Candel Therapeutics stock soars 30%: find out more

Candel Therapeutics Inc is up roughly 30% in premarket on Friday after reporting positive interim data for its experimental treatment of non-metastatic pancreatic cancer.

CAN-2409 data sends Candel Therapeutics stock up

Patients on CAN-2409 showed a meaningful increase in survival in a Phase II study, as per the biotechnology company.

No new safety concerns were discovered in the clinical trial either. Garrett Nichols – the chief medical officer of $CADL said in a press release today:

“CAN-2409 was generally well tolerated without significant additional local or systemic toxicity when added to SoC chemoradiation.”

Last week, the Nasdaq-listed firm reported $11.1 million loss for its fourth quarter more than double the $4.1 million it reported in Q4 of 2022. Candel Therapeutics stock is now up close to 500% year-to-date.

CAN-2409 has won Fast Track Designation from FDA

Survival rate of the CAN-2409 group after 24 months was 71.4% versus only 16.7% for those in the control group.

CMO Nichols acknowledged in the press release today that an “effective new treatment” for non-metastatic pancreatic cancer is “urgently needed” and said the company was “encouraged” by the outcome of its Phase II study.

Note that CAN-2409 secured Fast Track Designation for PDAC from the Food & Drug Administration in December of 2023. $CADL is testing it for lung and prostate cancer as well.

In the United States, Pancreatic cancer is among the top five leading causes of cancer-related deaths. Wall Street currently has a consensus “buy” rating on Candel Therapeutics shares.