Business
Candel Therapeutics Announces Restructuring to Prioritize Resources on Key Value Drivers for Expanded Development of CAN-3110, the enLIGHTEN™ Discovery Platform, and Key Clinical Readouts for CAN-2409
Decreases workforce by approximately 50% and reduces commercial manufacturing expenses to prioritize spend towards topline clinical data readouts for CAN-2409
About this update from Candel Therapeutics, Inc.
[{"type":"text","content":"Decreases workforce by approximately 50% and reduces commercial manufacturing expenses to prioritize spend towards topline clinical data readouts for CAN-2409 in non-small cell lung cancer, pancreatic cancer, and prostate cancer in 2024Prioritizes development of CAN-3110 in recurrent high-grade glioma and initiation of investigational new drug (IND)-enabling studies in second indicationPlans to broaden discovery partnership opportunities based on the enLIGHTEN™ Discovery PlatformExtends cash runway into the fourth quarter of 2024 NEEDHAM, Mass., Nov. 28, 2023 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a clinical stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, today announced a strategic restructuring to focus on continuation and expansion of development of CAN-3110 as well as the enLIGHTEN™ Discovery Platform, while reducing the Company’s workforce and expenses associated with enabling commercial readiness of CAN-2409. The Company expects to present initial activity and biomarker data for repeated injections of CAN-3110 in recurrent high-grade glioma in the second half of 2024 and new data for the second drug candidate based on the enLIGHTEN™ Discovery Platform in Q3 2024. The Company plans to continue to collect clinical data for key readouts for CAN-2409 in non-small cell lung cancer (NSCLC), with topline overall survival data of the open label phase 2 clinical trial expected in Q2 2024; pancreatic cancer, with an update on overall survival based on an interim analysis of the randomized, open label clinical trial in Q2 2024; and prostate cancer, with topline data for both fully enrolled randomized, blinded, placebo-controlled phase 2 and phase 3 clinical trials in Q4 2024. Based on the encouraging clinical activity data for CAN-2409, the large number of patients that might benefit from this treatment, and the investments needed for commercialization, the Company plans to explore the right partnering opportunities for the future development of this asset. To focus on delivering on the value-creating catalysts in 2024, on November 28, 2023, Candel implemented a reduction in its workforce of approximately 50%. The Company estimates that it will incur a one-time restructuring charge of approximately $0.7 million in...