Cancer biotech Candel Therapeutics files for a $100 million IPO

Candel Therapeutics filed with the US Securities and Exchange Commission to raise up to $100 million, Renaissance Capital reported.

The company, which was founded in 2003, is developing oncolytic viral immunotherapies for cancer.

Candel's most advanced candidate, CAN-2409, is an off-the-shelf adenovirus combined with the prodrug valacyclovir, which is currently being investigated in a Phase III trial for patients with newly diagnosed localised prostate cancer who have an intermediate or high-risk for progression.

The drugmaker, which plans to list on the Nasdaq under the symbol CADL, expects to complete enrolment in the study in the third quarter, with a final data readout in 2024.