Biopharmaceutical Firm Candel Therapeutics Prices Downsized US$72 Million IPO
Late clinical stage biopharmaceutical company Candel Therapeutics Inc. (Nasdaq: CADL) started publicly trading on the Nasdaq Global Market today under the symbol “CADL”. The firm’s initial public offering is looking to raise US$72.0 million and is expected to close on July 29, 2021.
The offering will be conducted through the issuance of 9,000,000 common shares selling at US$8.00 per share. This is an adjustment from the company’s original plan to issue 6.1 million shares with share price expectations between US$13.00 and US$15.00.
The company granted a 30-day over-allotment option to purchase additional 1,350,000 common shares at the same IPO price, potentially bringing proceeds up to US$82.8 million. Jefferies, Credit Suisse, BMO Capital Markets, and UBS Investment Bank are all acting as joint bookrunners for the said offering.
The Massachusetts-based biotech firm is in the business of developing novel oncolytic viral immunotherapies to treat patients with cancer, inducing “immunogenic cell death in cancer cells at the site of injection”. Currently, Candel Therapeutics has immunotherapy platforms in its portfolio –the lead adenovirus platform product candidate CAN-2409 and the lead HSV platform product candidate CAN-3310.
Information for this briefing was found via Sedar and Candel Therapeutics. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
