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NEEDHAM, Mass. - Candel Therapeutics, Inc. (NASDAQ:CADL) announced Tuesday it has agreed to sell approximately 3.2 million shares of common stock to a select group of accredited investors at $4.67 per share, expecting to raise approximately $15 million in gross proceeds. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.64x, indicating robust short-term financial stability.
The registered direct offering, set to close on Wednesday, includes participation from existing healthcare-focused institutional investors, company executives, and board members, according to a press release statement.
The clinical-stage biopharmaceutical company, which focuses on developing biological immunotherapies for cancer treatment, plans to use the proceeds to support pre-commercialization and launch readiness activities for its CAN-2409 treatment in prostate cancer, pending regulatory approval, and for general corporate purposes.
The company is preparing for submission of a Biologics License Application for CAN-2409 in prostate cancer, expected in the fourth quarter of 2026. CAN-2409 has received Fast Track Designation from the FDA for several cancer indications, including pancreatic ductal adenocarcinoma and non-small cell lung cancer.
The shares are being offered through a shelf registration statement previously filed with the SEC on August 5, 2022, and declared effective on August 12, 2022.
Candel Therapeutics has established two clinical-stage platforms based on genetically modified adenovirus and herpes simplex virus gene constructs. The company recently completed phase 2a clinical trials of CAN-2409 in non-small cell lung cancer and pancreatic cancer, as well as a pivotal phase 3 clinical trial in localized prostate cancer.
In other recent news, Candel Therapeutics has announced significant developments in its efforts to advance cancer treatment. The company has appointed Charles Schoch as its permanent Chief Financial Officer, following his interim role since January 2024. During his interim tenure, Schoch successfully led a capital raise generating approximately $86 million. Additionally, Candel has gained Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA for its lead candidate, CAN-2409, aimed at treating newly diagnosed localized prostate cancer. This designation is expected to expedite the development and review process for therapies addressing serious conditions. The company also recently completed a phase 3 clinical trial for CAN-2409, which met its primary and secondary endpoints, showing a 30% reduction in the risk of prostate cancer recurrence or death. Candel is preparing for a Biologics License Application submission, anticipated by the end of 2026, with plans to present further data at the upcoming American Society of Clinical Oncology Annual Meeting. Furthermore, the company has appointed Dr. Maha Radhakrishnan to its Board of Directors to support strategic initiatives during this critical phase.
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