NEEDHAM, MA – Candel Therapeutics, Inc. (NASDAQ:CADL) announced the results of its Annual Meeting of Stockholders held on Monday, where shareholders voted on key proposals, including the election of directors and the ratification of the company's independent auditor.
The biotechnology firm, specializing in biological products, confirmed the re-election of three Class III directors. Nicoletta Loggia, Ph.D., R.Ph., Christopher Martell, and Diem Nguyen, Ph.D., M.B.A., will serve a new three-year term expiring at the 2027 annual meeting.
The election saw Loggia receive 7,181,872 votes for, 150,389 against; Martell 6,994,015 for, 338,246 against; and Nguyen 7,020,058 for, 312,203 against. There were 7,427,258 broker non-votes for each director.
In addition to the directors' election, the stockholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal passed with 14,617,652 votes for, 98,945 against, and 42,922 abstentions.
The company, which is headquartered at 117 Kendrick Street, Suite 450, Needham, MA, had declared May 15, 2024, as the record date for determining stockholders entitled to vote at the Annual Meeting. As of this date, Candel Therapeutics reported having 29,756,005 outstanding shares of voting common stock.
These corporate governance actions come as part of the company's annual procedural requirements and are detailed in the Definitive Proxy Statement filed with the U.S. Securities and Exchange Commission on May 30, 2024. No other matters were submitted to a vote during the Annual Meeting.
The information provided in this article is based on a press release statement from Candel Therapeutics, Inc.
In other recent news, Candel Therapeutics has seen a number of significant developments. The biopharmaceutical company's inclusion in the Russell 3000 Index, starting July 1, 2024, reflects its market capitalization growth. This move is expected to enhance investor visibility and support the company's mission to develop novel immunotherapies.
Candel Therapeutics' investigational therapy, CAN-3110, has been granted Orphan Drug Designation by the FDA for the treatment of recurrent high-grade glioma, a form of aggressive brain cancer. Additionally, the company's immunotherapy candidate, CAN-2409, has shown promising results in clinical trials for non-small cell lung cancer and pancreatic cancer.
The FDA has also granted Orphan Drug Designation to CAN-2409 for the treatment of pancreatic cancer following recent phase 2 trial results. These results indicated a significant extension in median overall survival for patients treated with CAN-2409, compared to the control group.
These are just a few of the recent developments at Candel Therapeutics, as the company continues to make strides in the development of cancer therapies.
InvestingPro Insights
As Candel Therapeutics (NASDAQ:CADL) navigates through its governance procedures, investors keeping an eye on the company's financial metrics may find the latest data from InvestingPro insightful.
The market cap of Candel Therapeutics stands at a modest $175.26 million, reflecting the scale of the company within the biotechnology industry. Despite the challenges faced, the firm has seen a remarkable 382.79% return on its stock price over the last year, indicating significant investor optimism or speculative interest.
The InvestingPro data also reveals a substantial Price / Book multiple of 29.31 as of the last twelve months leading up to Q1 2024, suggesting that the stock may be trading at a premium relative to its book value. This is particularly interesting considering the company's negative gross profit margin of -$22.38 million and its substantial negative return on assets of -75.9% for the same period, which could be points of concern for value-focused investors.
InvestingPro Tips highlight some key considerations: Candel Therapeutics has been operating with a moderate level of debt and has not been profitable over the last twelve months, with analysts not anticipating profitability this year.
Moreover, the company does not pay a dividend, which might be a factor for income-seeking shareholders to consider. For those looking for more in-depth analysis, there are over 12 additional InvestingPro Tips available, providing valuable perspectives on the company's financial health and stock performance.
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