Candel Therapeutics Inc (NASDAQ:CADL) has announced an $80 million underwritten public offering of its common stock and pre-funded warrants.
The offering includes approximately 10 million shares of common stock at $6 per share and approximately 3.33 million pre-funded warrants priced at $5.99 each, representing the public offering price minus a $0.01 per share exercise cost.
The funds raised will support the continued development of Candel's product candidates, including the preparation of a Biologics License Application for its prostate cancer therapy CAN-2409, and general corporate purposes.
Candel has granted underwriters a 30-day option to purchase up to two million additional shares at the public offering price, potentially increasing the proceeds by $12 million.
Leading the offering as joint bookrunning managers are Citigroup, BofA Securities, and Canaccord Genuity (TSX:CF, LSE:CF), with H.C. Wainwright & Co. serving as lead manager.
The offering is expected to close on December 16.
Candel is a clinical-stage biopharmaceutical company dedicated to creating off-the-shelf multimodal biological immunotherapies designed to trigger individualized, systemic anti-tumor immune responses for combating cancer.