By Colin Kellaher
Candel Therapeutics shares slid more than 30% in premarket trading Friday after the clinical-stage biopharmaceutical company took advantage of a surge in its stock price this week to raise $80 million in a public offering.
The Needham, Mass., company said it is selling more than 13.3 million shares and prefunded warrants at $6 apiece, 39% below Thursday's closing price of $9.80 but 30% above Tuesday's closing price of $4.61.
On Wednesday, Candel said a late-stage study of its CAN-2409 product candidate met its key goal in prostate cancer, sending its share price soaring.
Shares were recently down 31% to $6.75 in premarket trading.
Candel, which had about 32.5 million shares outstanding as of Sept. 30, said it will use proceeds from the offering to continue the development of its product candidates, including preparing to file for Food and Drug Administration approval of submission CAN-2409 in prostate cancer.
The company said it expects the proceeds, coupled with its existing resources, to extend its runway into the first quarter of 2027.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 13, 2024 06:18 ET (11:18 GMT)
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