Strengthens Company's financial position; enables initiation of phase 3 clinical trial of CAN-2409 in non-small cell lung cancer (NSCLC)
Provides non-dilutive capital and additional financial flexibility ahead of a potential commercial launch in early localized prostate cancer
NEEDHAM, Mass., Oct. 14, 2025 (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 that it has entered into a five-year, $130 million term loan facility with Trinity Capital Inc. (NASDAQ:TRIN) ("Trinity Capital").
The loan facility consists of four tranches, with the first tranche of $50 million drawn upon closing of the agreement. The second and third tranches totaling $50 million in the aggregate are available to be drawn subject to the achievement of certain regulatory, clinical and operational milestones, subject to certain conditions precedent described in the agreement, and the fourth tranche of $30 million is available at the lender's discretion. Interest is payable on the outstanding principal amount at a fixed or floating rate at the Company's option, initially 10.25% per annum. The loan facility has a five-year term with an interest-only period of 36 months, which is extendable for an additional 12 months upon achievement of a certain commercial milestone. The loan facility contains customary representations, warranties, covenants, and events of default.
"This strategic financing, combined with our cash and cash equivalents of $87.2 million, as of September 30, 2025, significantly strengthens our balance sheet, positioning the Company for the initiation of a pivotal phase 3 clinical trial of CAN-2409 in NSCLC in Q2'26, and supporting the Company through its potential launch in early localized prostate cancer and into commercialization," commented Charles Schoch, CFO of Candel Therapeutics. "This transaction and use of proceeds reflects our disciplined capital allocation approach."
"We believe Candel's strong clinical data and innovative approach positions them well to make a real impact for patients facing prostate cancer and NSCLC - conditions with large commercial opportunities and a continued unmet need," said Rob Lake, Senior Managing Director of Life Sciences at Trinity Capital. "Our investment underscores Trinity's commitment to provide flexible capital solutions to innovative life sciences companies that are working on bringing important therapies to patients and providers worldwide."
Paul Peter Tak, M.D., Ph.D., FMedSci, highlighted, "In parallel to this transaction, the Company has also made further portfolio prioritization decisions, and will seek externally funded partnerships for the clinical development of CAN-2409 in pancreatic ductal adenocarcinoma (PDAC). While we have compelling phase 2a data, successfully conducted enabling work for a phase 2b/3 clinical trial in this indication, had a positive Scientific Advisory Board meeting, and were awarded Orphan Designation by the EMA, we decided to completely focus our resources and capital for CAN-2409 on early localized prostate cancer and NSCLC, reinforcing our commitment to advancing breakthrough therapies for patients in two of the largest ...
