Candel Therapeutics closes public offering, raising approximately $92 million to develop cancer immunotherapy candidates.
Quiver AI Summary
Candel Therapeutics, Inc. has successfully closed a public offering of 12,000,001 shares of its common stock at a price of $6.00 per share, along with pre-funded warrants for up to 3,333,333 shares at $5.99 each. This offering raised approximately $92 million before expenses, which Candel plans to use for the development of its product candidates, particularly CAN-2409 for prostate cancer, as well as for general corporate purposes. The offering included additional shares from underwriters due to their exercised option. The company is at the clinical stage of developing innovative immunotherapies for cancer and has platforms based on genetically modified viruses, with ongoing trials for several treatment candidates.
Potential Positives
- Successful completion of an underwritten public offering raising approximately $92 million, enhancing the company's financial resources.
- Significant funding will support ongoing development of key product candidates, including preparations for a Biologics License Application for CAN-2409 in prostate cancer.
- Increased visibility and credibility in the market due to engagement with multiple reputable financial institutions as joint bookrunning managers.
Potential Negatives
- The company's reliance on public offerings for funding may raise concerns about its financial stability, especially given its clinical stage status.
- The issuance of additional shares can dilute existing shareholders' equity, potentially leading to dissatisfaction among current investors.
- The mention of risks and uncertainties related to future performance may cause apprehension among investors about the viability of Candel's product candidates and business model.
FAQ
What is Candel Therapeutics?
Candel Therapeutics, Inc. is a clinical stage biopharmaceutical company developing multimodal biological immunotherapies to combat cancer.
How much capital did Candel raise in its recent offering?
Candel raised approximately $92 million in its recent underwritten public offering of shares and pre-funded warrants.
What will Candel do with the proceeds from the offering?
The net proceeds will fund the development of product candidates and preparation for a Biologics License Application for CAN-2409.
What are Candel's lead product candidates?
Candel’s lead product candidates are CAN-2409 and CAN-3110, focusing on prostate cancer and recurrent high-grade glioma, respectively.
Who managed the recent public offering for Candel?
The offering was managed by Citigroup, BofA Securities, Canaccord Genuity, and H.C. Wainwright & Co.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CADL Insider Trading Activity
$CADL insiders have traded $CADL stock on the open market 20 times in the past 6 months. Of those trades, 0 have been purchases and 20 have been sales.
Here’s a breakdown of recent trading of $CADL stock by insiders over the last 6 months:
- SESHU TYAGARAJAN (Chief Technology Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 48,573 shares.
- PAUL PETER TAK (Chief Executive Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 91,668 shares.
- WILLIAM GARRETT NICHOLS (Chief Medical Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 34,579 shares.
- FRANCESCA BARONE (Chief Scientific Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 48,777 shares.
- ESTUARDO AGUILAR-CORDOVA has traded it 6 times. They made 0 purchases and 6 sales, selling 75,414 shares.
- CHARLES SCHOCH (See Remarks) has traded it 2 times. They made 0 purchases and 2 sales, selling 18,781 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CADL Hedge Fund Activity
We have seen 31 institutional investors add shares of $CADL stock to their portfolio, and 24 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- NUVEEN ASSET MANAGEMENT, LLC removed 315,971 shares (-82.7%) from their portfolio in Q3 2024
- HALTER FERGUSON FINANCIAL INC. added 304,539 shares (+inf%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 302,608 shares (+36.8%) to their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 135,455 shares (+inf%) to their portfolio in Q3 2024
- VANGUARD GROUP INC added 127,715 shares (+15.6%) to their portfolio in Q3 2024
- NORTHERN TRUST CORP added 115,326 shares (+265.5%) to their portfolio in Q3 2024
- HB WEALTH MANAGEMENT, LLC added 56,658 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEEDHAM, Mass., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (“Candel”) (Nasdaq: CADL), a clinical stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, today announced the closing of its previously announced underwritten public offering of 12,000,001 shares of its common stock at a price to the public of $6.00 per share and pre-funded warrants to purchase up to an aggregate of 3,333,333 shares of its common stock at a price to the public of $5.99 per pre-funded warrant to purchase one share of the common stock, which represents the per share public offering price for the common stock less the $0.01 per share exercise price for each such pre-funded warrant. The 12,000,001 shares of common stock sold in the offering include 2,000,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase up to 2,000,000 additional shares of common stock at the public offering price, less the underwriting discount.
The gross proceeds from the offering to Candel are approximately $92 million, before deducting underwriting discounts and commissions and other offering expenses. Candel intends to use the net proceeds from the offering to continue the development of its product candidates, including preparing submission of a Biologics License Application for CAN-2409 in prostate cancer and for general corporate purposes.
Citigroup, BofA Securities and Canaccord Genuity acted as joint bookrunning managers for the offering. H.C. Wainwright & Co. acted as lead manager for the offering.
A shelf registration statement relating to the shares of common stock offered in the public offering described above was filed with the Securities and Exchange Commission (the “SEC”) on August 5, 2022 and declared effective by the SEC on August 12, 2022. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or telephone: 1-800-831-9146; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, email: dg.prospectus_requests@bofa.com; or Canaccord Genuity LLC, Attention: Syndication Department, 1 Post Office Square, 30th Floor, Boston, MA 02109, or by email at prospectus@cgf.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Candel Therapeutics
Candel is a clinical stage biopharmaceutical company focused on developing off-the-shelf multimodal biological immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Candel has established two clinical stage multimodal biological immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. CAN-2409 is the lead product candidate from the adenovirus platform and is currently in ongoing clinical trials in non-small cell lung cancer (NSCLC) (phase 2) and borderline resectable pancreatic ductal adenocarcinoma (PDAC) (phase 2), and recently completed phase 2b and phase 3 clinical trials in localized, non-metastatic prostate cancer. CAN-3110 is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in recurrent high-grade glioma (rHGG). Finally, Candel’s enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapies for solid tumors.
Forward-Looking Statements
Various statements in this release concerning the use of proceeds from the public offering constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws. All such forward-looking statements are based on management’s current expectations of future events and are subject to a number of substantial risks and uncertainties, many of which are outside Candel’s control, that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include fluctuations in Candel’s stock price and changes in market conditions, as well as those risks more fully discussed in the section entitled “Risk Factors” in the prospectus supplement and registration statement referenced above, Candel’s Annual Report on Form 10-K for the year ended December 31, 2023, filed on March 28, 2024 with the SEC and subsequent filings with the SEC including Candel’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and Candel undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.
Investor Contact:
Theodore Jenkins
VP, Investor Relations and Business Development
Candel Therapeutics, Inc.
tjenkins@candeltx.com
Media Contact:
Ben Shannon
Vice President
ICR Healthcare
CandelPR@icrhealthcare.com
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