Candel Therapeutics Prices Public Offering Of $80 Mln Of Shares

(RTTNews) - Candel Therapeutics, Inc. (CADL) announced the pricing of an underwritten public offering of 10,000,001 shares at $6 per share and pre-funded warrants to purchase up to an aggregate of 3.333 million shares at $5.99 per pre-funded warrant to purchase one share.

The gross proceeds from the offering are expected to be around $80 million. The company intends to use the net proceeds to continue the development of its product candidates and for general corporate purposes.

The offering is expected to be closed on or about December 16.

In addition, Candel has granted the underwriters a 30-day option to purchase up to 2 million additional shares at the public offering price.