Candel Therapeutics Inc (NASDAQ:CADL) has announced a $15 million registered direct offering of common stock, the proceeds of which will support launch readiness, medical affairs, and pre-commercialization activities, as well as preparation for a Biologics License Application (BLA) submission for CAN-2409 in prostate cancer, expected in the fourth quarter of 2026.
“We are pleased to strengthen our financial position with the resources intended to support pre-commercialization and launch readiness activities for CAN-2409 in prostate cancer, pending regulatory approval, as well as other key corporate purposes,” Candel CEO Dr Paul Peter Tak said.
“The successful completion of this offering reflects strong confidence from both investors and insiders in our innovative approach to treating intractable tumors and in our overall corporate strategy.”
The company has entered into agreements to sell approximately 3.2 million shares of its common stock at $4.67 per share to a select group of accredited investors.
These investors include existing healthcare-focused institutional investors, executive officers, and members of the company’s board of directors.
“We continue to be strategic in pursuing funding that we believe best aligns with our priorities, and continue to focus on disciplined capital allocation, in an effort to maximize value creation, while advancing our mission to transform the treatment landscape for patients with cancer,” Dr Tak said.
The offering is expected to close on June 25, subject to customary closing conditions.
Shares of Candel added 3.8% on the Nasdaq on Tuesday morning.