Arcutis Biotherapeutics Announces Pricing of Upsized Public Offering of Common Stock

WESTLAKE VILLAGE, Calif,, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (“Arcutis”) (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, today announced the pricing of its upsized underwritten public offering of 5,500,000 shares of its common stock at a public offering price of $35.00 per share. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Arcutis from the offering are expected to be $192.5 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Arcutis, and assuming no exercise of the underwriters’ option to purchase additional shares. Subject to customary conditions, the offering is expected to close on February 5, 2021.

Arcutis currently intends to use the net proceeds from the offering, together with its existing cash, cash equivalents, restricted cash, and marketable securities, to fund the continued development of its multiple programs, including ARQ-151, ARQ-154, ARQ-252 and ARQ-255 programs, filing of the NDA for ARQ-151 in psoriasis, approval and commercial launch for ARQ-151 in psoriasis, and the remainder for working capital and other general corporate purposes.

Morgan Stanley, Cowen, and Guggenheim Securities are acting as bookrunning managers for the offering. Truist Securities and Cantor are acting as lead managers for the offering.

The public offering is being made pursuant to an automatic shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission (the "SEC") on February 1, 2021 and automatically became effective upon filing. A final prospectus supplement and accompanying prospectus relating to and describing the final terms of the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov or may be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at [e-mail]; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at [phone], or by email at [e-mail]; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, New York 10017, by telephone at [phone], or by email at [e-mail].