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Candel Therapeutics Completes $22.5 Million Series C Preferred Stock Offering
AUBURNDALE, Mass., April 1, 2019 /PRNewswire/ -- Candel Therapeutics (a.k.a. Advantagene, Inc.) announced today the closing of a $22.5 million Series C Preferred Stock financing led by Northpond Ventures. Participating syndicate members included Sands Capital Ventures, H7 Holdings and Level One Partners. Michael P. Rubin, M.D., Ph.D., founder and CEO of Northpond Ventures, will join the company as a member of its board of directors.
"We are thrilled to join forces with the Candel team and embark on this great journey together. We have the potential to be a force for good in the world, which is what drives us," said Dr. Rubin.
"We are grateful for the financial flexibility resulting from this financing," stated Dr. Estuardo Aguilar-Cordova, Chairman and CEO of Candel Therapeutics. "The addition of Michael to our board of directors is a big win for the company and brings significant relevant expertise."
The completion of the Series C brings the total capital raised by Candel in the last year to $51.2 million. The company plans to use the proceeds to expand its operational capabilities and further accelerate its ongoing clinical development initiatives. Candel's lead programs are based on the company's Gene Mediated Cytotoxic Immunotherapy (GMCI™) technology and include two randomized studies in prostate cancer, including a Phase 3 under an FDA approved Special Protocol Assessment. The Company also has ongoing clinical programs in glioma, lung and pancreatic cancer.
"We have the most comprehensive and promising clinical data set in the field of developing viral immunotherapies in multiple tumor indications," explained Dr. Aguilar-Cordova. "We are particularly excited about expanding our efforts for brain tumor patients as they are in desperate need of new treatment options."
Candel's efforts in pursuit of an effective treatment for brain cancer are significant. The company has completed a Phase 2 clinical study in high grade glioma that showed promising results, including an indication of survival benefit. The launch of a combination GMCI-checkpoint inhibitor clinical study, in collaboration with Bristol-Myers Squibb and the Adult Brain Tumor Consortium, was recently announced. The Company also has an ongoing study for recurrent GBM patients with rQNestin34.5, the company's oncolytic herpes-based platform. Additionally, the Company plans to use proceeds from this financing to launch a GMCI pivotal trial for brain cancer patients.
For more information about its clinical programs, please visit www.clinicaltrials.gov or click the following link: https://clinicaltrials.gov/ct2/results?cond=&term=advantagene&cntry=&state=&city=&dist=
About Candel Therapeutics
Advantagene, Inc. d.b.a. Candel Therapeutics is developing proprietary immuno-oncology platforms, including its Gene Mediated Cytotoxic Immunotherapy (GMCI™) and the oncolytic rQNestin34.5 platforms for the treatment of solid tumors.
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SOURCE Candel Therapeutics