Candel Therapeutics Expands Russell Index Presence with Addition to Multiple Value-Oriented Indexes in 2025 Reconstitution

Rhea-AI Summary

Candel Therapeutics (Nasdaq: CADL), a clinical-stage biopharmaceutical company, has expanded its presence in Russell indexes following the 2025 Russell US Indexes reconstitution. The company was added to multiple value-oriented indexes including the Russell 2500 Value®, Russell Small Cap Value®, Russell 2000 Value®, Russell Microcap Value®, and Russell 3000E® Value Index, while maintaining its position in the Russell 3000® Index.

This expansion comes at a crucial time as Candel prepares for a potential Biologics License Application for CAN-2409 in intermediate-to-high-risk localized prostate cancer. The company continues to advance its multimodal immunotherapy platform across various solid tumors, focusing on developing biological immunotherapies for cancer treatment.

Positive

• Addition to multiple prestigious Russell Value® indexes, expanding market visibility
• Preparation for potential Biologics License Application for CAN-2409 in prostate cancer
• Maintained membership in the broad-market Russell 3000® Index from 2024

Negative

• None.

NEEDHAM, Mass., July 09, 2025 (GLOBE NEWSWIRE) -- 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 was added to multiple Russell indexes as part of the 2025 Russell US Indexes annual reconstitution, which became effective at the open of the U.S. equity markets on June 30, 2025.

Candel was added to the Russell 2500 Value^® Index, Russell Small Cap Value^® Index, Russell 2000 Value^® Index, Russell Microcap Value^® Index, and Russell 3000E^® Value Index. Additionally, the Company maintained its membership in the broad-market Russell 3000^® Index, which it first joined in 2024.

“Candel’s inclusion across multiple Russell Value^® indexes represents an important milestone that reflects the significant progress we have made in advancing our clinical programs and discovery efforts focused on harnessing the immune system to fight cancer,” said Paul Peter Tak, M.D., Ph.D., FMedSci, President and Chief Executive Officer of Candel. “These inclusions come as we enter a transformative period for our company, with preparations underway for our potential submission of a Biologics License Application and pre-commercialization efforts for CAN-2409 in intermediate-to-high-risk localized prostate cancer, and as we continue advancing our innovative multimodal immunotherapy platform across various solid tumors. These index inclusions will allow us to further engage with the investment community as we work 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. According to data as of the end of June 2024, approximately $10.6 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, the global index provider. The annual reconstitution of the Russell US indexes captures the 4,000 largest US stocks as of April 30, ranking them by total market capitalization.

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.

The Company recently completed successful phase 2a clinical trials of CAN-2409 in non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), and a pivotal phase 3 clinical trial of CAN-2409 in localized prostate cancer, conducted under a Special Protocol Assessment (SPA) agreed with the U.S. Food and Drug Administration (FDA). CAN-2409 plus prodrug (valacyclovir) has been granted Fast Track Designation by the FDA for the treatment of PDAC, stage III/IV NSCLC in patients who are resistant to first line PD-(L)1 inhibitor therapy and who do not have activating molecular driver mutations or have progressed on directed molecular therapy and localized primary prostate cancer. The FDA also granted Regenerative Medicine Advanced Therapy (RMAT) Designation to CAN-2409 for the treatment of newly diagnosed localized prostate cancer in patients with intermediate-to-high-risk disease and Orphan Drug Designation to CAN-2409 for the treatment of PDAC.

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). Initial results were published in Nature and CAN-3110 received Fast Track Designation and Orphan Drug Designation from the FDA. 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 global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by the London Stock Exchange Group.

For more information, visit 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 current and future development programs, expectations regarding the submission of the Biologics License Application for CAN-2409 in intermediate-to-high-risk localized prostate cancer; expectations regarding the therapeutic benefit of the Company’s platforms, including the ability of its platforms to improve overall survival and/or disease-free survival of patients living with difficult to treat, solid tumors; and expectations regarding the potential benefits conferred by the Company’s inclusion in the Russell indexes. 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; expectations regarding the therapeutic benefit of the Company’s programs; that final data from the Company’s preclinical 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 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, each as filed with the SEC and any 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 Development
Candel Therapeutics, Inc.
tjenkins@candeltx.com

Media Contact:
Ben Shannon
ICR Healthcare
CandelPR@icrhealthcare.com

FAQ

Which Russell indexes was Candel Therapeutics (CADL) added to in 2025?

Candel Therapeutics was added to the Russell 2500 Value®, Russell Small Cap Value®, Russell 2000 Value®, Russell Microcap Value®, and Russell 3000E® Value Index in the 2025 reconstitution.

What is Candel Therapeutics' (CADL) main product candidate?

Candel's main product candidate is CAN-2409, which is being developed for intermediate-to-high-risk localized prostate cancer and is approaching the Biologics License Application stage.

How much in assets are benchmarked against Russell US indexes as of June 2024?

Approximately $10.6 trillion in assets are benchmarked against Russell US indexes as of June 2024.

What is Candel Therapeutics' (CADL) main focus as a company?

Candel Therapeutics is a clinical-stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer.