BUZZ-Candel Therapeutics slides after launching $80 mln stock offering

Reuters2024-12-13
BUZZ-Candel <a href="https://laohu8.com/S/LENZ">Therapeutics</a> slides after launching $80 mln stock offering

** 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 launches $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, met main goal 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))

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