite many t-cell therapy companies out there, and, and it seems that there is interest in that space. Okay. From the industry.
[00:21:14] Collaborations and competitors
Philip Hemme: And then the, I’m curious for the, for the combo with, so with, with the Merck, with, with Keytruda, how, how is the deal structured? Like they, they provide Keytruda or what’s the
Aino Kalervo: That is right.
So for the moment we have standard. Clinical supply agreement. So, so we get the immune checkpoint inhibitor from the, from the partner. But we, until we are the sponsor of the study so that’s how we are at least now moving through the phase two. And obviously we want to maintain a close relationship and, and see how things evolve as we move on.
But basically with, so with Merck MSD, we have two. Collaborations, one in ovarian cancer, the phase two study I mentioned, and then also in our lung cancer study. Yeah, using Klp 1, 2, 3 in combination with pembro and then with the European Merck. We are using we have a clinical collaboration as well.
We are using Umab in combination with PON two, three and head and neck pass.
Philip Hemme: But it’s not a, it’s not a, like there is no upfront Right.
Aino Kalervo: Licensing yield. It’s, it’s a, like a clinic, a clinical supply agreement. Okay. Yeah.
Philip Hemme: Okay. Sounds, sounds good. And then you, you mentioned a bit the, the competitors on oncotic viruses.
Like I saw that there is some, what I saw, like Gene looks, I think they have a phase three. I don’t know if they’re exactly in the same indication
Aino Kalervo: they are in ovarian cancer also as well. But again, with the different platform and that we follow that study but that we think that we clearly have a differentiated product.
First of all, with data NOIR platform, they are going fully iv. With this payload designed to enhance also immune checkpoint inhibition.
Philip Hemme: Okay. That’s because I, yeah, I was about to ask you how you differentiate.
[00:23:17] From Helsinki to global trials
Philip Hemme: Now I just, I wanna go like a bit, a step back. Before you talked about the expansions us, but maybe take a step back.
You said you, you have founded in 2013 and Finland. Can you tell a bit what was the big. Milestones of, of the company? I mean, you mentioned a few, but the story of the company until now. Yeah.
Aino Kalervo: So, well, first of all, the milestone one was that actually founded the company on, on this idea of making T-cell therapy to, to work with oncologist viruses in solid tumors.
And, and you know, I mean everything started, started with that and filing of our ip. Then obviously one was
Philip Hemme: in Helsinki. In Helsinki, right? In Helsinki,
Aino Kalervo: yes. So it’s a spinoff from University of Helsinki. He still runs a research group there. Okay. And and then the first years, well, we really worked on the preclinical package created, you know, I mentioned first of all, we, we showed that that Neno viral platform is good for these T-cell therapies.
One of my colleagues Victor, he’ll can discuss his he, he did a lot of study studies comparing different viral platforms. So for example, so that’s something we did also then in preclinical settings study the combinations with immune checkpoint inhibitors. Yeah. CAR T and tes.
And we, we showed actually a hundred percent. Cure rates, if you can say those are animal models. But, but anyhow, the data was really good. Then we did the tech transfer. One big thing has been, obviously everything that relates to manufacturing, it’s different to produce ly viruses for mouse studies and for, for phase one, so,
Philip Hemme: so the LGMP
Aino Kalervo: Yeah, all these gmp.
So that has been a learning curve obviously, and, and I, I would say the big thing. Was the release of our first GMP batch, I think it was the 31st of December in 2019 Exactly, if I recall. Well, but you know, it came within this 2019, we already had the approval for our first in month study in Denmark.
And we had had several like this pre IND and. And scientific advice sessions with, with the MEA, but it was really the GMB batch that, that we were waiting for. And since then, you know, we actually continued to work with the same partner for that we have, and we have cut all the supply for the different phase ones.
