Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a
clinical stage biopharmaceutical company focused on developing
multimodal biological immunotherapies to help patients fight
cancer, today announced that the Company is set to join the
broad-market Russell 3000 Index at the conclusion of the 2024
Russell US Indexes annual reconstitution, effective at the open of
US equity markets on Monday, July 1, 2024, according to a
preliminary list of additions posted Friday, May 24, 2024.
The annual Russell US Indexes reconstitution
captures the 4,000 largest US stocks as of Tuesday, April 30th,
ranking them by total market capitalization. Membership in the US
all-cap Russell 3000® Index, which remains in place for one year,
means automatic inclusion in the large-cap Russell 1000 Index or
small-cap Russell 2000 Index, as well as the appropriate growth and
value style indexes. FTSE Russell, a prominent global index
provider, determines membership for its Russell indexes primarily
by objective, market-capitalization rankings, and style
attributes.
“Being included in the Russell 3000 Index
highlights the progress our team has made in advancing our clinical
programs and discovery efforts focused on harnessing the immune
system to fight cancer,” said Paul Peter Tak, MD, PhD, FMedSci,
President and Chief Executive Officer of Candel. “As we continue
generating data showcasing the potential benefits of our multimodal
immunotherapies, increased visibility among investors could raise
awareness of our innovative work. This inclusion will allow us to
further engage with the investment community as we execute on our
mission to develop novel immunotherapies for patients with
significant unmet medical needs.”
Russell indexes are widely used by investment
managers and institutional investors for index funds and as
benchmarks for active investment strategies. As of the end of
December 2023, about $10.5 trillion in assets are benchmarked
against the Russell US indexes, which belong to FTSE Russell.1
1 FTSE Russell,
https://www.lseg.com/en/ftse-russell/russell-reconstitution
About Candel Therapeutics
Candel is a clinical stage biopharmaceutical
company focused on developing off-the-shelf multimodal biological
immunotherapies that elicit an individualized, systemic anti-tumor
immune response to help patients fight cancer. Candel has
established two clinical stage multimodal biological immunotherapy
platforms based on novel, genetically, modified adenovirus and
herpes simplex virus (HSV) gene constructs, respectively. CAN-2409
is the lead product candidate from the adenovirus platform and is
currently in ongoing clinical trials in non-small cell lung cancer
(NSCLC) (phase 2), borderline resectable pancreatic ductal
adenocarcinoma (phase 2), and localized, non-metastatic prostate
cancer (phase 2 and phase 3). The Company recently announced
encouraging overall survival data for CAN-2409 in both pancreatic
cancer and NSCLC. CAN-2409 received Fast Track Designation from the
FDA for prostate cancer, pancreatic cancer, and NSCLC as well as
orphan drug designation in pancreatic cancer. CAN-3110 is the lead
product candidate from the HSV platform and is currently in an
ongoing phase 1b clinical trial in recurrent high-grade glioma
(rHGG). Clinical activity and biomarker data were published in
Nature in October 2023. CAN-3110 received Fast Track Designation
from the FDA for recurrent high-grade glioma. Finally, Candel’s
enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based
discovery platform leveraging human biology and advanced analytics
to create new viral immunotherapies for solid tumors.
For more information about Candel,
visit: www.candeltx.com
About FTSE Russell
FTSE Russell is a leading global provider of
benchmarking, analytics, and data solutions for investors, giving
them a precise view of the market relevant to their investment
process. A comprehensive range of reliable and accurate indexes
provides investors worldwide with the tools they require to measure
and benchmark markets across asset classes, styles, or
strategies.
FTSE Russell index expertise and products are
used extensively by institutional and retail investors globally.
For over 30 years, leading asset owners, asset managers, ETF
providers and investment banks have chosen FTSE Russell indexes to
benchmark their investment performance and create ETFs, structured
products, and index-based derivatives.
FTSE Russell is focused on applying the highest
industry standards in index design and governance, employing
transparent rules-based methodology informed by independent
committees of leading market participants. FTSE Russell fully
embraces the IOSCO Principles, and its Statement of Compliance has
received independent assurance. Index innovation is driven by
client needs and customer partnerships, allowing FTSE Russell to
continually enhance the breadth, depth and reach of its
offering.
FTSE Russell is wholly owned by London Stock
Exchange Group.
For more information, visit
https://www.lseg.com/en/ftse-russell.
Forward-Looking Statements
This press release includes certain disclosures
that contain “forward-looking statements,” within the meaning of
the Private Securities Litigation Reform Act of 1995, as amended,
including, without limitation, express or implied statements
regarding the timing and advancement of development programs,
including expectations regarding the therapeutic benefit of the
Company’s programs, the ability of the Company’s programs to extend
patient survival; and expectations regarding the potential benefits
conferred by the Company’s inclusion in the broad-market Russell
3000 Index. The words “may,” “will,” “could,” “would,” “should,”
“expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,”
“predict,” “project,” “potential,” “continue,” “target” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release are based on management’s current expectations and beliefs
and are subject to a number of risks, uncertainties and important
factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, those risks and uncertainties related to the timing and
advancement of development programs; the Company’s ability to
continue as a going concern; expectations regarding the
therapeutics benefit of the Company’s programs; that final data
from the Company’s pre-clinical studies and completed clinical
trials may differ materially from reported interim data from
ongoing studies and trials; the Company’s ability to efficiently
discover and develop product candidates; the Company’s ability to
obtain and maintain regulatory approval of product candidates; the
Company’s ability to maintain its intellectual property; the
implementation of the Company’s business model, including strategic
plans for the Company’s business and product candidates, and other
risks identified in the Company’s filings, with the U.S. Securities
and Exchange Commission (SEC) including the Company’s most recent
Quarterly Report on Form 10-Q filed with the SEC, and subsequent
filings with the SEC. The Company cautions you not to place undue
reliance on any forward-looking statements, which speak only as of
the date they are made. The Company disclaims any obligation to
publicly update or revise any such statements to reflect any change
in expectations or in events, conditions, or circumstances on which
any such statements may be based, or that may affect the likelihood
that actual results will differ from those set forth in the
forward-looking statements. Any forward-looking statements
contained in this press release represent the Company’s views only
as of the date hereof and should not be relied upon as representing
its views as of any subsequent date.
Investor Contact:Theodore Jenkins VP, Investor
Relations and Business DevelopmentCandel Therapeutics,
Inc.tjenkins@candeltx.com
Media Contact:Kyle EvansICR
WestwickeCandelPR@westwicke.com
Candel Therapeutics (NASDAQ:CADL)
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