Candel therapeutics announces $25 million non-dilutive debt financing agreement with silicon valley bank

Needham, mass., march 01, 2022 (globe newswire) -- candel therapeutics, inc. (nasdaq: cadl) (the “company” or “candel”), a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies, today announced that it has entered into a loan and security agreement with silicon valley bank for $25 million, $20 million of which will be available immediately. an additional $5 million may be made available in the future if certain conditions and milestones are met. the loan agreement requires monthly payments of interest only for 24 months, after which the principal is repayable in 24 monthly payments. this financing extends the company's cash runway into the fourth quarter of 2023.
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