Candel Sinks on New CFO

Candel Therapeutics, Inc. (NASDAQ: CADL) watched its shares lose ground early Monday. The Needham, Mass.-based clinical-stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, announced the appointment of Charles Schoch as Chief Financial Officer (CFO). Schoch, who has served as interim CFO of Candel since January 2024, will transition to the CFO role permanently, effective immediately.“Charles has demonstrated exceptional financial and organizational leadership during his tenure as interim CFO,” said CEO Paul Peter Tak. “He has effectively supported our strategic priorities in a complex market environment while maintaining disciplined capital management. His deep understanding of our business will continue to be instrumental as we advance our clinical pipeline, prepare for our Biologics License Application submission for CAN-2409 in localized prostate cancer, and execute on our near- and long-term corporate goals.”Since joining Candel in November 2021, Schoch has served in various financial reporting and accounting positions of increasing responsibility, most recently as VP of Finance and Corporate Controller, before being named interim CFO in January 2024. In his interim CFO role, Schoch developed significant investment banking relationships and has led the company through engagements with top-tier institutional investors, culminating in a previously-announced capital raise with net proceeds of approximately $86 million following the disclosure of positive results in the phase 3 clinical trial of CAN-2409 in localized prostate cancer in December 2024.CADL shares began the day down 12 cents, or 2.5%, to $4.63.