Candel Therapeutics Secures $130M Loan Facility To Fund Phase 3 Trial And Advance Cancer Pipeline

Author: Benzinga Newsdesk | October 14, 2025 07:14am

• $50 million drawn down at closing, with access to up to an additional $80 million
• Strengthens Company's financial position; enables initiation of phase 3 clinical trial of CAN-2409 in non-small cell lung cancer (NSCLC)
• Provides non-dilutive capital and additional financial flexibility ahead of a potential commercial launch in early localized prostate cancer
  
   

NEEDHAM, Mass., Oct. 14, 2025 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (Candel or the Company) (NASDAQ:CADL), a clinical-stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, today announced that it has entered into a five-year, $130 million term loan facility with Trinity Capital Inc. (NASDAQ:TRIN) ("Trinity Capital").

The loan facility consists of four tranches, with the first tranche of $50 million drawn upon closing of the agreement. The second and third tranches totaling $50 million in the aggregate are available to be drawn subject to the achievement of certain regulatory, clinical and operational milestones, subject to certain conditions precedent described in the agreement, and the fourth tranche of $30 million is available at the lender's discretion. Interest is payable on the outstanding principal amount at a fixed or floating rate at the Company's option, initially 10.25% per annum. The loan facility has a five-year term with an interest-only period of 36 months, which is extendable for an additional 12 months upon achievement of a certain commercial milestone. The loan facility contains customary representations, warranties, covenants, and events of default.

Posted In: CADL TRIN