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 , 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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