Candel Therapeutics falls after announcing $100 mln stock offering, royalty agreement

Candel Therapeutics CADL.O shares down 6.6% to $5.56 post-market as it seeks equity and announces royalty agreement

Needham, Massachusetts-based firm launches $100 mln stock offering

Co intends to use net offering proceeds to complete launch readiness, along with commercial activities for CAN-2409, or aglatimagene, to treat prostate cancer, and ongoing development costs related to Phase 3 trial of aglatimagene in non-small cell lung cancer, among other purposes

CADL also announces a $100 mln royalty funding agreement with funds managed by RTW Investments, subject to US FDA approval of aglatimagene

Citigroup, Cantor and Stifel joint bookrunners for stock offering

With ~54.9 mln shares outstanding, CADL has about $325 mln market cap

Stock on Thurs ended up 1.7% at $5.95, up 35% over the past three months

Avg rating of 8 analysts is "buy"; median PT $19.50, per LSEG data