On July 26, 2021 Candel Therapeutics, Inc. ("Candel"), a late clinical stage biopharmaceutical company developing novel oncolytic viral immunotherapies, reported the pricing of its initial public offering of 9,000,000 shares of common stock at a public offering price of $8.00 per share. The shares are expected to begin trading on the Nasdaq Global Market on July 27, 2021 under the ticker symbol "CADL (Press release, Candel Therapeutics, JUL 26, 2021, View Source [SID1234585436])." The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Candel, are expected to be $72 million. The offering is expected to close on July 29, 2021, subject to the satisfaction of customary closing conditions. In addition, Candel has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All shares are being offered by Candel.

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

The registration statement relating to the shares being sold in this offering has been filed with the U.S. Securities and Exchange Commission and became effective on July 26, 2021. The offering will be made only by means of a prospectus, copies of which may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037, or by email at [email protected]; BMO Capital Markets Corp., 3 Times Square, New York, NY 10036, Attention: Equity Syndicate Department, by telephone at (800) 414-3627, or by email to [email protected]; or UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275, or by e-mail at [email protected].

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.