But that was the big step, you know, starting off the treating first patients back in 2020 COVID came I think with COVID we actually got this expansion of our pipeline because we didn’t want to be tied to only single countries because we had no visibility on how would the, you know, how, what are the decisions based on treating cancer patients not treating.
So that’s also a reason I think when we started to do studies also in Finland. And then I would say the next big milestones have been now the finalized, I mean, publishing the phase one data, publishing the safety data and the initial proof of principle also in, in patients. And I could go on and on.
I mean, skipping 10 years, right? So many things happen. Sometimes I think that, you know. Things don’t like how to say the, it sets a long cycle as well to, to run these projects. But then when you look back and you see also some other companies and you realize, well, we are actually phase two, we have
Philip Hemme: yeah,
Aino Kalervo: secured over 70 million in funding.
That’s like, it’s actually quite a bit. So, but when you’re on day, day to day in the thing, you. You kind of see the hurdles and it takes time and all those things. It’s
Philip Hemme: good to take a step back and look at the achievements. And again, I mean, it’s, it’s an amazing story. And then you are, we, you mentioned that’s also opening the US office or US expansion, I guess that was also a big milestone.
Aino Kalervo: Yeah, that’s, that’s something that we started to, you know. More seriously think about back in 2022 and we open our affiliate here than in the fall of 2022. And the drive driving force for that was the fact that we, we actually at the time being already had our, one of our studies, actually the ovarian cancer study open here in the us.
So we wanted to hire. Team here locally to run the clinical studies because after all, it’s something to, to work with the CROs. But you have changed changing project managers. I mean, it’s not there asset after all the, so we opened that up after, back in, in September, 2022. And, and we hired the experienced clinical lead here.
So he’s now part of our, our team, but based here in the US and Berkshire, some CRAs here locally. And really drives the clinical studies in the US and, and opening of the new site for the phase two. So that’s, you know, how we started the US aspect. And now also with the establishment of the presence first for the clinical.
Now we would eventually would like to also expand the investor base. Yeah. To us and, and look for more sites.
Philip Hemme: That makes sense. I mean, there’s deep pocket investors in the US so
Aino Kalervo: let’s see.
Philip Hemme: Si and then to, I mean, to finish until the, what’s the, like, how does it look like the, the timelines for the, for the phase two.
For the phase one B afterwards, like what’s the time?
Aino Kalervo: Yeah. So now, so first of all, with the funding that we have now in hand, we continue we can cover our, you know, expenses, expenses, this and next year. Okay. And, and with that we wrap up. We are wrapping up the phase one studies and, and then getting well.
Phase two ongoing. Hopefully get the interim data of that phase two study. But we yet need additional funding to finalize the entire phase two and, and the target to have that data out from the phase two is second half of 2027 since, so. Okay. Yeah, so,
Philip Hemme: okay. And I guess interim data, you will have them sometimes in 2026.
Aino Kalervo: Yeah, that’s right. Okay. Yeah. Yeah, so as mentioned, it’s after all, it’s a small study roughly 50 patients, single arms. So but, but yet we need to execute it. So we, at that’s the most, IM like one of the most important hurdles at the moment.
Philip Hemme: Yeah. Okay. That’s good. Talking about the ocean viruses, I, I had Nina from news come on the show.
They’re not onry viruses, but they’re more like using viruses with new antigens to, to prime the, the immune system. I was just curious how, like, I don’t know how, I don’t know how, how close you are with other like, let’s say virus oncology companies or how, is there similarities as well, or it’s with your different
Aino Kalervo: Yeah, it’s, it’s a good question and I should, I should.
Probably do more, more reading. It’s been a while that I didn’t look at that company. But yeah, there are cancer vaccine approaches as well. There is also you know, and, and those might have some advantages and, and we have some others, but at least we have that, you know, a dual mechanism of, of having.
Instead, instead of, for example, selecting which neogen you would engineer in, I mean, we have the dual effect of the oncolysis plus then the production of the cytokine cytokines, and then with the breaking of the cancer cells, you have, you know, the release of those just the tumor microenvironment.
