Candel Therapeutics Completes $28.7 Million Series B Financing
January 04 2019 - 2:33PM
Proceeds to Accelerate Enrollment of Phase 3
Localized Prostate Cancer Clinical Trial and to Advance Late
Stage High-Grade Glioma Clinical Program
Candel Therapeutics, a clinical-stage biotechnology company
developing novel cancer immunotherapy therapeutics, today announced
the closing of a $28.7 million Series B financing led by PBM
Capital Group.
Proceeds will be used to:
- Accelerate enrollment of the company’s Phase 3 registration
trial under a Special Protocol Assessment for newly diagnosed,
localized prostate cancer and a Phase 2 trial for Active
Surveillance
- Advance its late-stage high-grade glioma program that includes:
a completed Phase 2 trial demonstrating a significant benefit in
patients receiving a gross total resection; a proof of concept
clinical study in combination with nivolumab in collaboration with
Bristol-Myers Squibb (NYSE:BMY) and the
Adult Brain Tumor Consortium; and a Phase 1 trial
with its rQNestin34.5 drug candidate in recurrent glioma
- Expand and further advance clinical programs in pancreatic
cancer, lung cancer and other solid tumor indications
- Invest in the company’s infrastructure
“We are excited and grateful to be at an inflection point,” said
Dr. Estuardo Aguilar-Cordova, Chief Executive Officer. “With
this financing, we are now in the position to both accelerate
recruitment of our current late stage clinical programs and expand
the application of our technologies to new solid tumor
indications.”
“Candel's GMCI and rQNestin34.5 programs represent the most
promising oncolytic virus platforms under development,” said Paul
Manning, Chairman of PBM Capital. “We firmly believe that, as a
company, Candel’s therapies will be transformative to cancer
patients as a safe and efficacious adjunct to the current standard
of care. We are excited to partner with Estuardo and his
outstanding team in advancing these technologies toward
commercialization.”
If approved, the company’s GMCI™ derived product candidate will
become the first therapeutic to treat low and intermediate risk
prostate cancer. An effective therapy for these patients will
drastically reduce the number of men that suffer castration (US
~70,000/year) and death (US ~30,000/year) as a result of their
prostate cancer. “We expect that in a few short years, as a
result of our efforts and that of our many collaborators, there
will be a new standard of care for this dreadful disease that will
significantly improve and extend the lives of nearly 200,000 men
each year in just the United States,” concluded Dr.
Aguilar-Cordova.
About Candel Therapeutics
Candel Therapeutics is a Massachusetts based biotechnology
company developing its proprietary immuno-oncology platforms,
including its Gene Mediated Cytotoxic Immunotherapy (GMCI™)
platform and rQNestin34.5 platform, for the treatment of solid
tumors.
GMCI™ is an “off the shelf” low toxicity
adenovirus based immunotherapy that causes immunogenic tumor cell
death, stimulating a hyper-immunogenic microenvironment and
generating a personalized, robust and precise systemic response
from the patient’s own immune system against his or her cancer.
GMCI™ has been evaluated in 11 completed clinical trials and 5
ongoing clinical trials across multiple indications including
prostate, brain, pancreas and lung cancers. With over 1,200 patient
doses in 650 patients, GMCI™ has meaningful evidence suggesting it
is well tolerated and safe. These studies include a registration
clinical trial for the treatment of localized prostate cancer
patients under a Special Protocol Assessment agreement with the
U.S. Food and Drug Administration. If proven efficacious, this
product candidate will be the first and only therapeutic
pharmaceutical available for localized prostate cancer
patients.
rQNestin34.5 is an immuno-oncology approach
that uses a genetically modified oncolytic herpes simplex virus
engineered for enhanced potency. Conditional ICP34.5 expression in
the presence of Nestin greatly improves replication and oncolytic
activity of HSV. This product candidate is currently being tested
in a Phase 1 clinical study in patients with recurrent malignant
glioma.
For more information about Candel Therapeutics and our cancer
immunotherapy programs please email info@CandelTX.com.
Sky StriarJPA Health
Communications617-657-1314sstriar@jpa.comCandel
website: www.CandelTX.com
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