Shares of Candel Therapeutics skyrocketed Wednesday after the biotech company's prostate cancer treatment succeeded in a Phase 3 study.
The company tested its viral immunotherapy, called CAN-2409, in patients with localized prostate cancer. This means the cancer has spread, but not beyond the prostate. Patients who received the Candel regimen — CAN-2409, a second drug called valacyclovir and radiation therapy — showed a significant improvement in disease-free survival compared to patients given only radiation.
If successful, this would be the first new treatment for localized prostate cancer in over 20 years, Candel Therapeutics said in its news release. The company estimates this is a $10 billion-plus market in the U.S. alone.
On today's stock market, Candel Therapeutics stock rocketed 68.1%, closing at 7.75 after earlier rising as much as 217%. Shares hit their highest point since September 2021.
Mild And Moderate Side Effects
Immunotherapy drugs like Candel's teach the immune system to find and destroy cancer cells. The drug helped 75.2% of patients with intermediate-to-high risk localized prostate cancer live for 54 months without any sign of cancer. In comparison, just 65.7% of the radiation-only group met the same bar.
The most common side effects were flu-like symptoms, fever and chills. Candel described these as mild to moderate in severity and limited.
Separately, CAN-2409 failed to make a significant difference in patients with a low-to-intermediate risk.
Candel Therapeutics says it's planning to begin discussions with the FDA regarding the regulatory path forward for CAN2409.
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