Anyhow, but. Let’s see how the entire cancer vaccine field goes. And then there is this company here’s this product. Product actually add still Arine that got approved. It was developed by Becker in Finland, up north in in Corpio. So it’s also an adenovirus. It was at fault, I think couple of years ago now for bladder cancer.
And, I think that’s, that’s a great, great news for the, for the field. And also I think we are proud of having that you know, product originating from, from Finland getting all the ways in the markets. I think that’s great thing for the entire industry.
[00:33:03] Finland’s biotech ecosystem
Philip Hemme: That’s a perfect transition to biotech in, in Finland as well.
’cause I just thought, oh, I mean, I, I looked a bit by preparing and I. Kind of out of my mind. I, I know you guys, I mean, I’ve known you guys for, I don’t know, at least five years I would say. Yeah, I know. And I’ve heard recently about, or the, the biopharma. Yeah, I know Faron. And then I know that there’s quite a few shares GMOs in, in tur, but that’s basically what I know about biotech in Finland.
How, like how do you complete, or how do you complete the picture?
Aino Kalervo: Well, I, I think one thing is that we don’t have like those big pharma hubs in, I mean, we have sales offices, right? But traditionally we don’t have similar pharmaceutical industry like you may have in France or, or, or Switzerland, for example, or, or Denmark or or, or even in, in Sweden.
So I think that is. One thing that affects, because obviously you need the knowhow, you need experienced people, not only PhDs from universities, but you need people with industry experience. So
Philip Hemme: the clinical and the chemistry experience.
Aino Kalervo: Yeah. And then it’s also the, the lack of in investor, private investors in the space.
So. For example, we are grateful that this Finnish industries investment started to invest also in biotech because you know, it’s an important important part of, you know, our capital raise. And also when, when, when you look at, then maybe if you compare fulfillment to other countries you, you need that pharma industry.
You need sufficient funding. Because after all, you know, it’s easier even for an investor to go and look what’s next door across the street, not than what’s in, in the neighboring country. So there are also some easy funds that have been open specifically for pharma investor in Orderly. So I think that’s, that all is great to have this investing.
Have now a specific vc. And, and then some positive case examples. I mean, hopefully things will move nicely forward with far on. There was also this I’m now forgetting the name, Oregon. I need, I need to double check. S lady. Mari Mela, you probably know her, but, well, she did the, they did a nice exit in Finland.
It was a, a finished company that was sold. Few years back. So all those things, I think they are good for the entire industry. Yeah. Actually on Monday I was in this how was it called? International Cancer Cluster Showcase, organized by the Norwegian regional, cancer hub or, or, or bi is specific for biotech, but you know, there were several beaches of maybe 15 to 20 companies.
Apparently they even has been running, was it more than 10 years? And apparently I was the first PE for a Finn company. Like, okay, well search you here. But you know, that’s also showing that, I think we can, we can improve and, and hopefully there are new biotechs that are calming there.
Philip Hemme: That’s it.
And how, I mean, also, I mean, you’re campaigning to other France, I mean maybe to Switzerland or to France, but Finland is also a way smaller country than it is, than France. Yeah. Which it
Aino Kalervo: is. Yeah. And it’s a smaller market. That’s right. So record. Yeah. And, and. We are maybe better known for Nokia which has also then the legacy of that has created small companies in other domains.
But we are not known for, you know, big farmers,
Philip Hemme: but are we, how big is it? Are, you know
Aino Kalervo: It’s. I would say a small size pharma. I don’t recall how Yeah.
Philip Hemme: Couple thousands of employees, so
Aino Kalervo: yeah, to be, to be checked, but, but rather you know, mid-size to small. Yeah. And you know, traditionally they have not been now they are moving to immunooncology apparently as far as I understand.
