NEEDHAM, Mass. - Candel Therapeutics, Inc. (NASDAQ:CADL), a biopharmaceutical company dedicated to developing immunotherapies for cancer treatment, has announced updated interim data from its phase 2 clinical trial involving CAN-2409, an experimental treatment for pancreatic ductal adenocarcinoma (PDAC). The data indicates a significant increase in median overall survival for patients treated with CAN-2409 compared to the control group.
The updated data, as of March 29, 2024, shows that patients with borderline resectable PDAC who received CAN-2409 in combination with standard of care chemoradiation and surgery had a median overall survival of 28.8 months, in contrast to only 12.5 months for those in the control group. At 24 months, the survival rate was 71.4% for the CAN-2409 group versus 16.7% for the control group, and at 36 months, the estimated survival rate was 47.6% compared to 16.7% in the control group.
The clinical trial, which is no longer enrolling new patients, has not reported any new safety concerns, indicating that CAN-2409 is generally well tolerated with multiple injections. There have been no cases of pancreatitis or dose-limiting toxicities.
Earlier analyses of resected tumors from patients treated with CAN-2409 showed dense clusters of immune cells in the PDAC tissue, suggesting a strong anti-tumor immune response. This response was further supported by increased levels of immune indicators in the blood following treatment.
Dr. Garrett Nichols, Chief Medical Officer of Candel, expressed optimism about the improved survival rates associated with CAN-2409. Paul Peter Tak, President and CEO, highlighted the potential of CAN-2409 to transform progressive cancer into a chronic condition with improved survival outcomes.
Candel is also investigating CAN-2409 in ongoing clinical trials for non-small cell lung cancer and localized, non-metastatic prostate cancer. The FDA granted Fast Track Designation to CAN-2409 for the treatment of PDAC in December 2023.
Pancreatic cancer is the fourth leading cause of cancer-related death in the United States. The need for effective treatment options is critical, as surgical resection remains the only potential cure, and current therapies only marginally improve survival.
This update is based on a press release statement from Candel Therapeutics.
InvestingPro Insights
Candel Therapeutics, Inc. (NASDAQ:CADL) has recently captured the attention of the biopharmaceutical industry with its promising clinical trial results for CAN-2409. The company's market capitalization stands at $49.3 million, reflecting investor interest in its innovative approach to cancer treatment. Despite the optimism surrounding the clinical outcomes, InvestingPro data indicates a challenging financial landscape for Candel, with a negative price-to-earnings (P/E) ratio of -1.3 for the last twelve months as of Q4 2023. This figure suggests that the company is not currently generating profits, a common scenario for biopharmaceutical firms in the development stage.
InvestingPro Tips highlight that Candel holds more cash than debt, which is a positive sign of financial health, especially for a company that is quickly burning through cash due to research and development expenses. Additionally, Candel's liquid assets exceed its short-term obligations, providing some financial stability in the near term. However, with weak gross profit margins and analysts not expecting the company to be profitable this year, potential investors should consider the risks involved. The company has also experienced a large price uptick over the last six months, with a 77.78% increase, which could indicate market confidence in its long-term prospects or volatility that investors should be aware of.
For those considering an investment in Candel, it's worth noting that the company does not pay dividends, which is typical for growth-focused biotech companies that reinvest earnings into research and development. To gain further insights into Candel's financial health and stock performance, interested parties can explore additional InvestingPro Tips. There are 7 more tips available, offering a comprehensive analysis that could inform investment decisions. To access these insights, a subscription to InvestingPro is recommended, and readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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