Trinity Capital, a leading alternative asset manager, announced a $130 million growth capital commitment to Candel Therapeutics, a clinical-stage biopharmaceutical company developing viral immunotherapies to help patients fight cancer. The financing will accelerate the development of Candel’s pipeline, which is focused on off-the-shelf, multimodal cancer treatments designed to activate the immune system against solid tumors.
Candel’s approach to oncology centers on two leading product candidates, CAN-2409 and CAN-3110, both engineered to elicit individualized, systemic anti-tumor immune responses. CAN-2409 is currently being evaluated across multiple solid tumor indications, including prostate, pancreatic, lung, and brain cancers, and has earned several FDA designations such as Regenerative Medicine Advanced Therapy (RMAT), Fast Track, and Orphan Drug status. These recognitions underscore the therapy’s potential to address significant unmet needs in oncology.
The new funding from Trinity Capital will primarily support Candel’s clinical development and pre-commercial activities for CAN-2409, including launch readiness for its prostate cancer program, pending regulatory approval. Trinity’s backing strengthens Candel’s balance sheet as it advances toward pivotal milestones in both clinical and commercial arenas.
Candel Therapeutics operates two multimodal viral immunotherapy platforms built on genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. The company’s adenovirus platform produced CAN-2409, which has completed Phase 2a trials in non-small cell lung cancer and pancreatic ductal adenocarcinoma, and a Phase 3 pivotal trial in localized prostate cancer conducted under an FDA Special Protocol Assessment (SPA). The HSV platform powers CAN-3110, currently in a Phase 1b trial for recurrent high-grade glioma. Initial trial results, published in Nature, have shown promise in treating aggressive brain tumors, and the program has also received Fast Track and Orphan Drug Designations from the FDA.
Beyond its clinical programs, Candel’s enLIGHTEN™ Discovery Platform leverages human biology, genetic engineering, and advanced analytics to create novel viral immunotherapies for solid tumors. This technology provides the foundation for expanding its pipeline and exploring new cancer indications.
For Trinity Capital, the partnership aligns with its strategic focus on investing in high-growth, innovation-driven sectors like life sciences. The Phoenix-based firm has deployed over $4.7 billion across over 420 investments since 2008, spanning technology, equipment finance, sponsor-backed lending, and biotech. Trinity’s model emphasizes flexible, partnership-driven financing solutions to help emerging companies scale and commercialize transformative technologies.
How the funding will be used: With this latest investment, Trinity and Candel aim to advance the frontier of oncology by combining scientific innovation, capital support, and clinical expertise to deliver life-changing treatments for cancer patients worldwide.
KEY QUOTES:
“As cancer incidence continues to rise, the need for truly transformative therapies has never been greater. We’re proud to partner with innovators like Candel, whose compelling clinical evidence proves their potential to change the treatment paradigm for patients facing critical conditions.”
Rob Lake, Senior Managing Director of Life Sciences, Trinity Capital
“Trinity Capital’s partnership marks a pivotal moment for Candel. This strategic financing strengthens our balance sheet and accelerates our ability to advance innovative viral immunotherapies for patients with early localized prostate cancer, non-small cell lung cancer, and glioblastoma. With Trinity’s flexible life science capital solutions, we are well positioned to drive growth, execute our commercialization strategy, and deliver long-term value for shareholders — reinforcing our commitment to leadership in oncology.”
Paul Peter Tak, MD, PhD, FMedSci, President and CEO, Candel Therapeutics
