Business
Candel Therapeutics Reports Fourth Quarter and Full Year 2022 Financial Results and Recent Corporate Highlights
Expects to announce clinical trial data from multiple oncology programs in the second half of 2023Extends cash runway into second quarter of 2024 NEEDHAM,
About this update from Candel Therapeutics, Inc.
[{"type":"text","content":"Expects to announce clinical trial data from multiple oncology programs in the second half of 2023Extends cash runway into second quarter of 2024 NEEDHAM, Mass., March 30, 2023 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a clinical stage biopharmaceutical company focused on developing and commercializing viral immunotherapies to help patients fight cancer, today reported financial results for the fourth quarter and full year ended December 31, 2022 and provided a corporate update. “Our 2022 achievements reaffirm our belief that using our viral immunotherapies to mobilize the patient’s immune system to fight cancer represents a promising approach for the treatment of solid tumors,” said Paul Peter Tak, MD, PhD, FMedSci, President and Chief Executive Officer of Candel. “Throughout the year, we presented encouraging data, expanded our leadership team, and announced a partnership with the University of Pennsylvania, leveraging Candel’s enLIGHTEN™ Discovery Platform to create novel viral immunotherapies to enhance CAR-T cell therapies in solid tumors. Over the next few quarters of 2023, we anticipate multiple additional clinical data readouts as well as topline data in the fourth quarter of 2024 from our phase 3 clinical trial in early localized prostate cancer. We remain confident in our belief that our investigational medicines have the potential to improve the lives of patients living with cancer.” “Our investigational viral immunotherapies have shown early clinical promise, including a persistent immune response and have been generally well tolerated,” said W. Garrett Nichols, MD, MS, Chief Medical Officer of Candel. “More specifically, data from our CAN-2409 clinical trial demonstrated robust evidence of local and systemic anti-tumor activity in patients with non-small cell lung cancer who had an inadequate response to immune checkpoint inhibitors. In addition, a single injection of CAN-3110 in patients with recurrent high-grade glioma resulted in a median overall survival of 11.6 months. We are encouraged by these data, which we believe underscore our mission to save, extend and improve the lives of patients through viral immunotherapies.” Jason A. Amello, Chief Financial Officer of Candel, added, “I am pleased that the prudent and disciplined management of our expenditures and programs...