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Cancer biotech Candel Therapeutics lowers deal size by 15% ahead of $72 million IPO

July 26, 2021
CADL

Candel Therapeutics, a Phase 3 biotech developing oncolytic viral immunotherapies for cancer, lowered the proposed deal size for its upcoming IPO on Monday.

The Needham, MA-based company now plans to raise $72 million by offering 9 million shares at $8. The company had previously filed to offer 6.1 million shares at a range of $13 to $15. At the revised deal size, Candel Therapeutics will raise -15% less in proceeds than previously anticipated.

Candel's most advanced candidate, CAN-2409, is an off-the-shelf adenovirus product candidate combined with the prodrug valacyclovir. The company is currently conducting a Phase 3 trial for CAN-2409 in combination with the prodrug valacyclovir in patients with newly diagnosed localized prostate cancer who have an intermediate or high-risk for progression. It expects to complete enrollment in the 3Q21 with a final data readout in 2024.

Candel Therapeutics was founded in 2003 and plans to list on the Nasdaq under the symbol CADL. Jefferies, Credit Suisse, BMO Capital Markets, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.