Candel Therapeutics prices 3.2M shares at $4.67 in registered direct offering

Candel Therapeutics (CADL) has agreed to sell approximately 3.2 million shares of its common stock to a select group of accredited investors in a registered direct offering, at a price per share of $4.67. The Offering is expected to close on June 25, 2025, subject to the satisfaction of customary closing conditions. Gross proceeds from the Offering are expected to be approximately $15.0 million, before deducting offering-related expenses payable by the Company. The investors in the Offering include existing healthcare-focused institutional investors, executive officers, and members of the Company’s Board of Directors. The Company intends to use the net proceeds from the Offering to complete critical launch readiness, medical affairs and pre-commercialization activities, while preparing for submission of a Biologics License Application for CAN-2409 in prostate cancer expected in the fourth quarter of 2026, and for general corporate purposes.