Candel Therapeutics (CADL) IPO Opens Flat

Today's IPO for Candel Therapeutics, Inc. (NASDAQ: CADL) opened for trading at $8 after pricing 9,000,000 shares of common stock at a public offering price of $8.00 per share.

Jefferies, Credit Suisse, BMO Capital Markets and UBS Investment Bank are acting as joint book-running managers for the offering.

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

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