05:55 PM EST, 12/16/2024 (MT Newswires) -- Candel Therapeutics ( CADL ) closed an offering of 12 million shares at $6 apiece and prefunded warrants to raise $92 million in gross proceed.

The warrants are for purchasing up to 3.33 million shares at $5.99 per prefunded warrant to purchase one share of common stock, the company said late Monday in a statement.

The sale includes 2 million shares sold following the full exercise of the underwriters' option.

Candel intends to use the net proceeds to continue the development of its product candidates, including preparing the submission of a biologics license application for CAN-2409 in prostate cancer.