Candel Therapeutics Raises $100M in Offering, Secures $100M Royalty Funding for CAN-2409
Candel Therapeutics priced an 18.35 million share offering at $5.45 per share, expected to raise $100 million gross and granted underwriters a 30-day option on 2.75 million additional shares. It also secured a $100 million royalty funding agreement with RTW Investments to support the potential FDA-approved launch of aglatimagene in localized prostate cancer.
1. Public Offering Details
Candel Therapeutics announced an underwritten public offering of 18,348,624 common shares at $5.45 per share, generating gross proceeds of $100 million before underwriting discounts and expenses. The company granted the joint bookrunning managers a 30-day option to purchase up to 2,752,293 additional shares, with the offering expected to close on or about February 23, 2026.
2. Planned Use of Proceeds
Net proceeds from the offering will fund launch readiness, medical affairs, pre-commercialization and commercial activities for aglatimagene besadenovec in early, localized prostate cancer, advance the ongoing phase 3 non-small cell lung cancer trial, and support general corporate purposes.
3. Royalty Funding Agreement
Candel entered a $100 million royalty funding agreement with RTW Investments, conditional on FDA approval of aglatimagene in intermediate- to high-risk localized prostate cancer, to support its potential launch and associated commercial activities.