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NEEDHAM, Mass. - Candel Therapeutics, Inc. (NASDAQ:CADL) has appointed Charles Schoch as Chief Financial Officer, the company announced Monday. Schoch, who has served as interim CFO since January 2024, will transition to the permanent role effective immediately. The appointment comes as the company's stock trades at $4.75, having declined nearly 45% year-to-date according to InvestingPro data. The platform's Fair Value analysis suggests the stock is currently fairly valued.
Since joining Candel in November 2021, Schoch has held various financial positions of increasing responsibility. During his tenure as interim CFO, he led the company through a capital raise that generated approximately $86 million in net proceeds following positive results in a phase 3 clinical trial of CAN-2409 in localized prostate cancer in December 2024. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 4.64 and more cash than debt on its balance sheet.
"Charles has demonstrated exceptional financial and organizational leadership during his tenure as interim CFO," said Paul Peter Tak, President and Chief Executive Officer of Candel, according to the company's press release.
Prior to Candel, Schoch served as Corporate Controller at Corbus Pharmaceuticals from 2019 to 2021 and spent seven years in PwC's Health Industry assurance practice. He holds an M.B.A. and M.S.A. from Northeastern University and a B.S. in business administration from Elon University.
Candel Therapeutics is a clinical-stage biopharmaceutical company developing biological immunotherapies for cancer treatment. The company recently completed a pivotal phase 3 clinical trial of CAN-2409 in localized prostate cancer and is preparing for a Biologics License Application submission. With a market capitalization of $238 million and analyst price targets ranging from $15 to $25, InvestingPro subscribers can access 8 additional exclusive insights about the company's financial health and market performance.
The company's lead product candidate, CAN-2409, has received Fast Track Designation from the FDA for several cancer indications, including pancreatic ductal adenocarcinoma and non-small cell lung cancer. It also received Regenerative Medicine Advanced Therapy Designation for newly diagnosed localized prostate cancer in patients with intermediate-to-high-risk disease.
In other recent news, Candel Therapeutics has made significant strides with its lead product candidate, CAN-2409. The company announced that its phase 3 clinical trial for CAN-2409 in localized prostate cancer met its primary and secondary endpoints, showing a 30% reduction in the risk of recurrence or death. This trial marks a major milestone as it is the first multicenter, randomized phase 3 trial in over two decades to achieve such results in localized prostate cancer. Additionally, Candel Therapeutics has been granted Regenerative Medicine Advanced Therapy (RMAT) designation by the FDA for CAN-2409, aimed at treating newly diagnosed localized prostate cancer. This designation is expected to expedite the development and review process for the therapy.
The FDA's decision was influenced by positive data from a phase 3 trial that showed significant improvement in disease-free survival and a reduction in prostate cancer recurrence risk. H.C. Wainwright reaffirmed its Buy rating for Candel Therapeutics, citing the continued positive results from CAN-2409 in treating various solid tumors. Furthermore, Candel Therapeutics appointed Dr. Maha Radhakrishnan to its Board of Directors as the company prepares for the submission of a Biologics License Application for CAN-2409. The company's CEO, Paul Peter Tak, expressed optimism regarding the RMAT designation, emphasizing the unmet need in early-stage prostate cancer treatment.
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