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CANDEL THERAPEUTICS Candel Therapeutics Reports Second Quarter 2021 Financial Results and Recent Corporate Highlights September 8 , 2021 NEEDHAM , Mass . , Sept. 08 , 2021 ( GLOBE NEWSWIRE ) -- Candel Therapeutics , Inc. ( " the Company " ) ( Nasdaq : CADL ) , a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies , today reported financial results for the second quarter ended June 30 , 2021 and provided a corporate update . " This has been a transformational year for Candel Therapeutics as we continue to execute on our corporate strategy by advancing the development of our lead product candidate from our adenovirus platform , CAN - 2409 , and our lead product candidate from our HSV platform , CAN - 3110 , both in areas of significant unmet need , " said Paul Peter Tak , M.D. , Ph.D. , FMedSci , President and Chief Executive Officer of Candel Therapeutics . " With the completion of our IPO in August and multiple data readouts across our broad pipeline over the next 12 months , we are in a strong position to advance our strategy and well - capitalized to support achievement of important milestones toward bringing novel immunotherapies to patients with cancer . " Second Quarter 2021 & Recent Highlights • On April 13 , the Company announced formation of its new Research Advisory Board that included 2018 Nobel Laureate , James Allison , Ph.D. ( MD Anderson Cancer Center ) , Henry Brem , M.D. ( Johns Hopkins University ) , Roy S. Herbst , M.D. , Ph.D. ( Yale Cancer Center ) , Elizabeth Jaffee , M.D. ( Johns Hopkins University ) , Philip Kantoff , M.D. ( formerly Memorial Sloan Kettering Cancer Center ) , and Padmanee Sharma , M.D. , Ph.D. ( MD Anderson Cancer Center ) . • On April 22 , the Company announced it completed enrollment in a phase 1 clinical trial in patients with newly diagnosed high - grade glioma to evaluate the safety and efficacy of CAN - 2409 in combination with OpdivoⓇ ( nivolumab ) and standard of care radiation therapy , as well as temozolomide for patients who have a methylated MGMT promoter . • On June 4 , the Company reported data from an ongoing phase 1 clinical trial of its oncolytic virus , CAN - 3110 , in patients with high - grade glioma that has recurred after initial treatment . The data presented at the 2021 American Society of Clinical Oncology ( ASCO ) demonstrated a favorable safety and tolerability profile and durable responses in a number of patients . • On June 22 , the U.S. Food and Drug Administration granted Fast Track designation for CAN - 2409 in combination with standard - of - care surgery and chemoradiation to improve survival in adults with newly diagnosed high - grade glioma . • On July 15 , the Company announced the appointment of Diem Nguyen , Ph.D. , M.B.A. to its Board of Directors . • On August 17 , the Company announced the completion of its Initial Public Offering , raising gross proceeds of $ 79.1 million , before deducting underwriting discounts and commissions and offering expenses , to support ongoing research and development efforts . • On September 7 , the Company announced it completed enrollment in its phase 3 clinical trial of CAN - 2409 in combination with valacyclovir for the treatment of intermediate- to high - risk localized prostate cancer . Key Upcoming Milestones • Initial efficacy and safety data from a phase 1 clinical trial of CAN - 2409 in combination with OpdivoⓇ ( nivolumab ) in patients with high - grade glioma are expected to be presented in the fourth quarter of 2021 . • Blinded safety data from a phase 2 clinical trial of CAN - 2409 in patients undergoing active surveillance for prostate cancer are expected to be presented in the third quarter of 2021 . • Biomarker results from a phase 1 clinical trial of CAN - 3110 in patients with recurrent high - grade glioma are expected to be presented in the fourth quarter of 2021 . Financial Results for the Second Quarter Ended June 30 , 2021 Cash Position : Cash and cash equivalents as of June 30 , 2021 , were $ 24.3 million , as compared to $ 35.1 million as of December 31 , 2020. In August 2021 , Candel completed its initial public offering in which the Company issued 9,887,994 shares of common stock at a price of $ 8.00 per share , including the partial exercise of the underwriters ' overallotment option , for net proceeds of $ 71.5 million after deducting underwriting discounts and commissions and offering expenses . Based on current plans and assumptions , the Company expects its existing cash and cash equivalents , including the net proceeds of the IPO , will be sufficient to fund its operations into the second quarter of 2023 .