Candel Therapeutics rises after $15 million direct stock deal

Candel Therapeutics

24/06/2025 16:33

** Drug developer Candel Therapeutics' CADL.O shares jump 5.4% to $4.92

** CADL agrees to sell 3.2 million shares at $4.67 apiece in registered direct offering for gross proceeds of $15 million

** Stock closed down 1.7% at $4.67 on Monday

** Existing institutional investors and CADL executives took part in the offering

** Proceeds will be used to support pre-commercialization and launch readiness activities for CAN-2409, its prostate cancer therapy

** All 4 brokerages covering stock rate "buy" or higher; median PT $22 - data compiled by LSEG

** As of last close, CADL stock down 46.2% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))