Candel Therapeutics Inc (NASDAQ:CADL) announced on Monday the completion of a public offering that raised approximately $92 million in gross proceeds.
The offering included 12 million shares of common stock at $6 per share and pre-funded warrants for 3.3 million shares at $5.99 per warrant, allowing buyers to acquire shares at an exercise price of $0.01 each.
The total also reflected underwriters’ full exercise of their option to purchase an additional 2 million shares.
Proceeds from the offering will support the continued development of Candel’s pipeline, including the submission of a Biologics License Application for CAN-2409, its experimental prostate cancer immunotherapy. Funds will also be used for general corporate purposes, the company said.
The announcement follows a significant milestone for Candel’s lead candidate, CAN-2409, which recently met its primary endpoint in a Phase 3 trial for localized prostate cancer.
The treatment demonstrated a 14.5% improvement in disease-free survival (DFS) at 54 months compared to the control arm and significantly reduced recurrence risk.
Shares of Candel surged over 150% last week to $11.60 after the trial results were announced.
Candel’s multimodal immunotherapy platform aims to harness the body’s immune system to target and destroy cancer cells while improving patient outcomes across a range of malignancies.