Candel Therapeutics tumbles as stock offering priced at steep discount

Candel Therapeutics

13/12/2024 12:03

**  Shares of Candel Therapeutics  CADL.O  tumble 31.3% to $6.73
premarket after follow-on priced at steep discount
** Needham, Massachusetts-based co late Thurs sold ~13.3 mln
shares, including ~3.3 mln pre-funded warrants, at $6 for $80
mln gross proceeds
** Offering price represents 38.8% discount to last sale
** On Weds, CADL shares surged ~68% to close at $7.75 after co
said its prostate cancer therapy, CAN-2409, met main goal in
late-stage study. Shares added another 26.5% on Thurs
** Co plans to use net offering proceeds to prepare submission
of a Biologics License Application for CAN-2409, and for general
purposes
** With ~32.5 mln shares outstanding, co has ~$318 mln market
cap
** Citigroup, BofA and Canaccord Genuity are jt bookrunners for
offering
** CADL shares 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))