Candel Therapeutics (CADL) announced the launch of an underwritten public offering of $80M of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. Candel intends to use the net proceeds from the offering to continue the development of its product candidates, including preparing the submission of a Biologics License Application for CAN-2409 in prostate cancer and for general corporate purposes. Citigroup, BofA Securities and Canaccord Genuity are acting as joint bookrunning managers for the offering. H.C. Wainwright & Co. is acting as lead manager for the offering.
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