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Candel Therapeutics announces IPO pricing

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NEEDHAM, MA, July 26, 2021 (GLOBE NEWSWIRE) — Candel Therapeutics, Inc. (“Candel”), a late-stage clinical biopharmaceutical company developing unused viral immunotherapies for tumors, today announced pricing for its initial public offering of 9,000,000 shares. of common stock at a public offering price of $8.00 per share. The shares are expected to begin trading on the Nasdaq Global Market on July 27, 2021 under the ticker symbol “CADL”. The whole proceeds from the offering, prior deducting underwriting discounts, commissions and other offering expenses payable by Candel, is expected to be $72 million. The offering is expected to close on July 29, 2021, subject to meeting customary closing conditions. In addition, Candel has given insurers a 30-day option to purchase up to 1,350,000 additional shares of common stock at the initial public offering price, with less underwriting discounts and commissions. All stocks are shown by Candel.

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Jefferies, Credit Suisse, BMO Capital Markets and UBS Investment Bank act as joint book managers for this offering.

The registration statement relating to the shares to be sold in this offer has been filed with the US Securities and Exchange Commission and became effective July 26, 2021. The offer will only be made by way of the prospectus, copies of which may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department , 520 Madison Avenue, 2nd Floor, New York, NY 10022, by phone at (877) 821-7388, or by email at; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by phone at (800) 221-1037, or by email at; BMO Capital Markets Corp., 3 Times Square, New York, NY 10036, Attention: Equity Syndicate Department, by phone at (800) 414-3627 or by email to; or UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by phone at (888) 827-7275, or by email at

This press release shall not constitute an offer or solicitation of an offer for such securities, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.

About Candel Therapeutics

Candel is a late-stage clinical biopharmaceutical company focused on helping patients fight cancer with oncolytic viral immunotherapies. Engineered Candel viruses are designed to induce resistant cell death through direct viral cytotoxicity in tumor cells, thereby releasing tumor antigens and establishing a pro-inflammatory microenvironment at the site of injection. Candel has established two current oncogenic viral immunotherapy platforms based on novel and genetically modified constructs of adenovirus and herpes simplex virus (HSV). CAN-2409 is the lead product candidate from the Adenovirus platform, and CAN-3110 is the lead product candidate from the HSV platform.

For more information on Candel, visit

forward-looking statements

This press release includes positive disclosures that contain “forward-looking statements,” including, but not limited to, statements regarding Candel’s expectations regarding the commencement of trading of its shares on the Nasdaq Global Market, the completion and timing of the offering’s closing and the expected whole proceeds from the offering. Forward-looking statements are based on Candel’s current expectations and are subject to inherent uncertainties, risks and assumptions that are firm to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to meeting usual closing conditions and completion of the offer, and risks inherent in biopharmaceutical product development and clinical trials. These and other risks and uncertainties are fully described in the “Risk Factors” section of Kandel’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this announcement are made as of this date, and Candel undertakes no duty to update such information except as required by applicable law.

Media connectionHeidi Choucair, Ph.D.
General Director
Canal Telecom


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