So, okay,
Philip Hemme: so, and I’m curious also, and also one thing I observed is that usually, let’s say Nordics, countries interact, I mean you mentioned with Norway, but interact quite closely as well. Like do you, I mean you mentioned the center in Denmark to clinical trial. I guess there’s some like ecosystem happening.
Like did you, yeah, did, did, I mean, how much was it the case for you guys? I can.
Aino Kalervo: Well, I would say that European ecosystem is important for us whether it’s, you know, different like, like, and, and obviously we look into the best places, for example, for teal therapy, and we choose the cent space based on that with whom we want to work on.
So, you know, in, in that sense, when we. When we plan our activities, we don’t select them based on like the cellular close country. Yeah. But really first we look at the European ecosystem for us. Okay.
Philip Hemme: And, okay.
[00:39:00] Aino Kalervo’s personal path
Philip Hemme: And then I talking about Europe and talking about you more personal background you, I mean, you have quite some experience across Europe as, I mean, you worked in France.
Sanofi with the more startup director and yeah. How, how was that like more what a European experience for you? How, how did it help you?
Aino Kalervo: Yeah. Well, I, I think it’s a small, I mean it’s a small world. It’s a small industry after all, and it’s somewhat cyclic because, you know, biotech, biotechs are formed.
Unfortunately, many projects fail, so people. Turnaround. So the
Philip Hemme: directors didn’t work out that far? Not I can,
Aino Kalervo: yeah. I think it was a learning I think for us all, who, who were there, what, what not to do, what to say. But that’s, you know, part of the part process. And I think many of the employees actually have done quite nicely in different biotechs around, mainly in France.
Right? Because most of my college were French actually. But you know, like, and in the US you know, they know those things maybe better to, to learn from the haters, but I think it was a really good school also to see certain things, but to watch, watch out and differently. The network is important. I mean, I still run into, you know, people or project that, that I know from back in the days when I was at Son of Heat.
Yeah. And, and definitely, I mean. All, like the network is so important whether it’s to ask for advice or shared experience, you know, reflect on a problem. So
Philip Hemme: that’s great. Yeah. Yeah. I mean, biotech is a very small world. It
Aino Kalervo: is really, it is really small
Philip Hemme: and European biotech, even smaller world and yeah.
That’s good. And I’m, I’m curious, are you, like, why did you decide to join Philip? To go back to, to Finland. Have you? Yeah,
Aino Kalervo: actually it was that was back already in Ano when we started to look, I was actually in the CDMO arm doing a scientific and business intelligence. So we screened for different project for which Sanofi good offer development capabilities.
And one area that they looked into and actually did important investments at the time being was viral vector manufacturing. That was back when was it? You know, back maybe 2013. There was, and they started, they did actually a collaboration with a company, French company called French Gene. So that’s kind of.
When I got introduced to oncology viruses, so my background, I, I have a master’s in molecular biology and I never wanted to, and I started to work in the industry, actually here in the US because I did my studies here for at Pfizer. But I never wanted to go back, you know, to, let’s say a sales. So marketing, it just didn’t interest me and I kind of wanted a little part of biology for, for my work.
So I thought that, well, these onco viruses look like. Interesting and, and or, and viral vectors in, in general. So I followed a little bit what was going on in Finland at the time being, and I was surprised that, you know, in Finland where there is no pharma, how come it comes up in all our studies, you know, and I look at the field, Finland spoke, pops up there so many studies.
And then I find this person actually Heming, who was behind many of his studies. And, and I, I, I met him and I said that, well, can I come and do bd? Actually, and first one, one of the thing he said, he, he was like, we don’t need bd. And I said, you and Nate. And well, that’s how it started. Only. Yeah. But you know, it’s been like really exciting journey and I’ve been really I was really happy to be part of that.
Philip Hemme: Yeah. It’s funny in hindsight how you like. Things sometimes look quite logical in hindsight, like, yeah, but we’re already in viruses and, but you end up working now as a, on coronavirus company, like everything connects pretty well. Like,
Aino Kalervo: I think you, you make things to connect as well. So, but yeah, that’s how it turned out.
