• Dr. Scott E. Eggener to present safety data from phase 2 clinical trial of CAN-2409 in patients with localized, low to intermediate risk prostate cancer undergoing active surveillance at AdMeTech Foundation's Fifth Global Summit on Precision Diagnosis and Treatment of Prostate Cancer

    • Dr. E. Antonio Chiocca to present clinical and immunological biomarker data from phase 1 clinical trial of CAN-3110 in patients with recurrent high-grade glioma at the 16th Meeting of the European Association of Neuro-Oncology

    NEEDHAM, Mass., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (NASDAQ:CADL), today announced upcoming presentations of clinical data supporting continued clinical advancement of its prostate cancer and brain cancer programs…

    • Dr. Scott E. Eggener to present safety data from phase 2 clinical trial of CAN-2409 in patients with localized, low to intermediate risk prostate cancer undergoing active surveillance at AdMeTech Foundation's Fifth Global Summit on Precision Diagnosis and Treatment of Prostate Cancer



    • Dr. E. Antonio Chiocca to present clinical and immunological biomarker data from phase 1 clinical trial of CAN-3110 in patients with recurrent high-grade glioma at the 16th Meeting of the European Association of Neuro-Oncology

    NEEDHAM, Mass., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (NASDAQ:CADL), today announced upcoming presentations of clinical data supporting continued clinical advancement of its prostate cancer and brain cancer programs at the following medical conferences in September 2021.

    • AdMeTech Foundation's Fifth Global Summit on Precision Diagnosis and Treatment of Prostate Cancer

      Date and Time: September 25, 2021, at 8:00 am ET

      Presenter: Scott E. Eggener, MD

      Presentation Title: Safety and Feasibility of Intraprostatic Injection of CAN-2409 or Placebo followed by Valacyclovir in Patients on Active Surveillance for Prostate Cancer (ULYSSES Trial)

    Details from the clinical data presentations will be available on the Candel website at https://www.candeltx.com/news/.

    About CAN-2409



    CAN-2409, Candel's most advanced oncolytic viral immunotherapy candidate, is a replication-deficient adenovirus that delivers the herpes simplex virus thymidine kinase (HSV-tk) gene to cancer cells. HSV-tk is an enzyme that locally converts orally administered valacyclovir into a toxic metabolite that kills nearby cancer cells. The intra-tumoral administration results in the release of tumor-specific neoantigens in the microenvironment. At the same time, the adenoviral serotype 5 capsid protein elicits a strong pro-inflammatory signal in the tumor microenvironment. This creates the optimal conditions to induce a CD8+ T cell mediated response against the injected tumor and uninjected distant metastases for broad anti-tumor activity.

    Because of its versatility, CAN-2409 has the potential to treat a broad range of solid tumors. Monotherapy activity as well as combination activity with standard of care radiotherapy, surgery, chemotherapy, and immune checkpoint inhibitors have previously been shown in several preclinical and clinical settings. Furthermore, CAN-2409 presents a favorable tolerability profile; more than 700 patients have been dosed to date, supporting the potential for combination with other therapeutic strategies without inordinate concern of overlapping adverse events. Currently, Candel is evaluating the effects of treatment with CAN-2409 in localized, non-metastatic prostate cancer, non-small cell lung cancer, high-grade glioma, and pancreatic cancer in ongoing clinical trials.

    About CAN-3110



    CAN-3110 is an HSV replication-competent oncolytic virus engineered to enhance selective killing of cancer cells while sparing neighboring healthy cells. CAN-3110 selectively expresses ICP34.5, a key gene in HSV replication, in tumor cells that overexpress nestin, a cytoskeletal protein. Nestin is highly expressed in high-grade glioma cells and other tumor tissues, but it is absent in the healthy adult brain.



    Candel is evaluating the effects of treatment with CAN-3110 in recurrent high-grade glioma. Encouraging clinical results of the ongoing phase 1 clinical trial were recently presented at the 2021 American Society of Clinical Oncology Annual Meeting.

    For more information on this clinical study, please visit https://www.clinicaltrials.gov/ct2/show/NCT03152318.

    About Candel Therapeutics



    Candel is a late clinical stage biopharmaceutical company focused on helping patients fight cancer with oncolytic viral immunotherapies. Candel's engineered viruses are designed to induce immunogenic cell death through direct viral-mediated cytotoxicity in cancer cells, thus releasing tumor neo-antigens while creating a pro-inflammatory microenvironment at the site of injection. Candel has established two oncolytic viral immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) constructs, respectively. CAN-2409 is the lead product candidate from the adenovirus platform and CAN-3110 is the lead product candidate from the HSV platform. New discovery programs are based on the HSV platform.

