Cancer biotech Candel prices $100M sale to back prostate launch prep, lung trial

Candel Therapeutics has priced an underwritten public offering of over 18.3 million common shares at $5.45 per share, aiming to raise approximately $100 million. The biotech company plans to use these net proceeds to fund the launch readiness and commercial activities for its prostate cancer therapy, CAN-2409, and to support its phase 3 non-small cell lung cancer program. The offering is expected to close around February 23, 2026, with an option for underwriters to purchase additional shares.