Candel Therapeutics Shares Soar After FDA Fast Track of CAN-2409

By Dean Seal

Shares of Candel Therapeutics surged after U.S. federal regulators granted fast-track designation to its treatment for pancreatic ductal adenocarcinoma.

The stock was up 58% at $1.37 in premarket trading. Shares had fallen 51% year-to-date when the market closed Monday.

The clinical-stage biopharmaceutical company said Tuesday that the U.S. Food and Drug Administration granted the designation for CAN-2409, its lead investigational adenovirus asset, plus valacyclovir as a treatment to improve overall survival in patients with pancreatic ductal adenocarcinoma.

The FDA's fast-track designation facilitates development and expedites the review of drugs that treat serious or life-threatening conditions and fill unmet medical needs.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

12-12-23 0843ET