Philip Hemme: Okay. And I’m just curious because you have worked in, or you’ve seen quite different countries as well, how. I dunno, how do you compare, compare them? I guess they, each of the strengths? The downsides, I guess.
Aino Kalervo: Yeah. Well how to say I appreciate the finish straightforwardness, or, or certain things. It’s just, you know, this is, you know, this is the plan.
This is, you know, what we agree about on you will. Send me something two, two days after and then it’ll happen. And whereas in, in, in some other countries you’re maybe not that how to say, it’s not that straightforward and there is more discussion around it. But then, I mean, certainly there are other things that we can burn.
I mean, there is such a social aspect in France as well. And I have several. You know, nice connection from there and, and many, many people I met, I really appreciate the French people. Yeah,
Philip Hemme: it’s good. I’m a bit biased. Our French background is also Ah, you do. So I’m half French, half German actually. Yeah.
So,
Aino Kalervo: but you lived in, so
Philip Hemme: yeah, I grew up in Paris, studied in Paris, then in Boston and now it’s been over 10 years in, in Berlin in Germany. So I’m also a bit deaf. Comparing or a, a bit I’ve experience in those both. But
Aino Kalervo: we have a very international team. I common nationalities we actually have, so, you know, in, in that sense I don’t know what is our culture in, in til, whether it’s a Finnish culture.
What kind of culture? I mean we have Germans Portugal, Morocco Brazil. That’s good. What else? I’m, I’m certainly forgetting somebody, but you know, we have a very international team.
Philip Hemme: It’s good. That’s okay.
[00:45:43] Quickfire
Philip Hemme: I wanna finish just with some quick questions, like, okay. Yes. No. One, one one answer.
The first one, what, what’s on top of your mind at the moment?
Aino Kalervo: I will not go into details, but more operational ho home,
Philip Hemme: you told me a bit this one advice you would’ve for young life science professionals who, who want to be in the same network. Okay? Yeah. One of your favorite biotech or science book.
Aino Kalervo: That’s a tough one. I cannot come up with the past answer. I, that’s not the favorite. I, I recall this book I read back in the days it was called Pharma Like This How Pharmaceutical Industries. But I’m not saying that’s my favorite book, but you know. That’s, that comes up to my mind and, and then I, it makes me to think of an old colleague, Sanofi, who was always happy there was somebody from petrol industry because then he wasn’t the bad guy.
Philip Hemme: I don’t know this book. I will check it out. Who is, who is one of your biotech heroes?
Aino Kalervo: Biotech heroes. As well. Who is one of my biotech heroes? Nothing. Well, I don’t want to cite any, any first, and
Philip Hemme: okay. You can skip question. Yeah, I’ll skip. I was about to ask you a favorite hobby, but I think I heard you, you play a lot of tennis. Yeah. Yeah. How good are you at tennis?
Aino Kalervo: Well, I. I initially came to us because I had a, a scholarship, right.
All those scholarships, but then I didn’t play for many years. You know, you get your children and busy with studies and, and now we have a very nice team with some ladies in Sland and we have won quite many finished championship. I don’t play quite every day, but it’s okay. Like really a lot.
Philip Hemme: That’s good.
That’s good. And the last one, one new habit. You adopted recently in business
Aino Kalervo: when you have it? Well I think I’m excited to get to learn to know the US ecosystem better and better. Yeah. As well.
Philip Hemme: Okay. So you’re expose yourself more to the US as a Okay. Case. Great. Then. I know for the conversation.
Aino Kalervo: Thank you very much, Felix.
It was fun. It was, yeah.
Philip Hemme: I’m impressed by the new approach of Tilt and the persistence of IO and her team to reach phase two. I’m also impressed. By her humility and her kind of skills. If you have also enjoyed this episode, please hit the like follow review button. Any of these actions will help a lot to give people more access to the show.
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