Candel Prices $80 Million Public Offering; Shares Slide Following Surge on Positive Phase 3 Prostate Cancer Study Results

Candel Therapeutics, Inc. (NASDAQ: CNDL) announced the pricing of its $80 million underwritten public offering, which includes approximately 10 million shares at $6.00 per share and pre-funded warrants. The offering also provides underwriters with a 30-day option to purchase up to 2 million additional shares at the offering price, less underwriting discounts.

The company plans to use the proceeds to advance its product candidates, including the preparation of a Biologics License Application for CAN-2409, a viral immunotherapy for prostate cancer, as well as for general corporate purposes.

This follows the recent announcement that CAN-2409 achieved its primary endpoint in a Phase 3 trial for localized prostate cancer, demonstrating a statistically significant improvement in disease-free survival (DFS) and favorable outcomes in secondary measures. On Wednesday, shares surged 68.1% on the CAN-2409 clinical update news and are now trading at $6.34.

The offering is expected to close on or around December 16. The offering is expected to close on or around December 16.