Candel Therapeutics, Inc. (CADL), a clinical-stage biopharmaceutical company focused on developing multimodal biological immunotherapies, announced the pricing of 18.35 million common shares at $5.45 per share, expecting to raise $100 million.
CADL stock was trading down 11.76% at $5.25.
The offering is expected to close on or about February 23, 2026.
Candel intends to grant the underwriters a 30-day option to purchase up to an additional 2.75 million additional shares worth $15 million on the same terms and conditions.
Candel intends to use the net proceeds from the offering to complete critical launch readiness, medical affairs, pre-commercialization, and commercial activities for aglatimagene besadenovec (CAN-2409 or aglatimagene) in early, localized prostate cancer.
It addition, it will also be used for ongoing development costs related to the phase 3 trial of aglatimagene in non-small cell lung cancer (NSCLC), and for general corporate purposes.
Citigroup, Cantor, and Stifel are acting as joint bookrunning managers for the offering. LifeSci Capital is acting as lead manager for the offering.
Candel has established two clinical-stage multimodal biological immunotherapy platforms based on genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively.
Aglatimagene is the lead product candidate from the adenovirus platform. The Company recently completed successful phase 2a clinical trials of aglatimagene in non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), and a placebo-controlled, phase 3 clinical trial of aglatimagene in localized prostate cancer.
Linoserpaturev is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in recurrent high-grade glioma.
Notably, the FDA granted Fast Track Designation and Regenerative Medicine Advanced Therapy Designation to aglatimagene for the treatment of newly diagnosed, localised prostate cancer in patients with intermediate- to high-risk disease, Fast Track Designation in NSCLC, and both Fast Track Designation and Orphan Drug Designation for the treatment of PDAC.
CADL has traded between $4.25 and $13.68.The stock closed Thursday's trade at $5.95, up 1.71%.
For comments and feedback contact: editorial@rttnews.com
Business News
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.