Candel Therapeutics secures $130M to fund lead program – ICYMI

Core Insights - Candel Therapeutics has secured a $130 million term loan facility with Trinity Capital, which is a significant development for the company [1][2] - The non-dilutive funding will primarily support the BLA submission for CAN-2409, the company's lead asset in prostate cancer, and aid in commercialization efforts [2][3] Financial Developments - The loan facility is structured to allow an immediate drawdown of $50 million upon closing, with access to remaining funds contingent on meeting specific milestones [5] - This financing strategy is designed to avoid unnecessary dilution for shareholders while providing the necessary capital for ongoing projects [3][5] Strategic Focus - Candel is prioritizing its lead asset CAN-2409 for prostate cancer, followed by therapy-resistant non-small cell lung cancer, and has decided to pause the launch of a large clinical program in pancreatic cancer to manage resources effectively [6][7] - The company has completed enabling work for its programs and received orphan drug designation from both the EMA and FDA, indicating readiness to advance once additional funding is secured [8] Partnership Opportunities - Candel is actively exploring strategic partnerships to secure further non-dilutive funding, with ongoing discussions with potential partners showing significant interest [9][10] - The company emphasizes the importance of entering into agreements that align strategically with its goals, ensuring that any partnership is beneficial for its long-term objectives [10]