    For more information about Candel, visit www.candeltx.com.

    Forward-Looking Statements

    This press release includes certain disclosures that contain "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding the timing and advancement of development programs, include key data readout milestones; expectations regarding the therapeutic benefit of its programs; and expectations regarding cash runway and expenditures. The words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the timing and advancement of development programs; expectations regarding the therapeutic benefit of the Company's programs; the Company's ability to efficiently discover and develop product candidates; the Company's ability to obtain and maintain regulatory approval of product candidates; the Company's ability to maintain its intellectual property; the implementation of the Company's business model, and strategic plans for the Company's business and product candidates, and other risks identified in the Company's SEC filings, including the Company's Registration Statement on Form S-1, the Company's Quarterly Report on Form 10-Q to be filed on or about the date of this press release, and subsequent filings with the SEC. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the Company's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

    Media Contact

    Heidi Chokeir, Ph.D.

    Managing Director

    Canale Communications

    heidi.chokeir@canalecomm.com

    619-203-5391

    Investor Contact

    Nathan Caffo

    Chief Business Officer

    Candel Therapeutics

    investors@candeltx.com

    617-916-5445



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  1. 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…

    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.

    Research & Development Expenses: Research and development expenses were $3.3 million and $6.0 million for the three and six months ended June 30, 2021, respectively, as compared to $1.8 million and $3.4 million for the comparable periods of 2020. The increases were primarily due to increased personnel-related costs for additional headcount to support the ongoing clinical trials for Candel's product candidates as well as increased clinical development costs. Excluding stock-based compensation expense of $0.4 million for the three months ended June 30, 2021, and $0.5 million for the six months ended June 30, 2021, research and development expenses for the three and six months ended June 30, 2021, were $2.9 million and $5.5 million, respectively.

    General and Administrative Expenses: General and administrative expenses were $2.0 million and $4.0 million for the three and six months ended June 30, 2021, respectively, as compared to $0.9 million and $1.6 million for the comparable periods of 2020. The increases were primarily due to increased personnel-related costs, including stock-based compensation, additional headcount required to support the growth of the Company, and an increase in professional fees associated with Candel's preparation for the IPO completed in August 2021. Excluding stock-based compensation expense of $0.7 million for the three months ended June 30, 2021, and $ 1.0 million for the six months ended June 30, 2021, general and administrative expenses for the three and six months ended June 30, 2021, were $1.3 million and $3.0 million, respectively.

    Total Operating Expenses: Total operating expenses were $5.3 million and $10.0 million for the three and six months ended June 30, 2021, respectively, as compared to $2.7 million and $5.0 million for the comparable periods of 2020. The increases were primarily due to increased personnel-related costs, including stock-based compensation, for additional headcount required to support the growth of the Company, an increase in professional fees associated with Candel's preparation for the IPO completed in August 2021 and increased clinical development costs. Excluding stock-based compensation expense of $1.1 million for the three months ended June 30, 2021, and $1.5 million for the six months ended June 30, 2021, total operating expenses for the three and six months ended June 30, 2021, were $4.2 million and $8.5 million, respectively.

    Net Loss: Net loss was $17.1 million and $21.6 million for the three and six months ended June 30, 2021, respectively, as compared to $2.9 million and $4.6 million for the comparable periods of 2020. The net loss for the three and six months ended June 30, 2021, includes a noncash charge of $12.4 million for the change in the fair value of the Company's warrant liability and stock-based compensation of $1.1 million and $1.5 million, respectively. Excluding the noncash charges for the change in the warrant liability and stock-based compensation, the net loss for the three and six months ended June 30, 2021, was $3.6 million and $7.7 million, respectively.



    Candel Therapeutics, Inc.

