24/7 Market News Snapshot 12 December, 2024 – Candel Therapeutics, Inc. Common Stock (NASDAQ:CADL)

December 12, 2024

DENVER, Colo., 12 December, 2024 (247marketnews.com) – (NASDAQ:CADL) are discussed in this article.
Candel Therapeutics, Inc. (NASDAQ:CADL), a leading clinical-stage biopharmaceutical company focused on innovative immunotherapies for cancer, has announced an $80 million underwritten public offering of its common stock. This offering will also include the provision of pre-funded warrants to facilitate investment from select accredited investors, thereby expanding Candel’s ability to raise capital.

The funds generated from this offering are earmarked for the continued development of Candel’s promising product candidates, particularly the preparation for a Biologics License Application submission for CAN-2409, a treatment being developed for prostate cancer. The company plans to empower its underwriters with a 30-day option to acquire an additional $12 million in common stock, providing an opportunity for further capital infusion depending on market conditions.

This announcement comes as Candel’s stock showed significant trading activity, evidenced by its opening at $10.029, a notable rise of approximately 4.40% from prior levels, before adjusting to a current trading price of $8.091. The trading volume reached 7.26 million shares, reflecting increased investor interest possibly driven by company developments. As Candel navigates this volatile market environment, careful monitoring of key technical indicators and support levels will be essential for investors.

The company’s innovative approach to cancer treatment employs genetically modified virus constructs, enabling strong immune responses against tumors. CAN-2409 and CAN-3110 are pivotal candidates in its clinical pipeline, with ongoing trials addressing various cancer types.

Stakeholders and the investment community are encouraged to stay informed through future communications regarding the terms of the offering and additional filings with the Securities and Exchange Commission, as Candel moves forward with its mission to revolutionize cancer therapies.

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