🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

Candel Therapeutics stock drops after pricing public offering

Published 12/13/2024, 07:46 AM
© Reuters.
CADL
-

Shares of Candel Therapeutics, Inc. (NASDAQ:CADL) saw a 30% decrease in premarket trading today following the announcement of its public offering pricing. The biopharmaceutical company, which specializes in developing immunotherapies for cancer treatment, disclosed the pricing of an underwritten public offering consisting of 10 million shares of common stock at $6.00 each. Additionally, the offering includes pre-funded warrants for over 3.3 million shares at $5.99 per warrant.

Candel expects to raise roughly $80 million from this offering before accounting for underwriting discounts, commissions, and other related expenses. This move comes on the heels of a significant surge in share value earlier in the week, which saw prices jump from $4.80 to nearly $14 after the company reported positive results from a phase 3 clinical trial.

The trial evaluated CAN-2409, a viral immunotherapy, in combination with radiation therapy for treating intermediate-to-high risk localized prostate cancer. The study achieved its primary endpoint by showing a statistically significant improvement in disease-free survival (DFS). Results indicated a 14.5% relative increase in DFS at 54 months for patients treated with CAN-2409 compared to those who received radiation alone. Additionally, the treatment demonstrated a significant effect on prostate cancer-free survival and an increase in patients reaching a low prostate-specific antigen (PSA) level.

Candel also noted that CAN-2409 led to 80.4% pathological complete responses in post-treatment biopsies at the 2-year mark, outperforming the control arm's 63.6%. While shares have retreated from the week's earlier highs, they were recently trading at $6.75.

The company also shared insights from a phase 2 clinical trial of CAN-2409 as a monotherapy in patients with low-to-intermediate risk localized prostate cancer. Although the trial showed numerical improvements in time to radical treatment and in the percentage of patients with negative biopsies after a year, these did not achieve statistical significance. The safety profile in this trial remained consistent with the phase 3 study.

Candel's recent clinical successes and the subsequent public offering reflect its ongoing efforts to advance its pipeline of cancer immunotherapies and bring new treatment options to patients.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.