Candel Therapeutics, a Phase 3 biotech developing oncolytic viral immunotherapies for cancer, filed on Friday with the SEC to raise up to $100 million.
Candel's most advanced candidate, CAN-2409, is an off-the-shelf adenovirus product candidate combined with the prodrug valacyclovir. The company is currently conducting a Phase 3 trial for CAN-2409 in combination with the prodrug valacyclovir in patients with newly diagnosed localized prostate cancer who have an intermediate or high-risk for progression. It expects to complete enrollment in the 3Q21 with a final data readout in 2024.
The Needham, MA-based company was founded in 2003 and plans to list on the Nasdaq under the symbol CADL. Jefferies, Credit Suisse, BMO Capital Markets, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
