Candel Therapeutics slides after launching $80 mln stock offering

Candel Therapeutics

12/12/2024 22:12

**  Shares of Candel Therapeutics  CADL.O  down 17% to $8.13
post-market as co looks to raise equity after its stock popped
this week
  
    ** Needham, Massachusetts-based firm  $80 mln offering
comprising stock and pre-funded warrants
  
    ** On Weds, CADL shares surged 68% to close at $7.75 after
co said its prostate cancer therapy, CAN-2409,  in late-stage
study
  
    ** Stock finished up 26.5% at $9.80 on Thurs
  
    ** Co plans to use net offering proceeds to prepare
submission of a Biologics License Application for CAN-2409, and
for general purposes
  
    ** Citigroup, BofA and Canaccord Genuity jt bookrunners for
offering
  
    ** With ~32.5 mln shares outstanding, co has roughly $320
mln market cap
  
    ** Stock ended 2023 at $1.47
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))