    Consolidated Statements of Operations

    (in thousands, except share and per share amounts)

    (unaudited)

      THREE MONTHS ENDED

    JUNE 30,
     SIX MONTHS ENDED

    JUNE 30,
       2021   2020   2021   2020 
    Research and development service revenue, related party $31  $31  $63  $63 
    Operating expenses:        
    Research and development  3,292   1,795   6,048   3,417 
    General and administrative  2,040   855   3,972   1,583 
    Total operating expenses  5,332   2,650   10,020   5,000 
    Loss from operations  (5,301)  (2,619)  (9,957)  (4,937)
    Other income (expense):        
    Grant income  605   156   796   319 
    Interest, dividend and investment income (expense), net  (15)  94   (28)  22 
    Change in fair value of warrant liability  (12,369)  (507)  (12,369)  (52)
    Total other income (expense), net  (11,779)  (257)  (11,601)  289 
    Net loss $(17,080) $(2,876) $(21,558) $(4,648)
    Other comprehensive gain:        
    Unrealized gain on available-for-sale securities     307      73 
    Comprehensive loss $(17,080) $(2,569) $(21,558) $(4,575)
    Net loss per share attributable to common stockholders, basic and diluted $(1.46) $(0.25) $(1.85) $(0.40)
    Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted  11,720,530   11,614,754   11,684,374   11,614,551 
             

    Candel Therapeutics, Inc.

    Consolidated Balance Sheet Data

    (in thousands)

    (unaudited)

      JUNE 30, 2021  DECEMBER 31, 2020
    Cash, cash equivalents and marketable securities $24,316  $35,053 
    Working capital  19,932   30,433 
    Total assets  30,744   38,282 
    Warrant liability  19,200   6,831 
    Total other liabilities  5,659   5,953 
    Accumulated deficit $(65,729) $(44,171)
    Total stockholder deficit  (43,175)  (23,562)
         

    About Candel Therapeutics

    Candel is a late clinical stage biopharmaceutical company focused on helping patients fight cancer with oncolytic viral immunotherapies. Candel's engineered viruses are designed to induce immunogenic cell death through direct viral-mediated cytotoxicity in cancer cells, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. Candel has established two oncolytic viral immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) constructs, respectively. CAN-2409 is the lead product candidate from the adenovirus platform and CAN-3110 is the lead product candidate from the HSV platform. New discovery programs are based on the HSV platform.

    For more information about Candel, visit www.candeltx.com.

    Forward-Looking Statements

    This press release includes certain disclosures that contain "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding the timing and advancement of development programs, include key data readout milestones; expectations regarding the therapeutic benefit of its programs; and expectations regarding cash runway and expenditures. The words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the timing and advancement of development programs; expectations regarding the therapeutic benefit of the Company's programs; the Company's ability to efficiently discover and develop product candidates; the Company's ability to obtain and maintain regulatory approval of product candidates; the Company's ability to maintain its intellectual property; the implementation of the Company's business model, and strategic plans for the Company's business and product candidates, and other risks identified in the Company's SEC filings, including the Company's Registration Statement on Form S-1, the Company's Quarterly Report on Form 10-Q to be filed on or about the date of this press release, and subsequent filings with the SEC. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the Company's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

    Media Contact

    Heidi Chokeir, Ph.D.

    Managing Director

    Canale Communications

    heidi.chokeir@canalecomm.com

    619-203-5391

    Investor Contact

    Nathan Caffo

    Chief Business Officer

    Candel Therapeutics

    investors@candeltx.com

    617-916-5445



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  2. NEEDHAM, Mass., Sept. 07, 2021 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. ("Candel") (NASDAQ:CADL), a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies, today announced that it has completed patient enrollment for its pivotal phase 3 study of CAN-2409 immunotherapy in patients with intermediate-high risk localized prostate cancer. This placebo-controlled, randomized clinical trial is evaluating CAN-2409 treatment in combination with valacyclovir added to upfront standard of care external beam radiation therapy for patients with localized prostate cancer compared to standard of care radiation therapy alone.

    "The combination of CAN-2409 with radiation therapy has been shown to create an immune…

    NEEDHAM, Mass., Sept. 07, 2021 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. ("Candel") (NASDAQ:CADL), a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies, today announced that it has completed patient enrollment for its pivotal phase 3 study of CAN-2409 immunotherapy in patients with intermediate-high risk localized prostate cancer. This placebo-controlled, randomized clinical trial is evaluating CAN-2409 treatment in combination with valacyclovir added to upfront standard of care external beam radiation therapy for patients with localized prostate cancer compared to standard of care radiation therapy alone.

    "The combination of CAN-2409 with radiation therapy has been shown to create an immune stimulatory environment and is designed to activate the body's immune system to recognize and destroy cancer cells," said Paul Peter Tak, M.D., Ph.D., FMedSci, President and Chief Executive Officer of Candel Therapeutics. "There is a significant need in patients with localized, non-metastatic prostate cancer for novel therapies that will improve outcomes, while reducing the need for long-term androgen deprivation therapy with its associated side effects. We believe CAN-2409 could improve disease outcome in patients with prostate cancer, and we look forward to the results of this potentially registrational clinical trial in 2024."

