Candel Therapeutics has permanently appointed Charles Schoch as Chief Financial Officer, formalizing his leadership role after serving as interim CFO since January 2024. The appointment comes as the clinical-stage biopharmaceutical company advances its multimodal biological immunotherapy pipeline and prepares for key regulatory milestones.
Strategic Leadership During Critical Growth Phase
"Charles has demonstrated exceptional financial and organizational leadership during his tenure as interim CFO," said Paul Peter Tak, M.D., Ph.D., FMedSci, President and Chief Executive Officer of Candel. "He has effectively supported our strategic priorities in a complex market environment while maintaining disciplined capital management."
Schoch's tenure as interim CFO was marked by significant achievements, including developing investment banking relationships and leading engagements with institutional investors. His efforts culminated in a 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.
Comprehensive Financial Leadership Experience
Since joining Candel in November 2021, Schoch has progressed through positions of increasing responsibility, serving most recently as VP of Finance and Corporate Controller before his interim CFO appointment. He was promoted to Senior VP in January 2025. During his tenure, he has built a comprehensive finance function overseeing financial close processes, internal controls, SEC reporting, financial planning, procurement, payroll, and treasury operations.
Prior to Candel, Schoch served as Corporate Controller at Corbus Pharmaceuticals from 2019 to 2021. He spent seven years in PwC's Health Industry assurance practice, serving audit clients ranging from pre-IPO to multinational public companies within the life sciences sector. Earlier in his career, he worked as a financial and operational consultant for several Third Rock Venture portfolio companies.
Pipeline Advancement and Regulatory Milestones
The CFO appointment positions Candel for continued advancement of its clinical pipeline, particularly as the company prepares for its Biologics License Application submission for CAN-2409 in localized prostate cancer. CAN-2409, the lead product candidate from Candel's adenovirus platform, has received multiple FDA designations including Fast Track Designation and Regenerative Medicine Advanced Therapy (RMAT) Designation for localized prostate cancer treatment.
The company has completed successful phase 2a clinical trials of CAN-2409 in non-small cell lung cancer and pancreatic ductal adenocarcinoma, along with a pivotal phase 3 clinical trial in localized prostate cancer conducted under a Special Protocol Assessment agreed with the FDA.
Dual-Platform Immunotherapy Approach
Candel has established two clinical-stage multimodal biological immunotherapy platforms based on genetically modified adenovirus and herpes simplex virus gene constructs. Beyond CAN-2409, the company's HSV platform includes CAN-3110, currently in a phase 1b clinical trial for recurrent high-grade glioma. Initial results for CAN-3110 were published in Nature, and the candidate has received Fast Track Designation and Orphan Drug Designation from the FDA.
"Our strong financial foundation and disciplined approach to capital allocation and value creation position us well for sustainable growth," commented Schoch. "As we advance our promising clinical pipeline and prepare for key milestones, my focus remains on maintaining financial stability while strategically investing in our future."
