Candel Therapeutics Completes Successful Public Offering for Growth

Candel Therapeutics Completes a Groundbreaking Public Offering

Candel Therapeutics, Inc. (Nasdaq: CADL), a leading clinical-stage biopharmaceutical company, proudly announced the closing of its underwritten public offering, reinforcing its commitment to developing innovative cancer treatments. The company successfully offered 12,000,001 shares of its common stock, priced at $6.00 each, and pre-funded warrants for an aggregate of 3,333,333 additional shares at a public price of $5.99. This significant transaction represents both a promising investment in Candel's mission and critical financial support for its ongoing projects.

Financial Overview of the Offering

The public offering generated gross proceeds of approximately $92 million for Candel, prior to deductions for underwriter discounts and commissions. This influx of capital is pivotal for advancing Candel's robust pipeline of product candidates. Candel plans to utilize the net proceeds to further develop its promising product candidates, specifically aiming to prepare for the submission of a Biologics License Application (BLA) for CAN-2409 targeted at treating prostate cancer, in addition to general corporate needs.

Significance of the Funding

The financial boost from this public offering opens up numerous avenues for Candel to enhance and expedite its research and development efforts. The investment will allow the company to focus on expanding its clinical trials and optimizing its drug development processes, ultimately aiming to deliver novel cancer therapies to patients more efficiently.

Clinical Advancements at Candel Therapeutics

Candel is at the forefront of developing advanced multimodal biological immunotherapies aimed at creating effective systemic anti-tumor responses. Currently, its lead candidate, CAN-2409, is undergoing extensive clinical trials in various cancers, including phase 2 trials for non-small cell lung cancer (NSCLC) and borderline resectable pancreatic ductal adenocarcinoma (PDAC). Additionally, CAN-2409 has recently completed successful phase 2b and phase 3 trials for localized, non-metastatic prostate cancer, showcasing the potential of Candel’s innovative treatment approaches.

Innovative Platforms and Technologies

Candel’s approach incorporates two cutting-edge platforms, each utilizing genetically modified adenovirus and herpes simplex virus (HSV) gene constructs. With CAN-3110 representing the lead from the HSV platform, Candel aims to address recurrent high-grade glioma (rHGG) through ongoing clinical trials. Furthermore, Candel’s enLIGHTEN™ Discovery Platform utilizes advanced analytics and human biology insights to innovate new viral immunotherapies, emphasizing the company’s commitment to pioneering cancer therapy.

Leadership and Strategic Management

The public offering was orchestrated by prominent financial institutions including Citigroup, BofA Securities, and Canaccord Genuity, with H.C. Wainwright & Co. leading the managing efforts. Such collaborations underline the confidence in Candel’s vision and operational strategies.

Commitment to Transparency and Compliance

Candel's stock transactions comply with a shelf registration statement that had previously been filed and approved by the Securities and Exchange Commission (SEC). This structured approach ensures that all selling processes are transparent and in line with regulatory standards, reflecting Candel’s dedication to ethical governance in all its financial dealings.

Overview of Candel Therapeutics

Candel Therapeutics is an innovative biopharmaceutical company dedicated to making strides in cancer treatment by utilizing state-of-the-art immunotherapeutic strategies. The company has focused intensely on overcoming the challenges of traditional cancer therapies by developing solutions that harness the body’s immune system to combat tumors effectively. As it continues its trajectory of growth, Candel is poised to make significant contributions to the field of oncology.

Frequently Asked Questions

What is the main purpose of Candel Therapeutics' public offering?

The public offering aims to raise funds to support the development and clinical trials of its innovative cancer therapies, particularly CAN-2409.

How much capital did Candel Therapeutics raise through the offering?

Candel Therapeutics raised approximately $92 million from its public offering before deducting expenses.

Which financial institutions managed the public offering?

The offering was managed by Citigroup, BofA Securities, Canaccord Genuity, and H.C. Wainwright & Co.

What unique approaches does Candel Therapeutics utilize in its drug development?

Candel uses multimodal biological immunotherapies and leverages genetically modified adenovirus and herpes simplex virus constructs in its therapeutic platforms.

What is the status of Candel’s lead product candidate, CAN-2409?

CAN-2409 is in ongoing clinical trials for various cancers and has recently completed important phase trials for localized, non-metastatic prostate cancer.

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