Candel Therapeutics has obtained a $100 million financing commitment from RTW Investments as it prepares to seek U.S. regulatory approval for its prostate cancer therapy later this year. The funding is contingent upon approval from the U.S. Food and Drug Administration for the company’s oncolytic virus candidate, aglatimagene besadenovec, also known as CAN-2409, in patients with intermediate- to high-risk localized prostate cancer.
The biotechnology company has indicated that it intends to submit a biologics license application (BLA) in the fourth quarter. If the therapy receives clearance, the $100 million commitment will be used to support its commercial rollout in the United States.
Under the terms outlined in a Feb. 19 release, RTW will receive a tiered single-digit percentage of annual U.S. net sales of aglatimagene, subject to a predefined cap. The arrangement is structured as non-dilutive financing, meaning it does not involve issuing additional shares in exchange for capital.
Paul Peter Tak, M.D., Ph.D., chief executive officer of Candel, described the agreement as a strategic step tied to the anticipated launch. “This non-dilutive strategic financing will support the U.S. launch of aglatimagene besadenovec, assuming FDA approval, and will allow us to further invest in what we believe will be a world-class commercial program,” Tak said in the company’s release.
He further stated that the company remains on schedule to submit its BLA in the fourth quarter and intends to work with the FDA toward a timely review process. Tak also expressed satisfaction with the partnership with RTW and noted that the company is focused on introducing a new treatment option for patients with early-stage prostate cancer who are treated with curative intent, a disease that he said has experienced minimal innovation over the past two decades.
Aglatimagene besadenovec is delivered through an injection into the prostate and consists of an adenovirus encoding an enzyme. At the end of 2024, Candel’s stock climbed approximately 200% after the company released phase 3 results linking the therapy to a 14.5% relative improvement in disease-free survival.
Roderick Wong, M.D., managing partner and chief investment officer at RTW Investments, stated that the phase 3 data demonstrated the potential of aglatimagene besadenovec in early, localized prostate cancer. He added that the firm’s commitment reflects confidence in Candel and in the therapy’s commercial prospects, and that RTW looks forward to supporting efforts to make the treatment available to patients with localized prostate cancer.
As of the end of September 2025, Candel reported $87 million in cash. Prior to securing the RTW financing, the company had planned to supplement its resources through a loan facility with Trinity Capital that could total up to $130 million. In addition to the RTW agreement, Candel also announced plans to raise another $100 million through a public offering of common stock, with proceeds intended to ensure aglatimagene is prepared for launch, pending regulatory approval.
Candel Secures $100M in Strategic Funding Ahead of Planned FDA Filing
Alongside the royalty deal, Candel has also priced a public offering expected to raise an additional $100 million. The combined capital is earmarked to strengthen the company’s balance sheet, support commercial launch readiness, and help with ongoing development activities, including potential phase 3 expansion into other indications. has secured a $100 million funding pact with RTW Investments to support its planned FDA filing and potential U.S. launch of its prostate cancer therapy, CAN-2409. The latest financing move comes as the company prepares to submit a biologics license application (BLA) to the U.S. Food and Drug Administration later this year, targeting intermediate- to high-risk localized prostate cancer.
The contingent funding comes in the form of a royalty financing agreement with RTW, which will provide $100 million upon FDA approval of the therapy. In return, RTW will receive tiered single-digit royalties on U.S. net sales of CAN-2409, subject to a cap.
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