CANDEL THERAPEUTICS, INC. (CADL) Announces July 23rd IPO

CANDEL THERAPEUTICS, INC. (CADL) is planning to raise $85 million in an IPO on Friday, July 23rd, IPO Scoop reports. The company plans to issue 6,100,000 shares at $13.00-$15.00 per share.

In the last 12 months, CANDEL THERAPEUTICS, INC. generated $130,000 in revenue and had a net loss of $20.4 million. The company has a market-cap of $347.2 million.

Jefferies, Credit Suisse, BMO Capital Markets and UBS Investment Bank acted as the underwriters for the IPO.

CANDEL THERAPEUTICS, INC. provided the following description of their company for its IPO: “We are a late clinical stage biopharmaceutical company focused on helping patients fight cancer with oncolytic viral immunotherapies. Our engineered viruses are designed to induce immunogenic death through direct viral-mediated cytotoxicity in cancer cells, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. Our approach combines an in-depth knowledge of viral immunotherapy with extensive clinical experience across a wide range of indications. Based on the broad range of data that we have generated from our preclinical models and clinical trials using our approach, we have observed what we believe to be systemic immune response against locally injected tumors and their distant metastases. We have established two oncolytic viral immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) constructs. In our clinical results to date from CAN-2409, our lead product candidate from our adenovirus platform, and CAN-3110, our lead product candidate from our HSV platform, we have observed that these candidates may have the potential to address significant unmet patient need and improve clinical outcomes in novel indications across broader patient populations. Our most advanced product candidate, CAN-2409, is an off-the-shelf adenovirus product candidate combined with the prodrug valacyclovir that has generated promising clinical activity across a range of solid tumor indications, including our lead indication of prostate cancer. We are currently conducting, as part of our most advanced CAN-2409 program, a Phase 3 clinical trial in the United States under a Special Protocol Assessment, or SPA, with the FDA 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. We expect to complete enrollment for this trial in the third quarter of 2021 with a final data readout in 2024. We are also evaluating CAN-2409 in newly diagnosed high-grade glioma. The FDA has granted CAN-2409 Fast Track designation for use in this setting in combination with standard of care surgery and chemoradiation. We intend to initiate a potential registrational Phase 3 trial in this indication in the first half of 2022. In addition, we are advancing development of our HSV platform product candidates for different solid tumor indications. Our lead HSV product candidate, CAN-3110, is currently in an ongoing investigator-initiated Phase 1 clinical trial in our initial target indication of recurrent high-grade glioma, and we expect to report additional biomarker results in the fourth quarter of 2021. We are also designing novel candidates based on our HSV platform for the treatment of solid tumors. “.

CANDEL THERAPEUTICS, INC. was founded in 2003 and has 50 employees. The company is located at 117 Kendrick St Suite 450 Needham, MA 02494 and can be reached via phone at (617) 916-5445 or on the web at http://www.candeltx.com/.

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