Sign Up

Candel Therapeutics Announces $15 million Registered Direct Offering of Common Stock

NEEDHAM, Mass., June 24, 2025 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (Candel or the Company) (NASDAQ:CADL), a clinical-stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, has agreed to sell approximately 3.2 million shares of its common stock (Common Stock) to a select group of accredited investors in a registered direct offering (the Offering), at a price per share of $4.67. The Offering is expected to close on June 25, 2025, subject to the satisfaction of customary closing conditions. Gross proceeds from the Offering are expected to be approximately $15.0 million, before deducting offering-related expenses payable by the Company.

The investors in the Offering include existing healthcare-focused institutional investors, executive officers, and members of the Company's Board of Directors.

"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," commented Paul Peter Tak, M.D., Ph.D., FMedSci, President and CEO of Candel. "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. 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."

The Company intends to use the net proceeds from the Offering to complete critical launch readiness, medical affairs and pre-commercialization activities, while preparing for submission of a Biologics License Application for CAN-2409 in prostate cancer expected in the fourth quarter of 2026, and for general corporate purposes.

The shares of Common Stock are being offered pursuant to a shelf registration statement that was previously filed by the Company with the U.S. Securities and Exchange Commission (the SEC) on August 5, 2022 (File No. 333-266605) and declared effective by the SEC on August 12, 2022. The Offering is being made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement containing additional information relating to the Offering will be filed with the SEC and ...