The Debt Finance and Life Sciences team advised Candel Therapeutics, Inc. (Nasdaq: CADL) on entering a five-year, $130 million term loan facility with Trinity Capital Inc. (Nasdaq: TRIN). The loan facility consists of four tranches, with the first tranche of $50 million drawn upon closing of the agreement. The second and third tranches totaling $50 million in the aggregate are available to be drawn subject to the achievement of certain regulatory, clinical and operational milestones, subject to certain conditions precedent described in the agreement, and the fourth tranche of $30 million is available at the lender's discretion.
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 Goodwin deal team was led by Kevin Grumberg, Tyler Garaffa, Lindsay Thomas, Annelise Wexner, Bill Collins, Finnbarr Murphy, Cindy Navarro and Jack Rosen.
For more information, please read the press release.