    The primary endpoint of the study is disease-free survival. Secondary endpoints include prostate cancer specific survival, overall survival, freedom from biochemical failure, patient reported health-related quality of life, and safety.

    For more information about this study, please visit: https://www.clinicaltrials.gov/ct2/show/NCT01436968

    About CAN-2409

    CAN-2409, Candel's most advanced oncolytic viral immunotherapy product candidate, is a replication-deficient adenoviral gene construct encoding the herpes simplex virus thymidine kinase (HSV-tk) gene. HSV-tk is an enzyme that locally converts orally administered valacyclovir into a toxic metabolite that kills nearby cancer cells. Intra-tumoral administration results in immunogenic cell death, followed by the release of tumor-specific neoantigens in the tumor microenvironment. At the same time, the adenoviral vector elicits a strong pro-inflammatory signal to the tumor microenvironment, creating the optimal conditions to induce a specific CD8+ cytotoxic T cell-mediated immune response against the injected tumor and the uninjected distant metastases. This dual mechanism of antigen unmasking and immune activation may enable CAN-2409 to generate a powerful and lasting attack against a variety of the patient's tumor-associated neoantigens, minimizing the possibility for immune escape and development of tolerance.

    Because of its versatility, CAN-2409 may have the potential to treat a broad range of solid tumors. Encouraging activity has been shown in several preclinical and clinical settings as monotherapy as well as in in combination with standard of care radiation therapy, surgery, chemotherapy, and immune checkpoint inhibitor treatment. Furthermore, more than 700 patients have been dosed to date with a favorable safety profile, supporting the potential for combination with other therapeutic strategies without inordinate concern of overlapping adverse events. Currently, Candel is evaluating the effects of treatment with CAN-2409 in high-grade glioma, non-small cell lung cancer, pancreatic cancer, and prostate cancer in ongoing clinical trials.

    About Candel Therapeutics

    Candel is a late clinical stage biopharmaceutical company focused on helping patients fight cancer with oncolytic viral immunotherapies. Candel's engineered viruses are designed to induce immunogenic cell death through direct viral-mediated cytotoxicity in cancer cells, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. Candel has established two oncolytic viral immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) constructs. CAN-2409 is the lead product candidate from the adenovirus platform and CAN-3110 is the lead product candidate from the HSV platform. New discovery programs are based on the HSV platform.

    For more information about Candel, visit www.candeltx.com.

    Forward-Looking Statements

    This press release includes certain disclosures that contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements CAN-2409's potential effects on tumor-associated neoantigens and on disease outcome in patients with prostate cancer, and planned regulatory interactions regarding CAN-2409. Any express or implied statements that are not statements of historical fact may be deemed to be forward-looking statements. The words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the timing and advancement of our development programs; our expectations regarding the therapeutic benefit of our programs; our ability to efficiently discover and develop product candidates; our ability to obtain and maintain regulatory approval of our product candidates; the implementation of our business model, our ability to maintain our intellectual property, and strategic plans for our business and product candidates, and other risks identified in our SEC filings, including our Registration Statement on Form S-1, and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent our views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. We explicitly disclaim any obligation to update any forward-looking statements.

    Media Contact

    Heidi Chokeir, Ph.D.

    Managing Director

    Canale Communications

    heidi.chokeir@canalecomm.com

    619-203-5391

    Investor Contact

    Nathan Caffo

    Chief Business Officer

    investors@candeltx.com

    617-916-5445



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  3. NEEDHAM, Mass., Aug. 17, 2021 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. ("Candel"), a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies, today announced the closing of the issuance of an additional 887,994 shares of its common stock at a public offering price of $8.00 per share. The shares were issued pursuant to a partial exercise of the underwriters' option to purchase additional shares of common stock in connection with Candel's previously announced initial public offering of 9,000,000 shares of its common stock. The gross proceeds from the exercise of the option to purchase additional shares were approximately $7.1 million, bringing the aggregate gross proceeds to Candel from its initial…

    NEEDHAM, Mass., Aug. 17, 2021 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. ("Candel"), a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies, today announced the closing of the issuance of an additional 887,994 shares of its common stock at a public offering price of $8.00 per share. The shares were issued pursuant to a partial exercise of the underwriters' option to purchase additional shares of common stock in connection with Candel's previously announced initial public offering of 9,000,000 shares of its common stock. The gross proceeds from the exercise of the option to purchase additional shares were approximately $7.1 million, bringing the aggregate gross proceeds to Candel from its initial public offering to approximately $79.1 million, before deducting underwriting discounts and commissions and other offering expenses.

