02:20 PM EST, 12/13/2024 (MT Newswires) -- (Updates with the latest stock move in the first paragraph and the headline.)

Candel Therapeutics ( CADL ) shares were down more than 30% in recent Friday trading, a day after the company said it priced a public offering of 10 million shares at $6 apiece and pre-funded warrants for about 3.3 million shares at $5.99 per warrant to raise about $80 million in gross proceeds.

Underwriters have been granted a 30-day option to purchase up to an additional 2 million shares.

Net proceeds from the offering, which is expected to close around Dec. 16, will be used to continue the development of the company's product candidates and for general corporate purposes.

Price: 6.85, Change: -2.95, Percent Change: -30.10