Candel Therapeutics Inc. (NASDAQ: CADL) announced plans for a public offering of common stock valued at $100 million, with underwriters granted an additional option to purchase up to $15 million in shares. The offering represents a capital raise intended to accelerate the company's commercial and development initiatives across its oncology portfolio.
Proceeds from the offering will support launch readiness and commercialization activities for the company's pipeline, with particular focus on aglatimagene development for prostate cancer and non-small cell lung cancer indications. The company also plans to allocate funds toward general corporate purposes, which may include operational expenses and working capital requirements.
Citigroup, Cantor Fitzgerald, and Stifel Nicolaus are serving as joint bookrunning managers for the offering. The transaction remains subject to customary closing conditions and regulatory approvals.