    Jefferies, Credit Suisse, BMO Capital Markets and UBS Investment Bank acted as joint book-running managers for the offering.

    The registration statement relating to these securities has been filed with the Securities and Exchange Commission ("SEC") and became effective on July 26, 2021. The offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@Jefferies.com; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037, or by email at usa.prospectus@credit-suisse.com; BMO Capital Markets Corp., 3 Times Square, New York, NY 10036, Attention: Equity Syndicate Department, by telephone at (800) 414-3627 or by email to bmoprospectus@bmo.com; or UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at 888-827-7275 or by e-mail at ol-prospectus-request@ubs.com.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Candel Therapeutics

    Candel is a late clinical stage biopharmaceutical company focused on helping patients fight cancer with oncolytic viral immunotherapies. Candel's engineered viruses are designed to induce immunogenic cell death through direct viral-mediated cytotoxicity in cancer cells, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. Candel has established two oncolytic viral immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) constructs. CAN-2409 is the lead product candidate from the adenovirus platform, and CAN-3110 is the lead product candidate from the HSV platform.

    For more information about Candel, visit www.candeltx.com.

    Forward-Looking Statements

    This press release includes certain disclosures that contain "forward-looking statements." Any statements that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are based on Candel's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties risks inherent in biopharmaceutical product development and clinical trials. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" set forth in Candel's filings with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Candel undertakes no duty to update such information except as required under applicable law.

    Media Contact

    Heidi Chokeir, Ph.D.

    Managing Director

    Canale Communications

    heidi.chokeir@canalecomm.com

    619-203-5391



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  4. NEEDHAM, Mass., July 26, 2021 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. ("Candel"), a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies, today announced the pricing of its initial public offering of 9,000,000 shares of common stock at a public offering price of $8.00 per share. The shares are expected to begin trading on the Nasdaq Global Market on July 27, 2021 under the ticker symbol "CADL." The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Candel, are expected to be $72 million. The offering is expected to close on July 29, 2021, subject to the satisfaction of customary closing conditions. In addition, Candel…

    NEEDHAM, Mass., July 26, 2021 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. ("Candel"), a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies, today announced the pricing of its initial public offering of 9,000,000 shares of common stock at a public offering price of $8.00 per share. The shares are expected to begin trading on the Nasdaq Global Market on July 27, 2021 under the ticker symbol "CADL." The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Candel, are expected to be $72 million. The offering is expected to close on July 29, 2021, subject to the satisfaction of customary closing conditions. In addition, Candel has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All shares are being offered by Candel.

    Jefferies, Credit Suisse, BMO Capital Markets and UBS Investment Bank are acting as joint book-running managers for the offering.

    The registration statement relating to the shares being sold in this offering has been filed with the U.S. Securities and Exchange Commission and became effective on July 26, 2021. The offering will be made only by means of a prospectus, copies of which may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@Jefferies.com; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037, or by email at usa.prospectus@credit-suisse.com; BMO Capital Markets Corp., 3 Times Square, New York, NY 10036, Attention: Equity Syndicate Department, by telephone at (800) 414-3627, or by email to bmoprospectus@bmo.com; or UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275, or by e-mail at ol-prospectus-request@ubs.com.

    This press release shall not constitute an offer to sell, or the solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Candel Therapeutics

    Candel is a late clinical stage biopharmaceutical company focused on helping patients fight cancer with oncolytic viral immunotherapies. Candel's engineered viruses are designed to induce immunogenic cell death through direct viral-mediated cytotoxicity in cancer cells, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. Candel has established two oncolytic viral immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) constructs. CAN-2409 is the lead product candidate from the adenovirus platform, and CAN-3110 is the lead product candidate from the HSV platform.

    For more information about Candel, visit www.candeltx.com.

    Forward-Looking Statements

    This press release includes certain disclosures that contain "forward-looking statements," including, without limitation, statements regarding Candel's expectations regarding the commencement of trading of its shares on the Nasdaq Global Market, the completion and timing of the closing of the offering and the anticipated gross proceeds from the offering. Forward-looking statements are based on Candel's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions and the completion of the offering, and the risks inherent in biopharmaceutical product development and clinical trials. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" set forth in Candel's filings with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Candel undertakes no duty to update such information except as required under applicable law.

    Media Contact

    Heidi Chokeir, Ph.D.

    Managing Director

    Canale Communications

    heidi.chokeir@canalecomm.com

    619-203-5391



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