Candel Therapeutics Stock Rises 5% On FDA RMAT Designation For Lead Cancer Therapy

(RTTNews) - Candel Therapeutics, Inc. (CADL) shares rose 4.55 percent to $5.85 on Wednesday, gaining $0.26, after the company announced that the U.S. Food and Drug Administration granted Regenerative Medicine Advanced Therapy designation to its lead candidate, CAN-2409, for the treatment of newly diagnosed localized prostate cancer in intermediate-to-high-risk patients. Candel opened at $5.66 and traded between $5.66 and $6.29 on the Nasdaq. Volume reached 1.43 million shares, surpassing its average of 976,245. The stock previously closed at $5.60 and has a 52-week range of $3.79 to $14.60.

The therapy had previously received Fast Track designation for the same indication. CAN-2409 is a biological immunotherapy designed to activate the immune system to target and destroy cancer cells. The RMAT designation is expected to facilitate expedited development and review, potentially accelerating its path to market.