Candel Therapeutics (CADL) on Tuesday said that it has entered into a five-year, $130 million term loan facility with Trinity Capital (TRIN).

The loan facility comprises four tranches. While the first tranche of $50 million will be drawn upon closing of the agreement, the second and third tranche totaling $50 million will be available to draw on the achievement of certain milestones, and the fourth tranche of $30 million will be available at the lender's discretion, the company said. The loan facility has a five-year term with an interest-only period of 36 months, extendable for an additional 12 months upon achievement of a certain commercial milestone.

Proceeds from the loan will be used to refinance certain loan and security agreements, as working capital, and to fund general corporate purposes. The company also said it intends to use the proceeds towards the initiation of a pivotal phase 3 clinical trial of its lead candidate CAN-2409 in non-small cell lung cancer.

Candel Therapeutics shares traded 2% lower on Tuesday morning. 

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