Arcutis Biotherapeutics Announces Pricing of Public Offering and Concurrent Private Placement of Common Stock

WESTLAKE VILLAGE, Calif., Oct. 01, 2020 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (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 underwritten public offering of 4,000,000 shares of its common stock at a public offering price of $25.00 per share, before underwriting discounts and commissions. All of the shares in the offering are to be sold by Arcutis. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to 600,000 additional shares of its common stock. The gross proceeds from the public offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Arcutis, are expected to be $100.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on Oct. 6, 2020, subject to customary closing conditions.

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