Candel Therapeutics drops after $100 mln equity offering
Candel Therapeutics CADL.O shares down 12.8% premarket at $5.19, an over two-month low, after $100 mln follow-on priced
Needham, Massachusetts-based CADL late Thurs announced ~18.3 mln shares at $5.45, an 8.4% discount to last close
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
Citigroup, Cantor and Stifel joint bookrunners
CADL after the bell Thurs announced a $100 mln royalty funding agreement with funds managed by RTW Investments, subject to US FDA approval of aglatimagene
Co has ~54.9 mln shares outstanding
Through Thurs, shares up 5% YTD and up 35% over the past three months
Avg rating of 8 analysts is "buy"; median PT $19.50, per LSEG data
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