Trinity Capital Inc. has committed $130 million in growth capital to Candel Therapeutics, Inc., a clinical-stage biopharmaceutical company dedicated to developing viral immunotherapies aimed at combating cancer. This significant investment was announced on October 14, 2025, and it will support the advancement of Candel’s innovative treatments, especially its leading therapies, CAN-2409 and CAN-3110, which target solid tumors associated with various cancers.
Candel Therapeutics is focused on creating off-the-shelf cancer treatments that empower a patient’s immune system to fight tumors. The company has developed a promising pipeline of therapies, with CAN-2409 designed to treat localized prostate cancer, along with non-small cell lung cancer and pancreatic cancer. Candel has received multiple designations from the U.S. Food and Drug Administration (FDA), including Regenerative Medicine Advanced Therapy Designation for CAN-2409, Fast Track Designations for localized prostate cancer and non-small cell lung cancer, as well as dual Fast Track and Orphan Drug designations for its pancreatic and brain cancer initiatives.
Strategic Investment to Propel Development
Rob Lake, Senior Managing Director of Life Sciences at Trinity Capital, emphasized the importance of this partnership, stating, “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.”
The capital from Trinity will primarily be utilized to support the clinical development of CAN-2409. This includes preparations for its pre-commercial launch in prostate cancer, contingent on regulatory approvals. Paul Peter Tak, MD, PhD, FMedSci, President and CEO of Candel Therapeutics, highlighted the significance of this funding, calling it a “pivotal moment” for the company. He remarked, “This strategic financing strengthens our balance sheet and accelerates our ability to advance innovative viral immunotherapies for patients.”
Candel’s Innovative Approach to Cancer Treatment
Candel’s development strategy includes utilizing genetically modified adenovirus and herpes simplex virus (HSV) constructs to elicit personalized immune responses against tumors. The lead candidate from the adenovirus platform, CAN-2409, has recently completed successful phase 2a clinical trials for non-small cell lung cancer and pancreatic ductal adenocarcinoma. Additionally, a pivotal phase 3 clinical trial for localized prostate cancer has been conducted under a Special Protocol Assessment with the FDA.
The FDA has granted Fast Track Designation to CAN-2409 for several indications, including treatment options for patients resistant to initial therapies. Moreover, it has also received Orphan Drug Designation, affirming its potential to address unmet medical needs in oncology.
Candel’s second candidate, CAN-3110, derived from its HSV platform, is currently undergoing a phase 1b clinical trial for recurrent high-grade glioma, with initial results published in a peer-reviewed journal. The FDA has also awarded this treatment Fast Track and Orphan Drug Designations, underscoring its significance in the fight against cancer.
Trinity Capital’s investment reflects its commitment to supporting emerging life sciences companies while providing investors with access to private credit markets. Since its inception in 2008, Trinity Capital has deployed over $4.7 billion across more than 420 investments, focusing on tailored debt solutions that foster growth in innovative sectors.
For more information about Trinity Capital and Candel Therapeutics, interested parties can visit their respective websites and follow their updates on social media platforms.
