Candel Therapeutics Announces $15 Mln Direct Offering To Fund CAN-2409 Launch Readiness

Candel Therapeutics

4.90 USD -2.76%

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(RTTNews) - Candel Therapeutics, Inc. (CADL), a clinical-stage biopharma company developing immunotherapies for cancer, has entered a registered direct offering with select accredited investors to sell approximately 3.2 million shares of common stock at $4.67 per share.

The offering is expected to close on June 25, 2025, pending customary closing conditions, and will raise around $15 million in gross proceeds before expenses.

Participants in the offering include existing healthcare-focused institutional investors, along with Candel's executive officers and board members. The company plans to use the net proceeds to fund pre-commercialization and launch readiness activities for its lead candidate CAN-2409 in prostate cancer, pending regulatory approval. Funds will also support the submission of a Biologics License Application (BLA), anticipated in Q4 2026, and general corporate operations.

Candel CEO Paul Peter Tak expressed confidence in the company's strategic financing, emphasizing its alignment with the company's priorities and mission to transform cancer care. He noted strong insider and investor support as a reflection of belief in Candel's innovative therapeutic approach and corporate direction.

The offering is being conducted under a shelf registration statement filed with the SEC on August 5, 2022, and declared effective on August 12, 2022. A final prospectus supplement will be filed and made available on the SEC's website.

CADL currently trades at $4.83 or 3.4261% higher on the NasdaqGM.