09:42 AM EDT, 06/24/2025 (MT Newswires) -- Candel Therapeutics ( CADL ) said Tuesday it expects to raise about $15 million through a registered direct sale of about 3.2 million shares priced at $4.67 each.

The company said it plans to use the net proceeds for launch readiness and regulatory efforts related to its prostate cancer therapy candidate CAN-2409, as well as general operations. A biologics license application for CAN-2409 is planned for submission in late 2026, the company said.

The offering is expected to close around Wednesday, Candel said.

Shares of Candel were up 2.8% in early trading Tuesday.

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